Carlyle has completed the acquisition of a majority stake in MAI Capital Management, a Cleveland-based registered investment advisor with approximately $77.3 billion in combined client assets, the firms announced.
The deal, which closed on June 4, 2026, expands on a relationship formed in 2021, when Carlyle invested in Galway Holdings, which acquired MAI that year. MAI employees will continue to hold a large minority equity ownership position in the company, and the firms said that the leadership team, culture and operational independence will be maintained.
“Having worked with the Carlyle team for five years, we have seen firsthand what they bring to the table,” said Rick Buoncore, chairman and chief executive officer of MAI, in a statement. “Their support will allow us to continue investing in the business and pursuing growth opportunities, all while staying true to the culture and client-first approach that has defined MAI since inception.”
Carlyle aims to continue supporting MAI’s growth, including investments in technology and strategic acquisitions, the firm said.
With the close of the transaction, Galway Holdings and funds managed by Harvest Partners, LP and Oak Hill Capital have exited their positions.
MAI, founded in 1973, has more than 40 offices across the United States and a team of more than 700 people.
The deal follows MAI’s acquisition a year prior of Los Angeles-based Evoke Advisors, which gave it a major boost to its asset count and its ability to work with upper-high-net-worth clients, including Hollywood actors, musicians, media executives and pro athletes.
Carlyle also gains board seats with the acquisition. Buoncore, Evoke Managing Partner David Hou, and other firm employees hold minority stakes, according to its Form ADV.
Buoncore said at the time the deal was announced that he would be rolling over 100% of his equity in the firm to continue his bet on the firm’s growth as a scaled RIA. Some senior leaders are taking some chips off the table, such as cashing out 20% and keeping in 80%, he said.
Ardea Partners was MAI’s financial advisor, and Kirkland & Ellis was its legal counsel. Houlihan Lokey served as Carlyle’s financial advisor, and it hired Simpson Thacher & Bartlett for legal counsel.
