Moonfare Secondary Fund (MSF) has invested in a newly closed continuation vehicle (CV) for Osaic, one of the largest wealth management platforms in the US, joining the lead investors, Lexington Partners and Ares Secondaries, in the transaction.¹
Reverence Capital Partners, Osaic's owner since 2019, structured the CV to raise more than $2 billion in fresh capital to fund Osaic's continued growth.
This is the kind of deal MSF exists to do. Investing alongside a specialised GP in a market leading business with secular tail-winds, a proven track record of exceptional growth and a clear roadmap for continued value creation ahead. The fund invests in both GP-led and LP-led secondaries transactions and is built for diversification across managers, vintages and strategies.
A major player in US wealth management
Osaic provides technology, regulatory backing and operational infrastructure to independent financial professionals and institutions - the connective tissue that lets more than 10,000 financial advisors run their own practices while managing more than $747 billion in client assets between them.
The growth has been remarkable. Reverence took the business (then called Advisor Group) from around 7,000 advisors and $268 billion in client assets at its 2019 entry² to today's scale, growing advisor count by more than 40% and nearly tripling assets.
That track record is landing at a good moment for the sector as a whole. Private equity’s interest in wealth management is running at record levels: the first quarter of 2026 saw the highest US deal count ever, with $1.67 trillion in AUM changing hands.³ PE-backed buyers were driving the vast majority of strategic RIA acquisitions.⁴
“We think the appeal of wealth management is clear and is found in recurring, fee-based revenue tied to assets that clients rarely leave, running through an advisor base that's aging out and increasingly needs succession capital to transition their practices. Osaic sits right at the center of that dynamic,” says Philip Meschke, Moonfare’s Head of PE Investment.
