Carlyle Takes Stake in Captrust, Values Wealth Manager at More Than $3.7 Billion

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Private-equity firm Carlyle bought a minority stake in Captrust Financial Advisors, valuing the fast-growing wealth management firm at more than $3.7 billion.

Captrust will use the funds primarily for acquisitions. The company for years has pursued an aggressive acquisition strategy that has boosted its assets under management, broadened its service offering, and expanded its geographic reach.