Carlyle secured a majority stake in MAI Capital Management, the Cleveland‑based registered investment advisor, finalising a deal that removes Galway Holdings, Harvest Partners and Oak Hill Capital from the ownership table. The transaction builds on Carlyle’s 2021 entry via a stake in Galway Holdings, which had purchased MAI that year, deepening the firm’s foothold in wealth management.

Founded in 1973, MAI now advises roughly $77.3 billion in assets as of April 30, 2026, positioning it among the larger independent advisors in the United States. The sizable AUM provides Carlyle with a robust platform to distribute its private‑equity and credit products, while granting the firm access to a diversified client base spanning high‑net‑worth families and institutional funds.

The exit of Galway Holdings and its partners returns capital to investors who entered the deal during the 2021 acquisition wave, while signaling confidence in Carlyle’s ability to run an advisor at scale. Industry analysts note that consolidation offers economies of scale needed to offset fee‑compression and rising compliance costs across the wealth‑management sector.

With full control, Carlyle can integrate MAI’s technology stack and distribution network, accelerating cross‑selling of its alternative investments. The deal underscores a broader trend of private‑equity firms expanding into advisory services to capture fee income and deepen client relationships, delivering immediate scale benefits without waiting for organic growth.