Investcorp has made its first push into US wealth management, acquiring Berger Financial Group after a multiyear search for the right target, the firm told PitchBook.

The deal makes Investcorp the latest PE firm to chase the wealth management boom, joining a wave of similar tie-ups this year.

The $62 billion alternatives manager didn’t disclose the size or valuation of the deal.

Wealth management firms of Berger’s size can expect to trade in the region of 11 to 16 times adjusted EBITDA, according to PitchBook data.

Berger manages $3 billion and serves 3,800 clients across offices in Minnesota, Arizona, Vermont, Maine and Illinois, mainly in the mass affluent segment. Berger’s management team and financial advisers will maintain a significant stake in the business.

Vitali Bourchtein, a managing director on Investcorp’s North American Private Equity team, said the plan is to build Berger into “another sizable player” by rolling up smaller RIAs. The market’s size and fragmentation, plus favorable demographics, make wealth management attractive, he said, despite fierce competition from other PE firms and strategic buyers.

RIAs control around $9.8 trillion, up from $6.6 trillion in 2019, equivalent to an annual growth rate of 12%, according to research from Cerulli Associates.

PE firms have taken heed: $30.3 billion has gone into wealth management deals this year, versus a record of nearly $36 billion in 2025, according to PitchBook data. Bain Capital and The Carlyle Group are currently battling to acquire Wealth Enhancement Group in a deal valued at around $7 billion.

Saudi Arabia anchors the Middle East’s private capital markets, driving roughly three-quarters of the region’s venture megadeal value in 2025. Private equity carried the momentum through a subdued first half of 2026, with PE deal value already exceeding its full-year 2025 total as the market broadens from single-project deals into diversified funds.

Venture paused on regional caution and long deal timelines, not lost momentum, and its setup is loaded. D360’s announced round could reshape the full-year picture, close to 2.5 billion dollars sits in open funds, and Tabby is pointed at the Saudi Exchange.

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Semiconductor stocks continued to slide on Tuesday amid concerns of overheated AI spending and intensifying US-China chip competition, which could affect the robust pipeline of venture-backed chip startups already lined up to go public.

The market’s volatility could push those startups to delay their IPOs. Following SpaceX’s historic offering and with OpenAI and Anthropic already waiting in the wings, many late-stage startups were already considering taking advantage of the current IPO season.

“The sell-off repriced the exit pipeline, so every chip startup that marked itself against Q2’s peak now faces a bid-ask gap with public buyers, which historically resolves as deferral rather than cancellation,” said PitchBook senior analyst Harrison Rolfes.