MAI Capital Management, a Cleveland-based registered investment advisor focused on high-net-worth and ultra-high-net-worth clients, has agreed to sell a majority stake to Carlyle in a transaction valuing the firm at more than $2.8 billion.
The deal deepens an existing relationship between MAI and Carlyle, which first invested in the firm in 2021 through Galway Holdings. Upon closing, Carlyle will become the majority owner, while existing investors including Harvest Partners and Oak Hill Capital will exit their positions. MAI employees will retain a significant minority ownership stake.
The investment is designed to strengthen MAI’s capital base and support continued expansion across its integrated wealth management platform, which includes financial planning, investment management, tax services, retirement planning, family office capabilities, and institutional consulting. The firm currently operates 40 offices across the United States and manages or advises on $72.6 billion in total assets.
Carlyle is expected to provide additional resources to accelerate MAI’s growth while preserving its leadership team, culture, and operational independence. The firm will continue operating autonomously, with no changes to client relationships or advisory teams.
The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions.
KEY QUOTES:
“Since our founding, MAI’s goal has been to build what we believe to be the best wealth management firm in the industry. 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.”
Rick Buoncore, Chairman And CEO Of MAI Capital Management
“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. 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.”
Jim Burr, Co-Head Of Global Financial Services At Carlyle, And Jitij Dwivedi, Partner At Carlyle
“Harvest Partners is proud to have supported MAI’s expansion, including the completion of more than 30 strategic acquisitions. We are confident that MAI is well positioned for the next stage of growth with Carlyle’s backing.”
Stephen Carlson, President, Private Equity, At Harvest Partners
