Carlyle (NASDAQ: CG) has agreed to provide an approximately $600 million hybrid capital solution to Prime Capital Financial, establishing a strategic partnership that includes a minority ownership interest in the wealth management firm. The transaction values Prime Capital Financial at an enterprise value of more than $1.8 billion, according to a press release.

The deal is being structured through Carlyle's Global Credit platform. As part of the transaction, Abry Partners, which has held an investment in Prime Capital Financial since 2023, will exit its position.

Headquartered in Overland Park, Kansas, Prime Capital Financial manages nearly $50 billion in assets under management across 68 offices. The firm has grown from approximately $2.5 billion in AUM and seven offices since 2017, completing more than 30 acquisitions and integrating more than 50 advisory teams during that period.

The transaction will not affect Prime Capital Financial's leadership team, advisor-led business model, or its majority employee ownership structure. Approximately 180 advisors will retain ownership stakes in the firm.

Glenn Spencer, CEO of Prime Capital Financial, said: "Carlyle shares that long-term vision, and together we believe we can build an institution that grows stronger across generations."

The transaction is expected to close prior to September 15, 2026, subject to customary regulatory approvals. Financial terms beyond the disclosed enterprise value were not released.