MAI Capital Management, a registered investment advisor (“RIA”) focused on empowering clients to simplify, protect, and grow their wealth, announced that it has signed an agreement for funds managed by global investment firm Carlyle  to acquire a majority stake in the company, valuing it at more than $2.8 billion. Carlyle initially invested in MAI in 2021 through its investment in Galway Holdings, which acquired MAI that year, and will become the majority owner upon closing, with Galway Holdings, funds managed by Harvest Partners, LP (“Harvest Partners”), and Oak Hill Capital exiting their positions. MAI employees will continue to hold a large minority equity ownership.

As majority owner, Carlyle will provide MAI with the resources to continue investing significantly in its people, capabilities, and client experience. Carlyle will support MAI in expanding its services, while maintaining the firm’s leadership, culture, operational independence, and the continuity advisors and clients have come to expect.

“Since our founding, MAI’s goal has been to build what we believe to be the best wealth management firm in the industry,” said Rick Buoncore, Chairman and CEO of MAI. “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.”

MAI offers a comprehensive, integrated platform of services, including financial planning, investment management, retirement planning, tax services, family office capabilities and institutional consulting.

The firm serves high-net-worth, ultra-high-net-worth, and family office clients, leveraging decades of experience that includes longstanding relationships with professional athletes and entertainers.

“We’ve been partners with MAI since 2021 and have seen firsthand the strength of its platform, leadership team, and highly customized client-centric approach,” said Jim Burr, Co-Head of Global Financial Services at Carlyle, and Jitij Dwivedi, Partner at Carlyle. “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 capitalize 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.”

As MAI enters this next phase, the firm will continue to operate autonomously, with its leadership team and strategic priorities unchanged. Clients can continue working with the same trusted advisors and service teams, and current agreements can remain in place, ensuring a seamless and consistent experience. While no longer in the ownership structure, Galway Holdings and its insurance subsidiaries will remain as partners providing insurance services to clients.

“Harvest Partners is proud to have supported MAI’s expansion, including the completion of more than 30 strategic acquisitions,” said Stephen Carlson, President, Private Equity, at Harvest Partners. “We are confident that MAI is well positioned for the next stage of growth with Carlyle’s backing.”

The transaction  is expected to close in the 2^nd quarter of 2026, subject to customary closing conditions and regulatory approvals, including the consent of the Division of Banking in South Dakota.

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

Source: Carlyle