Through its three affiliated private equity funds, Lightyear has raised over $2.5 billion. The PE firm makes primarily control investments in middle-market financial services companies in North America.

New York-based private equity firm Lightyear Capital is buying a majority equity stake in Wealth Enhancement Group, an independent firm with $4.7 billion in client assets.

An investment fund affiliated with Lightyear will acquire the equity stake that is currently held by Minneapolis, MN-based Norwest Equity Partners. Financial terms of the transaction were not disclosed.

A number of Wealth Enhancement employees will continue to hold a stake in the firm, according to a statement.

WEG was founded in 1997 and works with mass affluent and affluent retail investors.

“Wealth Enhancement Group...works with its clients to provide family office-quality financial planning and advice,” said Donald Marron, chairman and founder of Lightyear. “We think this is a compelling business proposition that can be extended into markets across the country."

“Registered Investment Advisors are a fast growing segment of the wealth management industry, and Lightyear Capital has been exploring opportunities in the RIA segment for many years,” added Mark Vassallo, managing partner of Lightyear. “We identified Wealth Enhancement Group as an attractive firm within the sector and believe it can be a platform for growth both organically and through acquisition.”