MAI Capital Management said on Tuesday that funds managed by investment firm Carlyle Group will buy a majority stake in a deal valuing the wealth management firm at more than $2.8 billion.
The move deepens Carlyle’s commitment to Cleveland-based MAI, with whom the alternative asset manager has had a partnership since 2021 through its initial investment in insurance firm Galway Holdings, which later bought MAI.
The latest investment will strengthen MAI’s capital base and help it expand its services in the wealth management landscape.
“We believe in the multi-decade-long industry tailwinds supporting scaled advisor-led platforms with integrated business models and holistic wealth management capabilities,” said Jim Burr, co-head of global financial services at Carlyle, and Jitij Dwivedi, partner at Carlyle.
Founded on a handshake deal in 1973 between Arnold Palmer and legendary sports agent, Mark McCormack, MAI specializes in investment and financial planning for high-net-worth, ultra-high net-worth, and family office clients.
Initially an affiliate of IMG, the firm became independent from the sports marketing giant in 2004. MAI had $72.6 billion in assets under management and advisement as of January 1.
Galway Holdings, funds managed by Harvest Partners, and private equity firm Oak Hill Capital will exit their positions in MAI. The deal is expected to close in the second quarter of 2026.
Ardea Partners advised MAI on the deal, while Houlihan Lokey was the adviser for Carlyle.
Source: Reuters.com