Latham & Watkins Advises on Vestwell’s US$385 Million Funding and Acquisition of Accrue 401K

Vestwell, the infrastructure platform powering America’s modern savings economy, has raised US$385 million in Series E funding. The round was led by Blue Owl Capital and Sixth Street Growth, with participation from new and existing investors, including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest. J.P. Morgan was placement agent and structuring agent for Vestwell in connection with the financing. The financing doubles Vestwell’s valuation since its 2023 Series D and brings total capital raised to US$660 million. This funding follows Vestwell’s completed acquisition of Accrue 401K, the entity formed to support Guideline 401(k) plans that were not part of the Gusto acquisition.

Latham & Watkins LLP represented Blue Owl in the transactions with a team led by partners Haim Zaltzman and John Miller and counsel Benjamin Gelfand, with associates Hyunji Lee, Sally Gu, and Rich Reynolds with assistance from Dominick Gambino. Advice was also provided on bank regulatory matters by partner Arthur Long and counsel Pia Naib; on payments matters by partner Parag Patel; on tax matters by partner Bora Bozkurt and counsel Kathryn Harrington; on FINRA matters by counsel Naim Culhaci, with associate Haoyu Gu; on ERISA matters by partner Julie Crisp; and on investment funds matters by partners Aaron Gilbride, Jamie Lynn Walter, and Laura Ferrell, with associate Katherine Ryan.