NextCapital raises $30 million Series C

Chicago-based NextCapital announced a $30 million financing round, bringing its total funding to $85 million. The financing was led by FP Credit, the credit investment arm of Francisco Partners, with participation from Oak HC/FT and IA Capital.

The company’s Managed Advice platform is used by financial institutions to offer clients personalized advice that grows with them through retirement. Clients include Transamerica, MassMutual, and John Hancock.

“Our partners are equally essential to the success of this mission, so we are excited to use this funding to further invest in our Partner Success program. This capital raise also allows us to extend our best-in-class workplace and rollover managed advice platform, as well as expand our retirement income offering.” – NextCapital CEO and co-founder John Patterson.