Global investment firm Carlyle is cutting a multibillion-dollar check for Cleveland. The company agreed on Tuesday to acquire a majority stake in MAI Capital Management, valuing the hometown wealth manager at more than $2.8 billion. MAI’s leadership team is slated to stay in place, and employees will keep a sizable minority stake, the firms said. The deal is expected to close in the second quarter of 2026, subject to the usual round of regulatory approvals.
Deal Terms And Scale
Under the agreement, funds managed by Carlyle will become the majority owner while Galway Holdings, Harvest Partners and Oak Hill Capital cash out of the ownership group. MAI and its affiliate Evoke reported $72.6 billion in total assets under management and advisement as of January 1, 2026, with roughly 40 offices and more than 700 employees nationwide. The firms framed the investment as a way to bulk up MAI’s capital base while keeping its advisor-led model and operational independence intact, according to Business Wire.
“Since our founding, MAI’s goal has been to build what we believe to be the best wealth management firm in the industry,” MAI Chairman and CEO Rick Buoncore said in the release. He added that Carlyle “stood out for its alignment with our culture and values,” and said the investment should help MAI expand its capabilities while leaving day-to-day leadership unchanged, per Business Wire.
Who Advised And Who’s Selling
On the advisory side, Ardea Partners served as MAI’s exclusive financial adviser, while Houlihan Lokey advised Carlyle. Law firms Kirkland & Ellis and Simpson Thacher handled legal work for the sellers and buyer, respectively, according to reporting by Reuters. Reuters also noted that Carlyle first got exposure to MAI in 2021 through its backing of Galway Holdings, and that Carlyle will become the majority owner when this latest deal closes.
Why Private Equity Is Buying RIAs
The MAI transaction lands in the middle of a broader buying spree in the registered investment adviser world, where recurring fees, operating scale and roll-up strategies have kept private equity firms busy. Industry data show RIA mergers and acquisitions hit record levels in 2025 even as the pool of active buyers narrowed, with PE-backed consolidators driving much of the action, a trend detailed by InvestmentNews. For a buyer like Carlyle, MAI’s national footprint and long history of acquisitions make it a ready-made platform to expand wealth, tax and family-office services.
Local Impact In Cleveland
MAI’s headquarters sit in the Cleveland area, and many of its adviser teams are based there as well. The firm’s public materials stress its regional roots and long-running client relationships, which means a fresh capital infusion could translate into more spending on operations or hiring even as the firm scales. At the same time, some advisers warn that private-equity ownership can bring both new resources and pressure to centralize functions, a tension that has become a recurring theme in coverage of RIA consolidation.
Next Steps
The deal still has to clear standard closing conditions and regulatory reviews, including consent from the South Dakota Division of Banking, according to Reuters. That puts the expected second-quarter 2026 closing on a conditional timeline. Once the ink is dry, investors and industry watchers will be keeping an eye on how aggressively MAI resumes add-on acquisitions and how Carlyle’s majority ownership affects the firm’s adviser network and client service on the ground.
