Bain Capital has agreed to acquire the wealth management division of Australian financial services group Perpetual in a transaction worth $350m upfront.

The deal also includes the possibility of an additional upfront payment linked to the business’s performance before completion. In addition, Bain Capital could pay up to A$50m in earn-outs tied to performance after closing.

Perpetual said the sale forms part of its strategy to simplify its structure and focus on its core operations.

The wealth management unit generated A$235.6m in revenue in 2025, compared with A$226.8m a year earlier. Underlying profit before tax declined 5% to A$51.5m.

The transaction is expected to complete toward the end of the 2026 calendar year.

Private equity interest in Australia’s wealth management sector has intensified in recent years. The country’s large retirement savings system has attracted global investors seeking exposure to long-term savings and advisory businesses.

Market observers say listed financial institutions have increasingly reduced exposure to wealth management while private capital has expanded its presence in the sector.

The deal highlights Bain Capital’s continued push into financial services assets across global markets.

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