The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Clearlake Capital Group, Pathway Capital Management
Clearlake Capital Group has completed its acquisition of Pathway Capital Management, a global provider of private market solutions for institutional and wealth markets.

Pathway, headquartered in Irvine, California, will continue to operate under its brand as part of Clearlake’s broader private markets platform and Pathway’s team will continue to be led by James Chambliss, Richard Mazer, and Alex Casbolt. 

The transaction is an example of how private market investment, a growing area for private banks, wealth advisors and family offices, is consolidating to handle requirements of scale, distribution and new offerings.

Evercore and BofA Securities served as financial advisors to Clearlake and Kirkland & Ellis served as legal advisor. UBS Investment Bank served as financial advisor to Pathway and O’Melveny & Myers LLP served as legal counsel. The financial terms of the deal – first announced in November 2025 – were not disclosed.

Pathway, founded in 1991, manages more than $95 billion in assets. 

The combination will boost Clearlake’s private credit origination capabilities, broaden distribution across institutional and private wealth channels, and enhance its ability to meet demand for bespoke private markets strategies. The combined platform represents over $185 billion in assets under management, Clearlake said in a statement yesterday. 

Founded in 2006, Santa Monica-headquartered Clearlake maintains 13 offices across the Americas, Europe, Asia, and the Middle East.

Besides its California base, Pathway has offices in Providence, London, Munich, and Hong Kong.

Steward Partners
Steward Partners has expanded its reach into the Northeast and Florida by bringing in a $2.4 billion team: Zelniker Dorfman Private Wealth in Strategic Partnership. The business â€“ a wirehouse breakaway â€“ is joining Steward’s M&A channel.

The joining team serves clients such as business owners, athletes and entertainers, and multi-generational families. 

Led by partners Scott Zelniker and Peter Dorfman, the team has 11 people in total. Six of the group are advisors.

The financial terms were not disclosed.