GPs Target Wealth Managers and Insurers in Allocator Acquisitions
Private capital firms are acquiring allocators to capture upside from retail and wealth investor entry into private markets. Carlyle took a majority stake in registered investment adviser MAI Capital Management in March. Bain Capital purchased 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.
Wealth Manager Platform Builds
MAI completed 30 acquisitions while under prior private equity ownership that included Harvest Partners. The fragmentation of the RIA space draws private capital attention. Acquiring local firms provides access to new regions and client communities. In March 2025 Nordic Capital joined a consortium with CVC and ADIA to take British investment platform Hargreaves Lansdown private.
Demographic and Policy Tailwinds
The UK ageing population creates a growing pool of pension capital available for deployment. The 2025 Mansion House Accords recorded voluntary commitments from 17 UK workplace pension providers to allocate at least 10 percent of defined contribution default funds to private markets by 2030. Hargreaves Lansdown has partnered with Schroders Capital to offer two Long-Term Asset Funds to target private markets participation, according to Private Equity Wire.
Insurance Sector Consolidation
Private capital interest also extends to insurers. Apollo completed an $11bn merger with Athene that supplies a permanent capital source for the alternative asset manager. Apollo originated 73 percent of Athene’s assets while 17 percent are classed as affiliated. When the merger was announced, Apollo Co-Founder Marc Rowan stated the transaction would deliver a bigger balance sheet to invest alongside clients in fund products, according to Private Equity Wire.
