Partnership supports one of the nation’s leading independent wealth management firms as it continues building a market-leading proposition for both clients and advisors.

Prime Capital Financial today announced that the Global Credit platform of global investment firm 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 company and supports the firm's long-term growth. The transaction values Prime Capital Financial at an enterprise value of more than $1.8 billion.

Headquartered in Overland Park, Kansas, Prime Capital Financial is a leading independent, planning-led wealth management firm. Since 2017, the firm has grown from approx. $2.5 billion in AUM and seven offices into a national organization serving clients through 68 offices with nearly $50 billion in AUM. During that period, it has completed more than 30 strategic acquisitions, integrated more than 50 advisory teams and consistently generated approx. 10% annual organic growth.

Built on a foundation of comprehensive financial planning and disciplined investment management, Prime Capital Financial has expanded its platform to include tax advisory, trust and estate planning, insurance, family office, banking, alternative investments and institutional advisory services. By bringing specialists together around one trusted relationship, the firm has created a collaborative model designed to simplify increasingly complex financial lives.

With Carlyle's long-term capital, global resources and deep industry expertise, Prime Capital Financial is well positioned to continue investing in its integrated platform and delivering for clients and advisors.

Glenn Spencer, CEO of Prime Capital Financial, said: "For decades, our profession has measured success through assets under management. We have always believed there was a better measure. Assets are the outcome. Value is the objective. Our responsibility is to create extraordinary value for clients while building a first-class environment for our teams. Carlyle shares that long-term vision, and together we believe we can build an institution that grows stronger across generations."

Gary Jacovino, Partner in Carlyle Global Credit, said: "Prime Capital Financial has built far more than a rapidly growing wealth management firm – it has built a differentiated institution with a distinctive culture, exceptional leadership and a compelling long-term vision. We are excited to partner with Glenn and the broader management team, as the company continues investing in its people, expanding its capabilities and serving clients."

As part of the transaction, Abry Partners, which has partnered with Prime Capital Financial since 2023, will exit its investment. The transaction will not change Prime Capital Financial’s leadership team, advisor-led business model or majority employee ownership structure. Approx. 180 advisors will continue as owners of the firm, reinforcing the entrepreneurial culture and long-term alignment that has defined its success.

Scott Duba, President of Prime Capital Financial, concluded: "This partnership is not about changing who we are—it is about strengthening what we have been building. Our mission and vision remain the same. What has changed is our ability to invest even more aggressively in our people, capabilities and the clients and advisors we serve. We believe the best chapters of Prime Capital Financial lie ahead."

The terms of the transaction were not disclosed. The transaction is expected to close prior to September 15, 2026, subject to customary regulatory approvals.

Prime Capital Financial was advised by William Blair, Goldman Sachs, Kirkland & Ellis, Spencer Fane and KPMG. Carlyle was advised by Debevoise & Plimpton LLP.

About Prime Capital Financial

Prime Capital Financial is one of the nation's leading independent wealth management firms, providing integrated financial planning, investment management, tax advisory and compliance, trust and estate planning, insurance solutions, family office services, banking solutions, alternative investments and institutional advisory services, including retirement plan consulting, fiduciary investment advisory and participant financial wellness services. Through its collaborative, advisor-led model, the firm helps individuals, families, business owners, employers and institutions navigate life's most important financial decisions. Prime Capital Financial serves clients nationwide through 68 offices with nearly $50 billion in assets under management.

About Carlyle

Carlyle (NASDAQ:CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

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Gregory for Prime Capital Financial

primefinancial@gregoryagency.com