Key Takeaways
- • Reverence Capital Partners closed a recapitalization of Osaic, Inc. representing more than $2 billion in new capital funded at close, according to a PR Newswire release.
- • The transaction is anchored by a continuation vehicle (CV) led by Ares Secondaries funds and Lexington Partners, with a broader syndicate of new institutional investors.
- • Bain Capital joined as a new investor in Osaic, while Reverence committed fresh capital from its flagship Fund IV.
- • Proceeds provide liquidity to existing Reverence Capital fund investors, and the deal keeps existing governance and board composition in place.
- • Osaic, with roughly 10,000 financial advisors and $747 billion in client assets under administration as of March 31, 2026, enters its next growth phase with significant capital.
Summary
Reverence Capital Partners, a private investment firm focused on financial services, announced the closing of a recapitalization of Osaic, Inc., one of the largest providers of wealth management solutions in the United States. The transaction represents more than $2 billion in new capital funded at close. Proceeds will be used to provide liquidity to existing investors in Reverence Capital's funds, while Reverence is also committing incremental capital to Osaic's balance sheet to fund future growth initiatives.
The transaction is anchored by a continuation vehicle (CV) that establishes a new long-term institutional capital base while maintaining Osaic's existing governance and board composition. Ares Secondaries funds and Lexington Partners served as lead investors in the CV, alongside a broad syndicate of new institutional investors. Reverence Capital also committed new capital from its current flagship Fund IV, and Bain Capital joined as a new investor in the broader transaction. The deal additionally reserved committed capital for future deployment toward organic growth, acquisitions and other strategic initiatives.
Reverence Capital invested in Osaic in 2019. Since then, according to the release, Osaic has grown to approximately 10,000 financial advisors and $747 billion in client assets under administration as of March 31, 2026. The recapitalization follows a debt refinancing completed earlier in 2026, and the company said it now enters its next chapter with significant capital. CEO Jamie Price said the completion of the "Journey to One" unification effort places the full community of advisors under one umbrella.
Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital, said the announcement underscores the firm's conviction in Osaic's strategy and future. Scott Humber, Partner at Ares Private Equity Secondaries, described the deal as a bespoke liquidity solution supporting long-term value creation. Jeff Bloom of Lexington Partners cited strong conviction in Price and the management team, and Cristian Jitianu of Bain Capital Special Situations said the firm looks forward to supporting Osaic's investment in advisors and capabilities.
Jefferies LLC acted as financial advisor on the transaction, and Kirkland & Ellis LLP served as legal counsel to Reverence Capital Partners. Reverence Capital manages in excess of $14 billion in AUM across financial services private equity, opportunistic structured credit and real estate strategies.
The transaction is anchored by a continuation vehicle (CV) that establishes a new long-term institutional capital base while maintaining Osaic's existing governance and board composition. Ares Secondaries funds and Lexington Partners served as lead investors in the CV, alongside a broad syndicate of new institutional investors. Reverence Capital also committed new capital from its current flagship Fund IV, and Bain Capital joined as a new investor in the broader transaction. The deal additionally reserved committed capital for future deployment toward organic growth, acquisitions and other strategic initiatives.
Reverence Capital invested in Osaic in 2019. Since then, according to the release, Osaic has grown to approximately 10,000 financial advisors and $747 billion in client assets under administration as of March 31, 2026. The recapitalization follows a debt refinancing completed earlier in 2026, and the company said it now enters its next chapter with significant capital. CEO Jamie Price said the completion of the "Journey to One" unification effort places the full community of advisors under one umbrella.
Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital, said the announcement underscores the firm's conviction in Osaic's strategy and future. Scott Humber, Partner at Ares Private Equity Secondaries, described the deal as a bespoke liquidity solution supporting long-term value creation. Jeff Bloom of Lexington Partners cited strong conviction in Price and the management team, and Cristian Jitianu of Bain Capital Special Situations said the firm looks forward to supporting Osaic's investment in advisors and capabilities.
Jefferies LLC acted as financial advisor on the transaction, and Kirkland & Ellis LLP served as legal counsel to Reverence Capital Partners. Reverence Capital manages in excess of $14 billion in AUM across financial services private equity, opportunistic structured credit and real estate strategies.
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