Reverence Capital Partners has announced the closing of a recapitalization of Osaic, Inc., one of the nation’s largest providers of wealth management solutions, representing more than $2 billion in new capital funded at close. The transaction is anchored by a continuation vehicle that will establish a new long-term institutional capital base while maintaining existing governance and board composition. Proceeds from the transaction will be used to provide liquidity to existing investors in Reverence Capital’s funds, while Reverence Capital is simultaneously committing incremental capital from its current flagship Fund IV to support Osaic’s future growth initiatives.
The continuation vehicle was led by Ares Secondaries funds and Lexington Partners, alongside a broad syndicate of new institutional investors. Bain Capital joined as a new investor as part of the broader transaction. The deal also included additional committed capital reserved for future deployment to support organic growth, acquisitions, and other strategic initiatives. Combined with a debt refinancing completed earlier this year, Osaic enters this next chapter with what Reverence describes as significant capital and an investor base focused on driving long-term shareholder value.
Since Reverence Capital first invested in Osaic in 2019, the company has grown substantially to approximately 10,000 financial advisors and $747 billion in client assets under administration as of March 31, 2026. The recapitalization follows Osaic’s completion of its “Journey to One” unification effort, which brought the full community of its advisors under one umbrella after years of integrating a series of acquired businesses. CEO Jamie Price said the company is now positioned to scale to even greater heights with the backing of its new and returning investors.
Jefferies LLC acted as financial advisor for the transaction, and Kirkland and Ellis LLP served as legal counsel to Reverence Capital Partners. Ares described the investment as aligned with its focus on market-leading businesses with significant growth opportunity, while Lexington expressed conviction in Osaic’s management team and future. Bain Capital’s involvement through its Special Situations platform reflects Osaic’s positioning as a scaled, differentiated wealth management platform with a strong track record of investing in its advisors and capabilities.
KEY QUOTES:
“Today’s announcement underscores our strong belief in Osaic’s strategy, vision and future. We are thrilled to reinvest in and continue our partnership with Jamie and the management team as the company begins its next chapter.”
Milton Berlinski, Co-Founder and Managing Partner, Reverence Capital Partners
“We have built a leading provider of wealth-management solutions and one focused on empowering financial professionals to grow their businesses. We are grateful to continue having Reverence Capital Partners with us on this journey and are thrilled to also have a new, strong group of leading investors who will provide capital to help fuel the next phase of our growth.”
Jamie Price, CEO, Osaic
