The firm, backed by private equity money, has agreed to invest in Massachusetts-based Pallas Capital Advisors.

Accelerated Wealth Partners (AWP), a New York-based firm that invests in RIAs, has signed definitive agreements to invest in Pallas Capital Advisors, which oversees about $5 billion in client assets.

Neither the size of the stake nor the financial terms were disclosed.

The deal is expected to close later in 2026, subject to customary conditions. Pallas’s founders and partners will continue to run the firm under its existing brand. AWP will provide growth capital and support for organic growth and acquisitions.

Rich Mullen, Greg Boyle and Charlie Evangelakos founded Pallas in 2019. The firm is headquartered in Braintree, Massachusetts, with further offices in Wakefield, Massachusetts, Rhode Island and New Jersey. It serves corporate executives, business owners and ultra-high net worth families. Its tax, trust, estate and financial planning work covers concentrated stock positions, liquidity events, business transitions and multigenerational wealth transfer.

The transaction widens ownership at Pallas. Joe Cullen, James Landry, Eric Lalime, Andrew Krout and Athol Cochrane will become equity partners, a step the firms described as part of succession planning.

“Our ambition is to be the national leader in ultra-high net worth wealth management,” said Rich Mullen, founding partner and chief executive officer of Pallas. “This partnership gives us the resources to pursue that ambition. Just as importantly, it allows us to welcome more of our colleagues into ownership.”

AWP was founded by Eric Amar and is supported by a $200 million capital commitment from J C Flowers & Co. Its model is designed to let advisory firms remain founder-led while gaining institutional scale.

The deal comes as RIA consolidation continues to reach near record levels. ECHELON Partners counted 125 wealth management deals in the third quarter of 2026, tying the fourth quarter of 2024 and the third quarter of 2025 as the second-busiest quarter on record. ECHELON also found that the quarter’s largest sellers by assets were taking on minority investors rather than selling outright. DeVoe & Company, which uses a different methodology, recorded a 17 per cent fall in third-quarter volume to 77 transactions, from 93 a year earlier. (See here.)