Carlyle to Acquire Majority Stake in MAI Capital

Registered investment adviser MAI Capital Management LLC announced an agreement Tuesday for global investment firm the Carlyle Group Inc. to expand its ownership of the firm and acquire a majority stake in the company at a valuation of more than $2.8 billion.

Following the transaction, expected to close in the second quarter of 2026, Carlyle will take control of shares currently held by Galway Holdings; funds managed by Harvest Partners L.P.; and Oak Hill Capital. Carlyle first invested in MAI (originally McCormack Advisors International) in 2021 through its investment in Galway Holdings, which had acquired MAI that year.

MAI has more than $72 billion in assets and completed more than 50 acquisitions, including 20 since January 2024. Its recent acquisitions include RIAs Evoke Advisors in November 2025 and Loc Investment Advisers in February 2026.

The leadership team and strategic priorities of MAI will not change, and its current agreements will remain in place, according to the announcement. MAI employees will continue to hold a minority equity ownership. Galway Holdings and its insurance subsidiaries will continue to provide insurance services to MAI’s clients.

In the announcement, Carlyle pledged to expand MAI’s services while “maintaining the firm’s leadership, culture, operational independence and the continuity advisers and clients have come to expect.”

“As we looked for a long-term partner to help us achieve [our] goals, Carlyle stood out for its alignment with our culture and values along with their deep industry knowledge and expertise,” said Rick Buoncore, MAI’s chairman and CEO, in the statement. “Deepening our partnership with Carlyle will unlock the next chapter for MAI.”

MAI’s services include financial planning, investment management, retirement planning, tax services, family office capabilities and institutional consulting for high-net-worth, ultra-high-net-worth and family office clients.

In December 2025, Carlyle hired Bill Ryan as managing director and head of retirement solutions, a newly created position. Ryan was previously a partner in consultancy NEPC.

“We believe in the multi-decade-long industry tailwinds supporting scaled adviser-led platforms with integrated business models and holistic wealth management capabilities,” said Jim Burr, Carlyle’s co-head of global financial services, and Jitij Dwivedi, a partner in Carlyle, in a joint statement. “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.”