RIA IPO ‘most likely’ coming inside two years, dealmaker predicts

A registered asset placement advisor will most likely go public inside the subsequent yr or two, in accordance with Corey Kupfer, founder and managing associate of Kupfer., PLLC, a legislation agency serving RIAs. He says the private equity cycle behind wealth management consolidation leaves little selection.

“The backside line is, it has to occur sooner or later, or else we have now an enormous drawback,” Kupfer advised InvestmentNews. “If you have a look at any PE cycle, that’s what they’re going to be pushing for.”

The largest PE-backed RIAs are stocking up on capital. Mercer Advisors, the Denver-based RIA with $111 billion in shopper property, not too long ago refinanced $1.9 billion of private debt with a seven-year term loan B. It was the agency’s first transfer into the broadly syndicated mortgage market. Citywire reported on Oct. 15 that $74 billion Beacon Pointe closed a $1.2 billion debt elevate.

“When you’re enjoying on the Mercer degree and the Beacon Pointe degree, the underside line is that they’re racing to get as many offers as they will, hopefully with some deal self-discipline, however to get to the purpose the place they will go up the ladder after which finally IPO. I imply, that’s the final word purpose for many of those corporations,” Kupfer mentioned.

“I might not count on a flood of IPOs anytime quickly, however will someone IPO within the subsequent yr or two? Probably, but it surely’s exhausting to say. Part of it is going to rely on how market circumstances keep,” Kupfer mentioned.

RIA IPOs face headwinds

Precedent is skinny. Edelman Financial went public in 2005 and personal once more in 2012. Focus Financial Partners returned to private ownership in 2023, 5 years after its IPO. Among the few listed wealth managers, New York-based AlTi Global trades on Nasdaq and reported $96 billion in assets in August 2026.

The first headwind, Kupfer mentioned, is a slower IPO market. Data compiled by University of Florida finance professor Jay Ritter reveals 94 U.S. IPOs in 2025, in contrast with a median of about 420 a yr within the Nineties.

“If you have a look at the tempo of IPOs throughout the board throughout industries lately in comparison with what they have been prior to now, it’s considerably down. So, the IPO market will not be as sturdy because it was,” he mentioned.

Scale is the second hurdle, with even the biggest RIA sizes being dwarfed by the worth of expertise or manufacturing companies aiming to go public. In October 2025, Creative Planning CEO Peter Mallouk mentioned some of the biggest RIAs will eventually run out of room to remain non-public.

Working within the business’s favor towards an IPO, Kupfer mentioned, are recurring proceeds figures and a shift towards built-in, single-brand platforms inside RIA networks, such because the launch of Hightower Signature Wealth final fall and the rebranded Focus Partners Wealth.

“Firms like Focus Financial after going non-public, and Hightower, are beginning to construct way more built-in, single model rinse and repeat fashions, which is what the IPO market needs,” mentioned Kupfer. “You have an outstanding trade mannequin with recurring proceeds, which the general public bourses love.”

PE giants ‘betting’ on public exit

In July 2026, the Financial Times reported that Carlyle and Bain Capital were the final bidders for Wealth Enhancement Group. The Minnesota-based RIA oversees almost $160 billion in shopper property, and the deal was mentioned at a valuation of roughly $7 billion together with debt.

Kupfer mentioned he has no particular perception into the deal however sees it as proof that patrons count on an eventual itemizing.

“Folks like Bain, these form of people wouldn’t be wanting to buy a WEG in the event that they didn’t suppose that there could be a public marketplace for that entity sooner or later. Doesn’t imply they suppose it’s going to occur in six months or a yr—they obtained loads of capital, and it’s worthwhile trade,” he mentioned. “But it’s only a clear indicator that the massive cash remains to be betting that this business there will probably be an IPO market that develops.”