Houlihan Lokey Advises The Carlyle Group

Houlihan Lokey is pleased to announce that its client, The Carlyle Group (Carlyle; NASDAQ: CG), has agreed to acquire a majority stake in MAI Capital Management (MAI), a registered investment advisor (RIA), valuing it at more than $2.8 billion. This transaction was announced on March 31, 2026.

Carlyle initially invested in MAI in 2021 through its investment in Galway Holdings, which acquired MAI that year, and will become the majority owner upon closing, with Galway Holdings, Harvest Partners, and Oak Hill Capital exiting their positions. MAI employees will continue to hold a large minority equity ownership. As the majority owner, Carlyle will provide MAI with the resources to continue investing significantly in its people, capabilities, and client experience. Carlyle will support MAI in expanding its services while maintaining the firm’s leadership, culture, operational independence, and the continuity that advisors and clients have come to expect.

Carlyle is a global investment firm that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which Carlyle lives and invests. Carlyle employs more than 2,500 people in 27 offices across four continents.

MAI is an RIA and wealth management firm unified in purpose to empower clients to simplify, protect, and grow the wealth they have worked so hard to build. Founded in 1973, the firm helps clients achieve their vision and goals through objective advice, tailored planning, comprehensive and integrated solutions, and highly personal service. As of January 1, 2026, MAI and its affiliated advisor have 40 offices across the United States, and a team of more than 700 people who manage and advise on $72.6 billion in total assets.

Houlihan Lokey served as the financial advisor to Carlyle.

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