Carlyle agreed to acquire a majority stake in MAI Capital Management, valuing the company at more than $2.8 billion.
The private equity firm first gained exposure to MAI in 2021 through its investment in Galway Holdings, which acquired a majority stake in Cleveland-based RIA that same year.
The latest deal will see Galway Holdings, Harvest Partners and Oak Hill Capital exit their ownership positions in MAI.
MAI employees will retain a minority stake in the business upon completion of the transaction.
The company will continue to operate independently, with no planned changes to its leadership or strategic direction.
MAI President and CEO Rick Buoncore said, “As we sought a long-term partner to help us achieve that vision, Carlyle stood out for its alignment with our culture and values ​​along with its deep industry knowledge and experience.
“Deepening our partnership with Carlyle will unlock the next chapter for MAI, allowing 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 offers 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 providing insurance services to MAI 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 January 1, 2026, MAI and its affiliated advisor have operations in 40 locations nationwide and oversee or advise on $72.6 billion in assets with a workforce of more than 700 employees.
Carlyle Partner Jitij Dwivedi and Carlyle Global Financial Services Co-Head Jim Burr said: “We have been a partner with MAI since 2021 and have seen first-hand the strength of its platform, its leadership team and its highly personalized, client-focused approach.
“We believe in the decades-long industry tailwinds that support 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 the entire MAI management team in its next phase of growth while preserving the firm’s unique culture.”