Carlyle Buys Majority Stake in MAI Capital for $2.8B+

The Carlyle Group is set to significantly expand its footprint in the wealth management sector by acquiring a controlling interest in MAI Capital Management. This strategic move values the prominent registered investment advisor at over $2.8 billion. The transaction, anticipated to finalize in the latter half of 2026, underscores a robust investor appetite for scaled advisory platforms with integrated service models.

This acquisition represents a deepening of Carlyle's relationship with MAI. Previously, the private equity giant held a minority stake through Galway Holdings. The current transaction sees Galway Holdings divest its majority position. Concurrently, existing investors Harvest Partners and Oak Hill Capital are fully exiting their stakes, marking a complete transition for these firms.

MAI Capital Management, alongside its affiliate Evoke, commands substantial assets, reporting approximately $72.6 billion in assets under management and advisement as of early 2026. The firm's national presence spans roughly 40 offices and employs around 700 professionals. Its capabilities were notably enhanced by the 2025 integration of Evoke Advisors, a Los Angeles-based entity, broadening its service spectrum and geographic reach.

The leadership of MAI is demonstrating strong conviction in the firm's future trajectory. Rick Buoncore, Chairman and CEO of MAI, who originally acquired the firm in 2007 when it managed $900 million, is reinvesting 100% of his equity. Other senior executives are adopting a hybrid approach, realizing partial gains while retaining substantial ongoing ownership. This alignment ensures continuity and incentivizes continued growth under new majority ownership.

Carlyle's investment team, spearheaded by partners Burr and Dwivedi, highlighted their strategic focus on advisor-led enterprises that offer comprehensive wealth management solutions. Post-acquisition, Carlyle will secure board representation, while MAI's existing management team will continue to steer day-to-day operations and strategic execution. This structure aims to leverage Carlyle's capital and strategic guidance while preserving MAI's entrepreneurial spirit and client-centric approach.

Looking ahead, MAI Capital Management intends to accelerate its growth through both organic initiatives and further strategic acquisitions. The firm also plans to bolster its internal development programs, including its established MAI University, which currently enrolls 100 participants. This commitment to talent development is crucial in the competitive wealth management arena, where skilled advisors are paramount. Meanwhile, Galway Holdings' insurance divisions will continue their client service commitments during and after the ownership transition.

The deal's valuation reflects the ongoing consolidation and premiumization within the wealth management industry. Firms with robust operational infrastructure, a clear growth strategy, and significant assets under management are attracting considerable investor interest. This transaction positions MAI Capital Management for its next phase of expansion, supported by the resources and expertise of The Carlyle Group.