The transaction reinforces a trend of private equity firms buying stakes in North American wealth managers.

Private equity firm Carlyle has taken a majority stake in MAI Capital Management, an RIA, in a move valuing the wealth manager at more than $2.8 billion. The transaction adds to a narrative of private equity firms acquiring wealth firms.

New York-listed Carlyle initially invested in MAI in 2021 through its investment in Galway Holdings. Galway Holdings, funds managed by Harvest Partners, and Oak Hill Capital will exit their positions. MAI employees will continue to hold a large minority equity ownership, MAI said in a statement yesterday. 

“As we looked for a long-term partner to help us achieve that vision, Carlyle stood out for its alignment with our culture and values along with their deep industry knowledge and expertise,” Rick Buoncore, chairman and CEO of MAI said.

MAI’s services include financial planning, investment management, retirement planning, tax services, family office capabilities and institutional consulting. The firm serves high net worth, ultra-HNW, and family office clients.

While no longer in the ownership structure, Galway Holdings and its insurance subsidiaries will remain as partners providing insurance services to clients.

The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals, including the consent of the Division of Banking in South Dakota.

Ardea Partners served as exclusive financial advisor to MAI. Kirkland & Ellis, served as legal counsel to Harvest Partners and MAI. Houlihan Lokey served as financial advisor to Carlyle and Simpson Thacher & Bartlett served as Carlyle’s legal counsel. 

See an analysis here of M&A deals in North American wealth management, including reflections on the involvement of private equity money. In February this year, ECHELON Partners, a US investment bank and advisor specializing in the wealth sector, reported on trends in 2025 and thoughts about future developments. As part of its observations, it noted the continued involvement of private equity money in deals. 

ECHELON noted that PE remains attractive in certain cases. Firms (see chart below) such as Bain Capital, Madison Dearborn Partners, Ares Management, Kelso & Co, and Merchant Investment Management have been in the mix. ECHELON said of last year: "The transactions reflect a mix of recapitalizations, minority investments, and sponsor-to-sponsor deals, underscoring the flexibility of private equity capital in supporting platform expansion and consolidation strategies and in providing liquidity to existing investors. Activity was concentrated in established platforms with recurring revenue and strong distribution networks."

Source: ECHELON Partners