Prime Capital Financial Partners with Carlyle to Drive Its Next Phase of Growth
Prime Capital Financial has announced a major strategic partnership with global investment firm Carlyle, marking a significant new chapter in the growth of the independent wealth management company. Carlyle’s Global Credit platform has agreed to provide approximately $600 million in hybrid capital to Prime Capital Financial, alongside a minority ownership interest in the company.
The transaction values Prime Capital Financial at an enterprise value of more than $1.8 billion and is designed to provide the wealth management firm with additional capital and resources to support its long-term expansion strategy. Financial terms beyond the disclosed investment were not provided.
The partnership brings together Prime Capital Financial’s established position in the U.S. independent wealth management market with Carlyle’s global investment capabilities, long-term capital and financial services expertise. Importantly, the transaction is structured to preserve the elements of Prime Capital Financial’s business model that have been central to its success, including its existing leadership team, advisor-led approach and majority employee ownership structure.
As part of the transaction, Abry Partners, which has been an investor in Prime Capital Financial since 2023, will exit its investment. The transition is expected to provide Prime Capital Financial with a new long-term capital partner while allowing the company to maintain continuity across its operations, leadership and advisor network.
The transaction is expected to close before September 15, 2026, subject to customary regulatory approvals.
A Rapidly Expanding Wealth Management Platform
Headquartered in Overland Park, Kansas, Prime Capital Financial has emerged as a significant independent, planning-led wealth management organisation in the United States.
The company’s growth over the past several years has been substantial. Since 2017, Prime Capital Financial has expanded from approximately $2.5 billion in assets under management and seven offices into a national platform with nearly $50 billion in assets under management across 68 offices.
The expansion has been driven by a combination of organic growth, strategic acquisitions and advisor recruitment. During this period, the company completed more than 30 strategic acquisitions and integrated more than 50 advisory teams into its broader platform.
At the same time, Prime Capital Financial has consistently generated approximately 10% annual organic growth, demonstrating that its expansion has not been dependent solely on acquisitions.
The company’s strategy has focused on building a scalable wealth management platform while maintaining a strong emphasis on financial planning and client relationships.
Its growth has also been supported by the continued development of an integrated service model designed to address the increasingly complex financial needs of individuals, families, businesses and institutions.
Building a Comprehensive Financial Services Platform
Prime Capital Financial began with a foundation centred on comprehensive financial planning and disciplined investment management. Over time, the company has expanded its capabilities to include a broader range of financial services.
Today, its platform encompasses tax advisory, trust and estate planning, insurance, family office services, banking, alternative investments and institutional advisory services.
The objective is to bring multiple areas of financial expertise together around a single client relationship.
This integrated approach is increasingly important as wealth management becomes more complex. High-net-worth individuals and families, for example, may require coordinated advice covering investments, taxes, estate structures, insurance, retirement planning, banking and alternative investments.
Rather than requiring clients to coordinate multiple specialists independently, Prime Capital Financial aims to provide access to these capabilities through its broader platform.
The company believes that this collaborative approach can help simplify complex financial decisions while providing clients with a more coordinated experience.
For advisors, the platform also provides access to a wider range of resources and specialists, allowing them to expand their service offering while maintaining their relationships with clients.
Carlyle Provides Long-Term Capital and Strategic Resources
The partnership with Carlyle is expected to give Prime Capital Financial additional financial resources to continue investing in its platform and pursue future growth opportunities.
Carlyle is a global investment firm with experience across multiple asset classes and industries. Its Global Credit platform brings particular expertise in providing flexible capital solutions to businesses.
The approximately $600 million hybrid capital investment represents a substantial commitment to Prime Capital Financial and provides the company with additional flexibility as it enters its next stage of development.
The investment also establishes a strategic relationship rather than simply providing financing. Carlyle will hold a minority ownership interest in Prime Capital Financial, aligning the two organisations around the company’s long-term growth.
For Prime Capital Financial, the partnership could support continued investments in technology, people, capabilities and infrastructure, as well as future strategic opportunities within the wealth management market.
The company has already demonstrated its ability to grow through acquisitions, having completed more than 30 transactions since 2017. Additional capital could provide greater flexibility as Prime Capital Financial evaluates future opportunities to expand its advisor network and geographic presence.
Maintaining the Company’s Core Culture
While the transaction represents a significant financial milestone, Prime Capital Financial emphasised that it will not fundamentally change the company’s operating model.
The company’s leadership team will remain in place, while its advisor-led business model and majority employee ownership structure will continue.
Approximately 180 advisors will remain owners of the firm.
This ownership structure is an important component of Prime Capital Financial’s culture and business strategy. Giving advisors an ownership stake can help align their interests with those of the broader organisation and encourage a long-term approach to client relationships and business development.
It also supports the entrepreneurial character of the company as it expands nationally.
Maintaining this structure following the Carlyle investment is intended to provide continuity for advisors and clients while giving the organisation access to additional capital and resources.
Leadership Focused on Long-Term Value
Glenn Spencer, CEO of Prime Capital Financial, said the company has historically viewed assets under management as an outcome rather than the ultimate measure of success.
According to Spencer, the organisation’s broader objective is to create meaningful value for clients while building a strong environment for its employees and advisors.
That philosophy is central to the company’s planning-led approach.
While assets under management remain an important indicator of scale for wealth management businesses, the industry’s competitive landscape is increasingly focused on client outcomes, service quality, advisor experience and the ability to provide comprehensive financial advice.
Prime Capital Financial believes its partnership with Carlyle is aligned with this broader vision.
Spencer said Carlyle shares the company’s long-term perspective and that the partnership provides an opportunity to continue building an institution designed to become stronger over time and across generations.
Carlyle Sees a Differentiated Wealth Management Business
Gary Jacovino, Partner in Carlyle Global Credit, highlighted Prime Capital Financial’s growth as well as its culture and leadership.
According to Jacovino, the company has developed more than a rapidly expanding wealth management business. It has created a differentiated institution with a distinct culture, experienced leadership and a long-term strategic vision.
Carlyle’s partnership with Prime Capital Financial is expected to support continued investment in employees and capabilities while helping the firm expand its services for clients and advisors.
The investment reflects broader institutional interest in wealth management platforms that combine scale with strong advisor relationships and differentiated operating models.
As independent wealth management continues to consolidate, platforms capable of attracting advisors, integrating acquired businesses and maintaining client relationships can have significant opportunities for expansion.
Prime Capital Financial’s track record of more than 30 acquisitions and the integration of more than 50 advisory teams demonstrates its experience with this model.
Abry Partners Completes Its Investment
The Carlyle transaction also represents the conclusion of Abry Partners’ investment in Prime Capital Financial.
Abry became an investor in the company in 2023 and worked with management during a period of significant expansion.
During Abry’s ownership period, Prime Capital Financial strengthened its leadership team, expanded its service capabilities, invested in operational infrastructure and continued to pursue acquisitions and advisor recruitment.
The company’s growth during the partnership contributed to its development into a national platform with nearly $50 billion in assets under management.
Abry’s exit provides an example of the role private equity capital can play in supporting the expansion of independent wealth management firms.
For Prime Capital Financial, the transition from one institutional partner to another allows the company to retain the benefits of its previous growth strategy while gaining a new source of long-term capital.
Strengthening the Platform for Future Growth
Scott Duba, President of Prime Capital Financial, said the Carlyle partnership is intended to strengthen rather than alter the company’s existing strategy.
The company’s mission and vision will remain unchanged, while the additional capital is expected to enable greater investment in people, capabilities, clients and advisors.
This continuity could be particularly important for the company as it enters a new phase of growth.
Prime Capital Financial has already achieved substantial scale, but the U.S. wealth management market remains highly fragmented. Independent advisory firms continue to evaluate opportunities to join larger platforms that can provide technology, operational resources, compliance support, investment capabilities and access to capital.
Prime Capital Financial’s platform is designed to address these needs while allowing advisors to maintain an ownership role.
The company could therefore continue to pursue a combination of organic expansion, advisor recruitment and strategic acquisitions.
Broader Trends in Wealth Management
The partnership between Prime Capital Financial and Carlyle comes amid continued transformation within the wealth management industry.
Independent advisory firms are increasingly seeking scale as technology requirements, regulatory obligations and client expectations become more sophisticated.
At the same time, clients are demanding increasingly comprehensive services. Investment management alone is often insufficient for families and individuals dealing with complex tax, estate, insurance, retirement and alternative investment considerations.
This has encouraged wealth management companies to expand beyond traditional investment advisory services.
Prime Capital Financial’s integrated platform reflects this trend, combining financial planning and investment management with tax advisory, estate planning, insurance, family office services, banking and alternative investments.
The company’s ability to bring these services together through a collaborative advisor-led model could provide an important competitive advantage as the industry evolves.
Transaction Expected to Close Before September 15
The transaction remains subject to customary regulatory approvals and is expected to close prior to September 15, 2026.
Prime Capital Financial was advised on the transaction by William Blair, Goldman Sachs, Kirkland & Ellis, Spencer Fane and KPMG.
Carlyle was advised by Debevoise & Plimpton LLP.
The financial terms of the transaction beyond the approximately $600 million hybrid capital solution and the company’s enterprise valuation of more than $1.8 billion were not disclosed.
The partnership with Carlyle represents an important milestone in Prime Capital Financial’s evolution from a relatively small independent wealth management firm into a national platform serving clients through 68 offices.
Since 2017, the company has grown from approximately $2.5 billion in assets under management to nearly $50 billion. Its expansion has been supported by more than 30 strategic acquisitions, the integration of more than 50 advisory teams and consistent organic growth of approximately 10% annually.
The Carlyle investment provides another significant source of capital as the company looks to build on that foundation.
At the same time, Prime Capital Financial is preserving the leadership, advisor ownership structure and client-focused culture that have been central to its development.
With approximately 180 advisor-owners, a broad range of financial services and a national presence, the company enters its next phase with significant scale and an established platform for further expansion.
For Carlyle, the investment provides an opportunity to partner with a rapidly growing independent wealth management firm operating in a sector with substantial long-term opportunities.
For Prime Capital Financial, the partnership is designed to provide the capital, resources and strategic support needed to continue investing in its people, expanding its capabilities and serving clients and advisors.
The company’s message is clear: the transaction is intended not to redefine Prime Capital Financial, but to strengthen the foundation it has already built. With a new long-term institutional partner and a proven growth platform, Prime Capital Financial is positioning itself for another period of expansion in the evolving U.S. wealth management market.
Source link: https://www.businesswire.com
