Abry Partners sold its stake in Prime Capital Financial to Carlyle, exiting a rapidly growing wealth management platform with $50bn in assets under management. Abry, which invested in 2023, helped scale the Boston-based firm through acquisitions and advisor recruitment while preserving its employee-owned structure. Carlyle’s minority investment aligns with its strategy to support advisor-led cultures, similar to deals like CD&R’s stake in Focus Financial Partners. Prime Capital’s CEO, Glenn Spencer, credited Abry’s partnership for achieving targeted growth. Abry, founded in 1989 and managing $16bn across strategies, has a history of exiting scaled financial services platforms to allow new management phases. The firm’s exit follows its $90bn+ in leveraged transactions.

Prime Capital Financial, under Abry, expanded to 68 offices and 180 advisor-owners. Abry’s involvement focused on strengthening leadership and capability lines in family office and tax planning. Carlyle’s minority stake ensures the advisor-owner base retains control, mirroring structures in Bain Capital’s Carson Group investment. Spencer emphasized Abry’s alignment with Prime Capital’s long-term vision and advisor-centric values.

Abry’s exit strategy reflects its broader pattern of rotating out of financial services platforms once operational infrastructure is established. This allows sponsors to shift focus to larger balance sheets for subsequent growth. The transaction highlights a trend where minority stakeholders prioritize preserving independent cultures over outright control. For Abry, this marks another milestone in its financial services franchise, which has completed over $90bn in transactions since 1989.