Houston-based Avalon Advisors has picked up a fresh investment from the Carlyle Group in order to expand its service platform and, ideally, its client base as well.
The size of Carlyle's investment in Avalon is not being disclosed, but given the fund's size and other holdings in the financial services industry could be as high as the $100 million range.
Avalon's current strategic investor Platform Partners is treating the deal as an opportunity to inject more money into the company as well.
While Avalon is a massive player in the RIA industry with its $4 billion in AUM, its investment platform seems relatively simple: blue-chip stocks and a few iShares ETFs.
Given the firm's "focused expansion plans," we will have to watch whether it uses its new cash to absorb a rival in the Southwest or elsewhere in the nation.