Carlyle Acquires Minority Ownership of Prime Capital Financial

Prime Capital Financial announced Thursday that the Carlyle Group Inc. is acquiring a minority ownership interest in the company and will support the firm’s long-term growth. The partnership launched with an approximately $600 million hybrid capital solution, and Prime Capital Financial is valued at more than $1.8 billion.

As part of the transaction, Abry Partners, which has partnered with Prime Capital Financial since 2023, will exit its investment.

Headquartered in Overland Park, Kansas, Prime Capital Financial will keep its current leadership team and majority employee ownership structure. Approximately 180 advisers will continue to be owners of the firm.

“Our responsibility is to create extraordinary value for clients while building a first-class environment for our teams,” said Glenn Spencer, Prime Capital Financial’s CEO, in a statement. “Carlyle shares that long-term vision, and together we believe we can build an institution that grows stronger across generations.”

Prime Capital Financial named a new president, Scott Duba, and CIO, Will McGough, in January. Duba had previously served as CIO and McGough had been deputy CIO. Since its 2017 rebranding, Prime Capital Financial has completed more than 30 acquisitions and integrated more than 50 advisory teams.

The company also expanded its platform to include tax advisory, trust and estate planning, insurance, family office, banking, alternative investments and institutional advisory services and attracted retirement industry leaders such as Fred Reish and Janina Stout.

“Prime Capital Financial has built far more than a rapidly growing wealth management firm—it has built a differentiated institution with a distinctive culture, exceptional leadership and a compelling long-term vision,” said Gary Jacovino, a partner in Carlyle Global Credit, in a statement. “We are excited to partner with Glenn and the broader management team, as the company continues investing in its people, expanding its capabilities and serving clients.”

The terms of the transaction, expected to close prior to September 15, were not disclosed.

“This partnership is not about changing who we are—it is about strengthening what we have been building,” Duba said in a statement. “Our mission and vision remain the same. What has changed is our ability to invest even more aggressively in our people, capabilities and the clients and advisors we serve. We believe the best chapters of Prime Capital Financial lie ahead.”

Carlyle acquired a majority stake in registered investment adviser MAI Capital Management LLC in March, valuing the RIA at more than $2.8 billion. In 2023, CAPTRUST Financial Advisors announced a minority growth investment from funds managed by Carlyle.

Prime Capital Financial’s predecessor business, Lawling Financial, was rebranded as Prime Capital Investment Advisors in 2017 and adopted its current name in 2024. It has 68 offices nationwide, with nearly $50 billion in assets under management.

Carlyle had $485 billion of assets under management as of June 30 and employs more than 2,500 people in 28 offices worldwide.

Abry Partners did not return a request for comment.