GPs Acquire Stakes in Wealth Managers
Carlyle acquired a majority stake in registered investment adviser MAI Capital Management in March. Bain Capital bought Perpetual Wealth, a division of the Australian wealth manager, in the same month. The two firms are now competing to acquire Wealth Enhancement, another RIA, according to the Financial Times.
MAI completed 30 acquisitions under private equity ownership that included Harvest Partners prior to Carlyle’s majority stake. Wealth managers and advisers are popular targets because private market products are becoming more accessible for retail investors.
Insurance Platforms Draw Interest
Apollo completed an $11bn merger with Athene. The deal provided the alternative asset manager a permanent source of capital to invest in its funds. Apollo originated 73% of Athene’s assets, while 17% are classed as affiliated with the firm.
The merger raised concerns over whether closer ties with alternative asset managers come at the expense of client interests.
Structural Trends Support Expansion
In March 2025, Nordic Capital joined a consortium with CVC and ADIA to take British investment platform Hargreaves Lansdown private. The UK’s ageing population is creating a growing pool of pension capital available for deployment into private markets.
The 2025 Mansion House Accords recorded a voluntary commitment from 17 UK workplace pension providers to invest at least 10% of their defined contribution default funds in private markets by 2030. Hargreaves Lansdown has partnered with Schroders Capital to offer two Long-Term Asset Funds.
Rising interest from GPs in buying allocators allows them to capture the upside from structural trends as long as they avoid conflicts of interest, according to Private Equity Wire.
