Key Takeaways
- • Vistria Group is acquiring a majority stake in Curi Capital, a Chicago-based registered investment advisor with $14 billion in assets under advisement, with the deal expected to close in late September 2026.
- • Curi Capital plans to deploy the investment for workforce expansion, technology infrastructure upgrades, and pursuit of strategic acquisitions, building on its January 2024 combination with RMB Capital ($9.6 billion in assets).
- • Vistria's financial services portfolio includes the Mather Group ($17 billion in assets) and stakes in insurance, employee benefits, and small-business financing, positioning the firm as a consolidator across wealth management and related sectors.
- • Curi Capital's differentiated positioning serving medical professionals and healthcare executives—alongside a broader wealth spectrum from modest to ultra-high-net-worth clients—was a primary strategic attraction for Vistria.
- • The transaction exemplifies accelerating private-equity investment into the wealth management industry, with major national consolidators increasingly leveraging outside PE capital to finance expansion and M&A activity.
Summary
The Vistria Group, a multi-sector private-equity firm, is acquiring a majority stake in Curi Capital, a registered investment advisor based in Chicago managing over $14 billion in client assets under advisement. The transaction is slated to close in late September 2026. This move represents the latest significant influx of private-equity capital into the wealth management sector, where external PE backing has become a primary mechanism for financing consolidation and organic growth initiatives.
Curi Capital intends to deploy the investment proceeds toward expanding its employee base, enhancing technology infrastructure, and pursuing acquisitions that align with its growth strategy. The firm's recent acquisition history demonstrates an active M&A appetite: in January 2024, Curi completed a combination with RMB Capital, which brought approximately $9.6 billion in assets into the combined entity. Curi currently ranks No. 55 on Barron's 2025 list of top RIA firms, reflecting its standing within the registered investment advisor universe.
Vistria's existing financial services portfolio provides strategic rationale for the investment. The firm controls the Mather Group, a registered investment advisor with more than $17 billion in client assets, and maintains stakes across insurance, employee benefits, and small-business financing verticals. This diversified positioning allows Vistria to leverage operational expertise and cross-platform synergies across complementary financial services businesses.
Curi Capital's client expertise in serving medical professionals and healthcare executives emerged as a key strategic differentiator that attracted Vistria's interest. The firm serves clients across the wealth spectrum—from those with modest portfolios to ultrawealthy, multigenerational families requiring complex financial planning. This dual-market positioning provides revenue diversification and defensibility. According to Boris Rapoport, senior partner and co-head of financial services at Vistria, "What stood out to us about Curi Capital was not only the quality of the business, but the culture behind it." CEO Dimitri Eliopoulos echoed alignment on long-term philosophy, stating that shared values around client service, employee support, and sustainable business building underpinned the partnership.
The transaction reflects broader industry consolidation trends wherein private-equity firms have become dominant sources of growth capital for wealth management platforms, enabling expansion beyond traditional organic growth constraints.
Curi Capital intends to deploy the investment proceeds toward expanding its employee base, enhancing technology infrastructure, and pursuing acquisitions that align with its growth strategy. The firm's recent acquisition history demonstrates an active M&A appetite: in January 2024, Curi completed a combination with RMB Capital, which brought approximately $9.6 billion in assets into the combined entity. Curi currently ranks No. 55 on Barron's 2025 list of top RIA firms, reflecting its standing within the registered investment advisor universe.
Vistria's existing financial services portfolio provides strategic rationale for the investment. The firm controls the Mather Group, a registered investment advisor with more than $17 billion in client assets, and maintains stakes across insurance, employee benefits, and small-business financing verticals. This diversified positioning allows Vistria to leverage operational expertise and cross-platform synergies across complementary financial services businesses.
Curi Capital's client expertise in serving medical professionals and healthcare executives emerged as a key strategic differentiator that attracted Vistria's interest. The firm serves clients across the wealth spectrum—from those with modest portfolios to ultrawealthy, multigenerational families requiring complex financial planning. This dual-market positioning provides revenue diversification and defensibility. According to Boris Rapoport, senior partner and co-head of financial services at Vistria, "What stood out to us about Curi Capital was not only the quality of the business, but the culture behind it." CEO Dimitri Eliopoulos echoed alignment on long-term philosophy, stating that shared values around client service, employee support, and sustainable business building underpinned the partnership.
The transaction reflects broader industry consolidation trends wherein private-equity firms have become dominant sources of growth capital for wealth management platforms, enabling expansion beyond traditional organic growth constraints.
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