Dan Gilbert: is there a family office?

Gilbert amassed his fortune thanks to the success of Rock Financial and Quicken Loans which he established in 1985 and 1999 respectively. Quicken Loans now operates under the umbrella firm Rocket Companies, one of the largest mortgage lenders in the United States with over $350bn of mortgage volume in 2020. Dan has an estimated net worth of $20bn putting him the 80^th richest person in the world according to Forbes. In this article, we will investigate how Dan Gilbert manages his wealth.

Gilbert family manages wealth through Rocket Companies and Rockbridge Growth Equity

Due to the outstanding success of Quicken Loans, the Detroit-based company went public as Rocket Companies in August 2022, with a whopping $36bn valuation, putting it as one of the country’s largest retail mortgage originators. Gilbert owned 95% of Rocket’s shares at the time of the IPO release and has since sold $1.8bn worth of shares, it is reported that he currently owns 79% of the company shares. In 2016, Gilbert used the Rocket Companies to co-found an innovative online sneaker sales platform which was most recently valued at $3.8bn. Gilbert is a founding partner in Rockbridge Growth Equity and the firm has invested in numerous different ventures across varying markets such as sports, tech, financial services, and entertainment. His wife Jennifer also serves on the board of directors of Rocket Companies and has a prominent role in the Gilbert Family Foundation. The Gilbert Family Foundation was founded in 2015 which the aim to support efforts to treat neurofibromatosis and transform Detroit. Similarly, the philanthropic arm of the Rocket Companies, Rocket Community fund has invested over $200m in tackling chronic unemployment and supporting young entrepreneurs. Dan’s sporting interests are reflected through his ownership of the Cleveland Cavaliers, Utah Grizzlies, and Cleveland Charge.

Picture source: Kostiantyn Li