Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by investment professionals. Learn More | Book a Demo
CAPTRUST sits in a class by itself above $1T in client assets, and no other RIA platform is close. Creative Planning and Mariner follow well behind it, then Focus, Hightower and Edelman Financial Engines.
That concentration matters for fundraisers because of who owns these firms. Private equity sponsors sit behind every platform on this list, and they shape how quickly each one centralizes its manager relationships.
Dakota tracked 205 announced U.S. RIA transactions in the first half of 2026, and the same small group of sponsors and platforms keeps showing up in them.
Here are the eight biggest, ranked by total client assets.
8 of the Largest RIA Platforms Backed by Private Equity Sponsors
1. CAPTRUST
Sponsor: GTCR, with Carlyle holding a minority stake | Total client assets: $1T+
CAPTRUST is the largest platform by a wide margin. It is also still buying, with three practices added in the first half of 2026, including Alpha Cubed and Meritage Portfolio.
2. Creative Planning
Sponsor: General Atlantic and TPG | Total client assets: $640B
Creative Planning is the second-largest platform and is backed by two sponsors. Its first-half deals included MASECO and Duncan & Haley.
3. Mariner Wealth Advisors
Sponsor: Leonard Green, with Neuberger Berman | Total client assets: $632B
Mariner is the third-largest platform and sits close behind Creative Planning. Neuberger Berman’s role alongside Leonard Green is worth understanding before you pitch.
4. Focus Financial Partners
Sponsor: Clayton, Dubilier & Rice | Total client assets: about $500B
Focus is one of the platforms where sponsor changes are in motion. CD&R is selling a minority stake while staying on as controlling owner, with Goldman Sachs advising on the sale.
5. Hightower Advisors
Sponsor: Thomas H. Lee Partners | Total client assets: $354B
THL has owned Hightower since 2017 and has retained Goldman Sachs and Ardea Partners to run a sale of a controlling stake. It would be the largest sale seen in this space if it closes. Hightower is also one of the most active acquirers, with three deals in the first half of 2026.
6. Edelman Financial Engines
Sponsor: Hellman & Friedman | Total client assets: about $300B
Edelman sits in the same size band as Focus and Hightower. Two of its three closest peers now have sponsor changes in motion.
7. Wealthspire
Sponsor: Madison Dearborn Partners | Total client assets: $250B
Wealthspire is one of the most active platforms on this list. It added three firms in the first half of 2026, including Axia Advisory, Sellwood Investment Partners and Fi3 Advisors.
8. Kroll Ontrack
Sponsor: Stone Point Capital | Total client assets: about $220B
Kroll Ontrack rounds out the group. The tier just below it, the $100B to $300B range, is where both mega-platforms and smaller specialists are actively acquiring.
Sponsors in Motion
Two of the eight platforms have sponsor changes underway. THL has hired Goldman Sachs and Ardea Partners to sell a controlling stake in Hightower, and CD&R is selling a minority stake in Focus while remaining the controlling owner.
The two situations point in different directions. Hightower is the swing story to watch, because if the sale closes it will change how every other founder-backed platform thinks about its own exit. Focus is a different signal: CD&R staying in control while selling a piece suggests sponsors still see long-term value in these platforms even at scale.
What This Means for Fundraisers
Mega-platforms have centralized approval lists, so a sponsor change can reset a manager lineup. When a larger firm absorbs a platform, the manager review tends to restart from the top down, and the home office sets the roster as it integrates.
The opportunity runs the other way at emerging aggregators. When one of them makes an acquisition, that can mean a new pool of capital, because it will likely fold the acquired client assets into the lineup it already has. Get in front of them before the home office locks in a formal list, since decisions tend to slow as these firms grow.
Sponsor concentration helps too. Wealth Partners Capital Group and HGGC back three platforms in the next tier down, Waverly, Apella and MCF, so a relationship with one sponsor can open doors to the other two.
Dakota Marketplace tracks RIA ownership alongside deal news, so you can see who owns each platform and when that changes. Book a Demo
