CHARLOTTE – Raleigh-based CapTrust Financial Advisors has a new backer in private-equity firm Carlyle Group, which took an undisclosed stake in the wealth management business.

The transaction valued CapTrust at $3.7 billion, which is about triple the amount from 2020 when Chicago-based GTCR bought a 25% stake, according to the Raleigh company.

CapTrust management and GTCR, also a private equity company, did not sell shares to Carlyle. CEO Fielding Miller remains the largest individual shareholder.

The investment firm will use the money to continue its rapid growth. Since 2020, CapTrust has made 29 acquisitions of registered investment advisory firms. It now has $832 billion of assets under management, including $688 million in non-discretionary assets under advisement as of June 30.

For more details, read the full story at Business North Carolina.