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.
LPL recently has softened its antipathy to mainstream marketing.
The veteran independent broker-dealer executive brings crisis-tested leadership to the AI-powered data platform
Arax and Waverly also staged their own East Coast expansions by acquiring a family-owned practice and a Maryland-based wealth firm.
Portfolios are built for specific environments, but most investors are still positioned for one shaped by intervention and conditioning that may no longer exist.
Foundation for Financial Planning CEO tells InvestmentNews how the wirehouse’s wealth management division steps up to the plate for those in need.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
