Long Ridge Equity Partners is the latest private equity firm to buy into the independent advisory business. With a $35 million investment it is taking a stake in Carson Group Holdings, which includes Carson Wealth Management Group, a $6.5 billion RIA headed by Ron Carson, one of the industry's highest-profile executives.

The deal, which includes participation from members of Carson's executive leadership team, gives the New York-based PE firm a 29% interest in Carson Group. Ron Carson, who is expected to become a more aggressive acquirer of other RIAs with the new infusion of capital, owns the remaining shares in Carson Group Holding and will continue to run the firm.

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