Two of the world’s largest private equity firms are reportedly vying for the same wealth management prize, a deal that could value the target at roughly $7B. Carlyle Group and Bain Capital have been circling independent registered investment advisors for years, but the scale and intensity of this competition signals something bigger than a routine acquisition.
The deal landscape
Carlyle has been on a tear in the wealth management space. In April 2026, the firm acquired a majority stake in Cleveland-based MAI Capital Management, valuing it at over $2.8B. Carlyle also holds a significant position in CAPTRUST Financial Advisors alongside GTCR. CAPTRUST completed multiple acquisitions in early 2026, adding approximately $7B in assets under management.
Bain Capital holds roughly a 29% stake in Carson Group, the Omaha-based wealth management firm that oversees about $55B in assets. Carson has been pursuing its own tuck-in acquisition strategy, snapping up smaller advisory firms to expand its footprint across the US.
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