Osaic Holdings, a giant network of broker-dealers and registered investment advisors, is turning to investors to raise money for a continuation fund, with Bain Capital a likely new investor in the firm, according to industry sources.
Reverence Capital Partners, a private equity firm, bought Advisor Group in 2019 and then rebranded it Osaic four years later, as well as consolidating its various broker-dealers under one brand and operating center.
A continuation fund would give Reverence more time to own Osaic beyond the typical five to seven year time horizon private equity funds hold assets. Such funds, which have become increasingly popular in private investments, also offer existing investors a choice to cash out or roll their investment into the new fund.
A key problem of late for Osaic is hanging onto its financial advisors, some of whom are leaving the firm to join the competition. According to a report last month from an industry headhunter, Osaic saw 589 advisors depart in 2025 from its recently consolidated network of broker-dealers.
According to an article on Friday by industry publication CItyWire, which was first to report the news, Osaic is seeking to raise $3.7 billion and has an overall valuation of close to $10 billion. InvestmentNews was not able to confirm the amount of capital Reverence is looking to raise.
“Osaic is doing a refinancing, and it will involve Bain and perhaps another firm,” said a senior industry executive who spoke privately to InvestmentNews about the matter. “They’re setting up a continuation fund, which allows earlier money to take investors out.”
“This is likely to happen this month,” the executive added.
Osaic is a giant, with close to 11,000 financial advisors and $700 billion in assets across its platform.
Bain Capital has owned a minority stake in RIA the Carson Group since 2021. A spokesperson for Bain did not immediately respond to an email to comment.
“Since acquiring the firm in 2019, Reverence Capital remains extremely pleased with Osaic’s outstanding growth and strong outlook, and is committed to continuing to be a partner in that growth,” a company spokesperson wrote in an email.
“As a matter of policy, Osaic does not comment on market speculation or rumored transactions, and we remain focused on our long-term strategy," the spokesperson added.
Osaic has seen significant teams of financial advisors depart in the last year.
For example, in June, Cambridge Investment Research Inc. signed up a huge office formerly affiliated with Osaic, Ameriflex Group Inc., with $11.9 billion in customer assets and 129 advisors.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
