Osaic has clinched more than $2 billion in new capital with Bain Capital joining existing investors Ares and Lexington Partners.
Rumors that Bain Capital was a likely new investor in Osaic have swirled in recent weeks.
Private equity firm Reverence Capital Partners, which bought Advisor Group in 2019 and rebranded it as Osaic, announced the more than $2 billion recapitalization Thursday. The move aims to fuel the growth of Osaic’s giant network of broker-dealers and registered investment advisors.
Ares and Lexington Partners are the lead investors in the continuation vehicle.
Reverence Capital says that the commitment of incremental capital to Osaic’s balance sheet will help fund future growth initiatives. The private equity firm also committed new capital from its Fund IV. "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, in a statement.
"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,” said Osaic CEO Jamie Price, in the statement.
At the company’s 2026 NXT conference in Boston, Shannon Reid, Osaic's head of advisor growth and engagement, told InvestmentNews that the recapitalization reflects the company's trajectory. “Essentially it just means there’s more confidence in our growth story and in our management team, in Reverence as our partner, that it’s just reinforcing, I think, the strategy that we have already been executing against," she said. “It’s very exciting for Osaic and I think very exciting for Reverence and our investors.”
Osaic has undergone significant change in recent years, notably its "Journey to One" integration effort that merged nine operating business into a single platform. Set against this backdrop, the company saw 589 advisors leave the company in 2025, according to a recent report from an industry headhunter.
Also at the NXT conference in Boston Osaic chief Price told InvestmentNews that the firm had anticipated that level of advisor loss. “Post ‘Journey to One’ we are right back to where we were in advisor losses pre-‘Journey to One’,” he said. “For us [it was] temporary, but we did put our advisors through a tremendous amount of change,” he added.
The “Journey to One” effort officially ended in June 2025.
Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.
The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.
"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.
Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.
765 investors were promised 260% annual returns on truck leases
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
