Bain Capital to Acquire Perpetual Wealth Management

SYDNEY -- March 16, 2026 -- Bain Capital, a leading global private investing firm, today announced its acquisition of Perpetual Wealth Management, a leading Australian-based wealth management business currently owned by Perpetual Group. Details of the sale agreement have been announced to the Australian Securities Exchange.The investment is made by the firm's Private Equity team in Australia.

Perpetual Wealth Management has AU$21.9 billion in Funds under Advice as at 31 December 2025 and has been operating for more than 135 years. Perpetual Group's wealth management business services high-net worth clients, not for profits, and private businesses through brands such as Perpetual Private, Fordham, Jacaranda Financial Planning, and Priority Life.

Geoff Lloyd, the former Perpetual Group CEO from 2012 to 2018, will become the Executive Chair of the business under Bain Capital's ownership.

Australian-based Partners Mike Murphy and Charles Lawson have led the Bain Capital investment.

Mike Murphy, a Partner at Bain Capital said: "Perpetual Wealth Management is one of the best known wealth platforms in Australia. It has industry-recognised advisers and a highly respected brand. The business is underpinned by strong and defensive Funds Under Management; the depth of client relationships and the non-discretionary nature of trust funds set the business apart from competitors.

"The business has significant growth potential through targeted investment, including in systems and technology upgrades. Bain Capital will support management to deliver that growth."

Charles Lawson, a Partner at Bain Capital said: "The Australian wealth sector is growing strongly, underpinned by macro trends including an aging population, wage growth, and the need to manage intergenerational transfers of A$5Tn+ over coming decades. Against this backdrop, financial advice in Australia remains highly fragmented and we believe there will be opportunities to help drive consolidation through the Perpetual Wealth Management business."

Geoff Lloyd said: "Under Bain Capital's ownership Perpetual Wealth Management will have the freedom to modernise, to innovate, and to grow, without losing sight of the values and heritage that define it. It is an exciting opportunity to create even more value for our clients and our people."

The current intention is to complete the sale transaction towards the end of the 2026 calendar year subject to obtaining FIRB and ACCC approvals.

ENDS

About Bain Capital

Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Perpetual Group

Perpetual Limited (Perpetual Group) is an ASX listed (ASX:PPT) global financial services firm operating a multi boutique asset management business, and wealth management and trustee services businesses. Perpetual Group owns leading asset management boutiques including Perpetual, Pendal, Barrow Hanley, J O Hambro, Trillium and TSW, as well as the Regnan brand. Perpetual Group's wealth management business services high-net worth clients, not for profits, and private businesses through brands such as Perpetual Private, Fordham and Jacaranda Financial Planning. Perpetual Group's corporate trust business provides services to managed funds, the debt market and includes a growing digital and markets business. Headquartered in Sydney, Perpetual services its global client base from offices across Australia as well as internationally from Asia, Europe, the United Kingdom and United States.