Investcorp has acquired a majority stake in Minnesota-based wealth management firm Berger Financial Group. Financial terms were not disclosed. Berger currently manages over $3 billion in assets for more than 3,800 clients.

Berger's management team and financial advisors will continue as significant owners alongside Investcorp. Founded in 1981, Berger operates across five states and 10 locations, and has a history of completing acquisitions, with at least 24 completed to date.

Vitali Bourchtein, managing director at Investcorp, stated that Berger was the "right wealth management platform" after a three-year search, citing its "proven M&A model, strong culture and ability to serve the mass-affluent market at scale."