Reverence Capital Partners Closes $2B Osaic Recap via CV

Reverence Capital Partners has completed a $2 billion recapitalization of Osaic, Inc., using a continuation vehicle to provide liquidity to existing investors while establishing a new long-term institutional capital base.

The transaction enables Reverence to maintain its existing governance structure and board composition while committing additional capital to support Osaic’s future growth initiatives. The deal also includes reserved capital for organic expansion, acquisitions and strategic investments.

Since Reverence’s initial investment in 2019, Osaic has scaled significantly, now supporting approximately 10,000 financial advisors and overseeing $747 billion in client assets under administration as of March 31, 2026.

“Today’s announcement underscores our strong belief in Osaic’s strategy, vision and future,” said Milton Berlinski. “We are thrilled to reinvest in and continue our partnership with Jamie and the management team as the company begins its next chapter.”

The continuation vehicle is backed by Ares Management secondaries funds and Lexington Partners as lead investors, alongside a broader syndicate of institutional capital. Additional investment comes from Reverence’s Fund IV, with Bain Capital joining as a new investor.

“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 Jamie Price.

Following a recent debt refinancing, Osaic enters its next phase with enhanced balance sheet flexibility and a capital base focused on long-term value creation.

Jefferies LLC acted as financial advisor for the transaction and Kirkland & Ellis LLP served as legal counsel to Reverence Capital Partners.