The Brief:
Bain Capital acquires Perpetual's wealth management business for up to $550m, ending a 2.5 year corporate saga.
KWM advises Perpetual and Allens advises Bain Capital.
It took three suitors and two-and-a-half years. But Perpetual has finally found a home for its wealth management arm.
The deal
Bain Capital has agreed to acquire Perpetual's wealth businesses for up to $550m.
The deal covers Perpetual's financial advice, wealth management and traditional trustee businesses, which held A$21.9bn in funds under advice as at December 2025.
Bain will pay $500m upfront in cash, with a potential earn-out of up to $50m tied to post-completion performance of the accounting and wealth operations.
Brand was a sticking point. Bain wanted access to the 140-year-old Perpetual name — and got it, with Perpetual agreeing to licence the “Perpetual Wealth” and “Perpetual Private” brands to the new entity for 15 years. Perpetual retains the broader “Perpetual” brand.
Former Perpetual CEO Geoff Lloyd (who led the firm from 2012 to 2018) will return as executive chair of the business under Bain’s ownership.
Completion is expected by the end of 2026, subject to FIRB and ACCC approvals.
The context
The sale ends a saga stretching back to late 2023.
Perpetual launched a strategic review under shareholder pressure following a string of underperforming acquisitions, including its $2.5bn merger with Pendal.
The first attempt looked promising.
In May 2024, Perpetual locked in a $2.18bn deal with KKR to sell both the corporate trust and wealth units. Herbert Smith Freehills advised Perpetual. Gilbert + Tobin repped KKR.
But it was short-lived.
In early 2025, an ATO ruling handed Perpetual a tax bill of around $500m — roughly five times the initial estimate. The deal collapsed.
It was time to change strategy.
Perpetual pivoted to a standalone sale of its wealth unit. Oaktree emerged as frontrunner, fronting up with a $570m bid and locking in exclusivity. Those talks also stalled.
Enter Bain. The US private equity giant had previously circled Insignia Financial — Perpetual's listed rival — but walked away in May 2025 as tariff-driven market volatility rocked global debt and equity markets. This time, it got across the line.
Third time's the charm.
Who’s acting
KWM advised Perpetual, led by partner Peter Stirling, with support from partners Meredith Paynter, Bryony Evans, Greg Protektor, Stephen Jaggers and Patrick Gunning.
Allens advised Bain Capital, co-led by partners Noah Obradovic (M&A), David Couper (financing) and Jessica Mottau (IT/separation), with a cross-practice team spanning financial services regulation, tax, employment, intellectual property, real estate and competition.
What they said
Perpetual CEO Bernard Reilly called it the “right outcome” for shareholders, clients and people.
Allens co-lead partner Noah Obradovic said:
“This transaction reflects Bain Capital's strong track record of investing in and growing businesses in Australia. We are proud to support Bain Capital as it continues to invest in and build high-quality businesses in the Australian market”.
KWM’s Peter Stirling said:
“The deal reflects a clear strategic focus for the business, and we are pleased to have worked closely with the Perpetual team to help deliver an outcome aligned with their long-term transformation agenda.”