Carlyle has agreed to acquire a controlling interest in MAI Capital Management, valuing the firm at over $2.8bn.
The private equity firm first gained exposure to MAI in 2021 through its investment in Galway Holdings, which acquired a majority stake in the Cleveland-based RIA that same year.
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The latest deal will see Galway Holdings, Harvest Partners, and Oak Hill Capital exit their ownership positions in MAI.
MAI employees will maintain a minority share in the business after the transaction is complete.
The company will continue to be independently operated, with no anticipated changes to its leadership or strategic direction.
MAI chairman and CEO Rick Buoncore said: “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.
“Deepening our partnership with Carlyle will unlock the next chapter for MAI, enabling us to expand our resources while maintaining the firm’s commitment to being a preeminent destination for clients and the fiduciary-minded advisors who serve them.”
Based in the US, MAI provides financial planning, investment management, retirement planning, tax services, family office support and institutional consulting.
Its client base includes high-net-worth individuals and families as well as professional athletes and entertainers.
Even after the change in ownership, Galway Holdings and its insurance subsidiaries plan to continue supplying insurance services to MAI’s clients through partnership arrangements.
The deal is expected to close in the second quarter of 2026, pending standard closing conditions and regulatory approvals, including from the Division of Banking in South Dakota.
As of 1 January, 2026, MAI and its affiliated adviser have operations at 40 locations nationwide and oversee or advise on $72.6bn in assets with a workforce exceeding 700 employees.
Carlyle partner Jitij Dwivedi and Carlyle Global Financial Services co-head Jim Burr said: “We’ve been partners with MAI since 2021 and have seen firsthand the strength of its platform, leadership team, and highly customised client-centric approach.
“We believe in the multi-decade long industry tailwinds supporting scaled advisor-led platforms with integrated business models and holistic wealth management capabilities. MAI is well positioned to capitalise on these trends, and we look forward to working closely with Rick and MAI’s entire management team in its next phase of growth while preserving the company’s unique culture.”
Last year, Carlyle announced the acquisition of wealth technology company intelliflo from Invesco for up to $200 million.
