Carlyle Group Acquires Majority Stake in MAI Capital Management with $77.3B AUM
CG•The Carlyle Group has closed its acquisition of a majority stake in MAI Capital Management, a Cleveland-based RIA overseeing $77.3 billion in client assets, maintaining MAI’s leadership and operational independence. Carlyle plans to fund technology investments and strategic acquisitions while MAI employees retain a large minority equity position.
1. Deal Completion and Terms
Carlyle closed the transaction on June 4, acquiring a majority stake in MAI Capital Management, which manages $77.3 billion in combined client assets. The deal expands a partnership formed in 2021 when Carlyle invested in Galway Holdings, the vehicle that acquired MAI at that time.
2. Strategic Growth Plans
Carlyle intends to support MAI’s continued growth by financing technology upgrades and pursuing strategic acquisitions while preserving MAI’s operational independence and client-first culture under its existing leadership team.
3. Equity Rollover and Exits
MAI employees, including CEO Rick Buoncore and Evoke Advisors’ David Hou, rolled over a large minority ownership stake, with some senior leaders cashing out 20%. Galway Holdings and funds managed by Harvest Partners and Oak Hill Capital fully exited their positions.
4. MAI’s Background and Previous Deals
Founded in 1973, MAI operates more than 40 offices across the U.S. with over 700 staff. In 2025, MAI acquired Evoke Advisors, boosting its high-net-worth client roster and asset base.
