Private Equity Firms Engage in High-Stakes Wealth Management Acquisition Battle

Two of the world's largest private equity firms, Carlyle Group and Bain Capital, are competing for a $7B wealth management acquisition. The deal could value the target at around $7 billion.

Carlyle has been active in the wealth management space, with its latest move being the acquisition of a majority stake in MAI Capital Management in April 2026 for over $2.8B. The firm also holds a significant position in CAPTRUST Financial Advisors alongside GTCR, which completed multiple acquisitions early last year, adding around $7B in assets under management.

Bain Capital, on the other hand, has a 29% stake in Carson Group, an Omaha-based wealth management firm with around $55B in AUM. The firm has been pursuing its own acquisition strategy, snapping up smaller advisory firms to expand its footprint across the US.