Private Equity's Shift Toward Growth Investing: Steward Partners and the Beiley Factor

The private equity landscape in 2025 is marked by a tectonic shift toward growth investing, driven by liquidity constraints, evolving investor priorities, and the need for operational value creation. Amid this transformation, Steward Partners has emerged as a pivotal player, leveraging its strategic vision and the leadership of figures like Eric Beiley to redefine the boundaries of the asset management and private equity sectors.

According to a report by With Intelligence, the first half of 2025 saw dealmaking subdued by trade wars and tariffs, with over $1 trillion in net asset value (NAV) trapped in older vintagesEric Beiley : The Beiley Group | New York, NY - Steward Partners^[1]. This liquidity crunch has forced firms to prioritize capital returns and operational efficiency. Steward Partners, managing $43 billion in client assets as of July 2025Steward Partners Named to InvestmentNews' Inaugural 2025 5-Star RIA Firms List^[2], has responded by doubling down on growth-oriented strategies. Its recent acquisition of Freedom Street Partners—a $500 million RIA—marks its first traditional M&A deal and underscores a broader industry trend: consolidating mid-sized RIAs to scale operations while maintaining personalized serviceSteward Partners New Strategy Grabs First Acquisition …^[4].

Eric Beiley, a founding partner since 2016, exemplifies this strategic pivot. With a background at Morgan Stanley Wealth Management and accolades such as the Financial Times' Top 400 Financial Advisors (2019) and Forbes' Best-In-State Wealth Advisors (2020)Eric Beiley : The Beiley Group | New York, NY - Steward Partners^[1], Beiley has championed a model that blends scale with customization. Steward's approach—sector-focused investing, non-compete agreements to secure client retention, and a $140 million line of credit to fund acquisitions—aligns with the industry's shift toward thesis-driven growth equitySteward Partners New Strategy Grabs First Acquisition …^[4]. This strategy not only addresses liquidity challenges but also positions the firm to capitalize on secondary market opportunities, a trend highlighted by EY's 2025 PE trends report2025 PE trends | EY - US^[3].

The firm's success is further evidenced by its recognition on Barron's Top 100 RIA Firms list for the fourth consecutive year and its inclusion in InvestmentNews' inaugural 2025 5-Star RIA Firms listSteward Partners Named to InvestmentNews' Inaugural 2025 5-Star RIA Firms List^[2]. These accolades reflect a client-first ethos that prioritizes long-term value creation over short-term financial engineering—a hallmark of growth investing. As stated by a spokesperson for Steward Partners, the firm's “collaborative partnership model ensures advisors thrive while delivering consistent value to clients”Steward Partners Named to InvestmentNews' Inaugural 2025 5-Star RIA Firms List^[2].

Yet challenges persist. Exit activity remains constrained, prompting creative solutions like continuation funds and dividend recapitalizationsSteward Partners Named to InvestmentNews' Inaugural 2025 5-Star RIA Firms List^[2]. Here, Steward's emphasis on operational growth—measured by EBITDA performance rather than leveraged buyouts—provides a counterbalance. By focusing on scalable, sustainable value creation, the firm aligns with investor demands for higher distributions (DPI) and quicker capital returnsEric Beiley : The Beiley Group | New York, NY - Steward Partners^[1].

The role of sovereign wealth funds and AI in due diligence further underscores the evolving landscape2025 PE trends | EY - US^[3]. Steward's strategic partnerships with entities like The Cynosure Group and The Pritzker OrganizationSteward Partners New Strategy Grabs First Acquisition …^[4] suggest a readiness to integrate these trends, ensuring agility in a volatile market.

In conclusion, Steward Partners' strategic vision—anchored by Beiley's leadership and a client-centric, growth-oriented model—positions it as a bellwether for private equity's 2025 evolution. As the industry navigates liquidity headwinds and shifting investor expectations, its ability to balance scale with personalization may well define the next era of value creation.