Reverence Capital Partners Closes More Than $2 Billion Recapitalization of Osaic

Transaction delivers liquidity to existing fund investors and establishes a new long-term institutional capital base to support Osaic's continued growth

Ares, Lexington Partners and Bain Capital invest in a leading wealth management business

Reverence Capital Partners provides additional capital as a part of the transaction to support Osaic's long-term strategy

NEW YORK and SCOTTSDALE, Ariz., April 30, 2026 /PRNewswire/ -- Reverence Capital Partners ("Reverence Capital"), a private investment firm focused on financial services, today announced the closing of a recapitalization of Osaic, Inc. ("Osaic"), one of the nation's largest providers of wealth management solutions, representing 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. In addition, Reverence Capital is committing incremental capital to the balance sheet to help fund future growth initiatives. The transaction is anchored by a continuation vehicle ("CV") that will establish a new long-term institutional capital base while maintaining the existing governance and board composition.

Since Reverence Capital invested in Osaic in 2019, Osaic has grown to be one of the largest wealth management firms with approximately 10,000 financial advisors and $747 billion in client assets under administration as of March 31, 2026.

Ares Secondaries funds and Lexington Partners served as lead investors in the CV, along with a broad syndicate of new institutional investors. In addition to the capital raised in the CV, Reverence Capital committed new capital from its current flagship Fund IV, affirming Reverence Capital's conviction in Osaic's future growth prospects, and Osaic also welcomed Bain Capital as a new investor as part of the broader transaction. The transaction also included additional committed capital reserved for future deployment to support organic growth, acquisitions and other strategic initiatives.

The transaction provided liquidity to existing investors in Reverence Capital's funds and introduced new, long-term institutional capital to further support Osaic's mission to create leading wealth management solutions that enhance lives and legacies. Combined with a debt refinancing completed earlier this year, Osaic enters this next chapter with significant capital and an investor base that is focused on driving long-term shareholder value.

"Today's announcement underscores our strong belief in Osaic's strategy, vision and future," said Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital. "We are thrilled to reinvest in and continue our partnership with Jamie and the management team as the company begins its next chapter."

"We have built a leading provider of wealth-management solutions and one focused on empowering financial professionals to grow their businesses," said Jamie Price, Osaic's CEO. "We are grateful to continue having Reverence Capital Partners with us on this journey and are thrilled to also have a new, strong group of leading investors who will provide capital to help fuel the next phase of our growth. Following the completion of our "Journey to One" unification effort, we now have the full community of our advisors under one umbrella and believe we can scale our company to even greater heights."

"Osaic's differentiated offering, strong management and attractive outlook align with Ares Secondaries' focus on investing in market leading businesses with significant opportunity for growth. We are pleased to partner with Reverence Capital to provide a bespoke liquidity solution and support Osaic's strategy for long-term value creation," said Scott Humber, Partner, Ares Private Equity Secondaries.

"We have strong conviction in Jamie and the management team and we are excited to support the company's future growth," said Jeff Bloom, Partner, Lexington Partners.

"We are excited to partner with Reverence Capital, Osaic and the management team as the company enters its next phase of growth," said Cristian Jitianu, Partner, Bain Capital Special Situations. "Osaic has built a scaled, differentiated wealth management platform, and we look forward to supporting the business as it continues to invest in its advisors, capabilities and long-term success."

Jefferies LLC acted as financial advisor for the transaction and Kirkland & Ellis LLP served as legal counsel to Reverence Capital Partners.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) financial services-focused private equity, (ii) opportunistic, structured credit, and (iii) real estate solutions. Today, Reverence Capital manages in excess of $14 billion in AUM. Reverence focuses on thematic investing in leading global financial services businesses. The firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The partners at Reverence Capital bring, on average, over 38 years of advisory and investing experience across a wide range of financial services sectors.

About Osaic

Osaic, Inc. ("Osaic"), a portfolio company of Reverence Capital Partners, is one of the nation's largest providers of wealth management solutions, supporting approximately 10,000 financial professionals. Osaic's mission is to create leading wealth management solutions that enhance lives and legacies. Visit www.osaic.com to learn more.

Securities and investment advisory services are offered through the firms: Osaic Wealth, Inc. and Osaic Institutions, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Osaic Services, Inc. and Ladenburg Thalmann & Co., broker-dealers and members of FINRA and SIPC. Advisory services are offered through Ladenburg Thalmann Asset Management, Inc., Osaic Advisory Services, LLC, and CW Advisors, LLC, registered investment advisers. Advisory programs offered by Osaic Wealth, Inc. are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser.

About Ares Management Corporation

Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation's global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Lexington Partners

Lexington Partners is one of the world's largest and most successful managers of secondary private equity and co-investment funds, with over $84 billion of total capitalization. The firm helped pioneer the development of the institutional secondary market over 35 years ago and created one of the first independent, discretionary co-investment programs 28 years ago. Lexington provides strategic, customized liquidity solutions to global investors and private equity sponsors alike, supported by its dedicated and well-capitalized secondary, continuation vehicle, and co-investment platforms. Lexington's experienced professionals are strategically located in major centers for private equity and alternative asset investing across North America, Europe, Middle East, Asia and Latin America. Lexington is the global secondary private equity and co-investments specialist investment manager of Franklin Templeton. Additional information can be found at lexingtonpartners.com.

About Bain Capital

Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn.

Contacts

For Reverence Capital Partners
Steve Lipin/James Goldfarb, Gladstone Place Partners
212-230-5930

For Osaic
Jason Lahita/Rob Farmer, StreetCred Communications
[email protected]
415-377-3293

For Ares
Jacob Silber | Lauren Sullivan
[email protected]

For Bain Capital
Edward de Sciora
[email protected]

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SOURCE Reverence Capital Partners