INDEPENDENT VERDICT
Curi Capital Private Markets Fund, LP is a relatively small new private-markets vehicle sitting inside a much larger adviser platform that has changed corporate identity twice in less than three years and is now approaching another ownership transition. The August 17, 2026 Form D/A reports $9.4 million sold to 28 investors, a $250,000 minimum investment and a June 1, 2026 first sale. Curi Capital, LLC is identified in the SEC filing as both general partner and investment adviser. At the manager level, however, the latest July 2026 Form ADV reports approximately $11.6 billion in regulatory AUM, while Curi Capital's own June 30 figures report $14.66 billion in assets under advisement. The difference is explicitly acknowledged by the firm because AUA includes categories such as retirement-plan services and other advised assets that do not map directly to Form ADV RAUM. The more distinctive issue is corporate lineage: RMB Capital merged with Curi Wealth Management in January 2024 to form Curi RMB Capital, the adviser changed its name to Curi Capital on July 1, 2025, and in August 2026 the firm announced that The Vistria Group is expected to become the majority owner in late September. For a new private fund launched in 2026, that pending change of control is more important than simply repeating the $9.4 million Form D number.
A NEW FUND BUILT ON AN OLD RMB PRIVATE-MARKETS PLATFORM
Curi Capital Private Markets Fund, LP, CIK 0002076747, was organized in Delaware in 2025 and began selling interests on June 1, 2026. Its August amendment reports an indefinite offering under Rule 506(b) and Section 3(c)(1), with $9.4 million sold to 28 investors, no commissions or finder fees and a $250,000 minimum. The legal chain is unusually direct: Curi Capital, LLC is named as both the issuer's general partner and investment adviser, Curi Capital Holdings LLC is identified as manager of the GP, and Christopher Graff and Maher Harb appear through the GP executive structure. But the private-markets business did not start with this new LP. Curi's current Form ADV also links the adviser to several older RMB-branded vehicles, including Series 1 of RMB Fixed Income Opportunities QP LLC, RMB Private Investment Opportunities Series, RMB Real Estate Opportunities and Outstanding Businesses Limited Partnership. That legacy matters because the private-markets platform was largely inherited and expanded through the RMB transaction rather than created from zero in 2026.
The adviser's current reported fund relationships illustrate the scale difference. Series 1 of RMB Fixed Income Opportunities QP LLC has reported roughly $152 million raised, Outstanding Businesses Limited Partnership approximately $586 million, RMB Private Investment Opportunities LLC - Series 4 approximately $31.3 million, while the new Curi Capital Private Markets Fund stood at only $9.4 million in August. These are separate legal vehicles and should not be combined as one fund balance, but they show that Curi already had substantial private-fund infrastructure when it launched the new Curi-branded LP.
THE REAL CORPORATE STORY: RMB → CURI RMB → CURI CAPITAL → VISTRIA MAJORITY OWNERSHIP
Curi Capital's legal history is central to understanding the fund. On January 1, 2024, RMB Capital Management merged with Curi Wealth Management and became Curi RMB Capital. The transaction combined RMB's more than $9.6 billion platform with Curi's approximately $1.6 billion advisory business, creating an adviser with more than $11.3 billion in assets under advisement at closing. On July 1, 2025, Curi RMB Capital changed its legal name to Curi Capital, LLC while keeping CRD 134249. That explains why current SEC, mutual-fund and private-fund documents can still contain substantial RMB naming even though the adviser now markets itself as Curi Capital.
The next transition is happening now. On August 24–25, 2026, Curi Capital announced that The Vistria Group would make a strategic investment and become the majority owner, alongside employee owners and existing shareholders including Curi and Wealth Partners Capital Group, with closing expected in late September. SEC mutual-fund documents filed the same day describe the transaction as a change of control of the adviser. Under the Investment Company Act, that ownership change causes existing advisory agreements for the RMB Investors Trust funds to terminate automatically and requires replacement agreements to be approved. The filing says no material day-to-day management change is expected, but the legal effect is real. Because Curi Capital Private Markets Fund was launched only months before the anticipated Vistria closing, investors should review whether its GP, advisory agreement, governance or consent provisions are affected by the change in control.
$11.6B RAUM VERSUS $14.66B AUA: THE DIFFERENCE IS DISCLOSED, NOT AN ERROR
Curi Capital's July 7, 2026 Form ADV reports approximately $11.6 billion in regulatory assets under management across roughly 16,939 accounts and 2,960 clients. The firm's own June 30, 2026 public materials report $14.66 billion of assets under advisement, more than 3,000 clients, 178 employees and 11 offices. The roughly $3 billion gap could look inconsistent if the definitions are ignored, but Curi explicitly says AUA and RAUM are calculated differently. AUA includes net assets associated with private funds, retirement-plan services and mutual funds managed by Curi, while regulatory AUM follows Form ADV methodology and excludes certain assets while measuring others on a gross basis.
This distinction is particularly relevant for the new private-markets fund because its $9.4 million Form D amount is only issuer-level securities sold. It is not the manager's private-markets AUM, not Curi's $11.6 billion RAUM and not its $14.66 billion AUA. Three different figures are measuring three different layers. Curi's adviser data also shows a business much broader than private funds: approximately $7.9 billion is associated with high-net-worth individuals, while insurance-company, investment-company, institutional and pooled-vehicle assets make up other material categories.
PRIVATE MARKETS AT CURI ARE A MULTI-MANAGER AND AFFILIATED-PRODUCT BUSINESS
Curi's own 2026 private-markets commentary emphasizes access to private equity, private credit, real estate and other alternatives as part of broader portfolio construction. Its Form ADV brochure is more important because it describes the economics and conflicts directly. Clients can invest in private funds managed by Curi itself as well as unaffiliated private funds. For affiliated private funds, Curi states that management fees generally range from approximately 0.5% to 1.5% of NAV, with performance-based fees possible depending on the offering. Those private-fund fees can be additional to normal advisory fees unless otherwise negotiated.
The brochure also explicitly identifies a conflict when Curi recommends products it manages or products linked to managers in which Curi has a financial interest, because the firm can receive additional compensation. That is a particularly relevant issue for Curi Capital Private Markets Fund: the same firm can act as adviser to the client, investment adviser to the fund and general partner of the fund. The SEC filing itself confirms that dual role. Investors therefore need to understand whether the new fund primarily allocates to unaffiliated managers, affiliated RMB/Curi products, direct investments or a combination, and whether any fee offsets apply when a Curi advisory client invests in the vehicle.
WEBSITE / ENTITY PENETRATION AND THE CURI-RMB LEGACY
The legal and website relationship is strong. Curi Capital's official site uses the Curi Capital name and publicly discusses the same One North Wacker Drive, Suite 3500 Chicago investment-management operation that appears in the private fund's SEC filing. The adviser is CRD 134249 and SEC File No. 801-63939. The older RMB fund documents independently show the sequence from RMB Capital Management to Curi RMB Capital and finally to Curi Capital. This makes the continuing RMB names in vehicles such as RMB Fixed Income Opportunities and RMB Private Investment Opportunities explainable as legacy product names rather than unrelated firms.
The ownership chain also deserves separate attention. Before the Vistria transaction, SEC materials state that Curi Capital is majority-owned through Curi Capital Holdings LLC, ultimately under Curi Holdings, Inc. The August 2026 SEC supplement says Vistria is expected to become majority owner after the transaction, while Curi, employees and other existing shareholders remain invested. The deal had not yet closed as of the reviewed materials, so FilingDossier treats Vistria ownership as pending rather than completed.
FINAL ASSESSMENT
Curi Capital Private Markets Fund is a new $9.4 million vehicle, but it sits inside a platform with far more history and complexity than the fund's 2026 launch date suggests. The manager inherited a large RMB investment franchise through the 2024 merger, rebranded from Curi RMB Capital to Curi Capital in 2025, now reports $11.6 billion of Form ADV RAUM and $14.66 billion of firm-defined AUA, and is preparing for a majority ownership investment by Vistria. At the same time, Curi continues to manage legacy RMB private funds and mutual funds while launching new Curi-branded vehicles. That combination makes ownership continuity, fee layering and allocation conflicts more important than basic entity verification.
For investors in the new Private Markets Fund, the most useful questions are specific: what underlying managers or direct assets the fund has already committed to, whether it invests in affiliated RMB or Curi vehicles, whether advisory fees are offset, and whether the pending Vistria change of control affects GP governance or fund documents. SEC records confirm the offering, adviser identity and corporate history; they do not disclose the complete underlying portfolio or determine the quality of the private investments.
SEC SNAPSHOT
Brand: Curi Capital
Reviewed Fund: Curi Capital Private Markets Fund, LP
CIK: 0002076747
SEC File No.: 021-554904
Form D/A Filing Date: August 17, 2026
Jurisdiction: Delaware
Year Organized: 2025
Entity Type: Limited Partnership
Principal Business Address: One N. Wacker Drive, Suite 3500, Chicago, Illinois 60606
Phone: 312-993-5800
Industry: Pooled Investment Fund
Fund Classification: Other Investment Fund
Federal Exemption: Rule 506(b)
Investment Company Act Exclusion: Section 3(c)(1)
First Sale Date: June 1, 2026
Offering Amount: Indefinite
Amount Sold: $9,400,000
Investors: 28
Minimum Investment: $250,000
Sales Commissions: $0
Finders' Fees: $0
Use of Proceeds to Related Persons: $0 reported
General Partner: Curi Capital, LLC
Investment Adviser: Curi Capital, LLC
Form D Signer: Maher Harb
Signer Title: CFO
GP / OWNERSHIP CHAIN
Curi Capital, LLC Role: General Partner and Investment Adviser
Curi Capital Holdings, LLC Role: Manager of Issuer's General Partner
Christopher Graff Role: COO of Issuer's General Partner
Maher Harb Role: CFO of Issuer's General Partner
Current Adviser: Curi Capital, LLC
CRD: 134249
SEC Adviser File No.: 801-63939
July 2026 Regulatory AUM: Approximately $11.6 billion
Client Accounts: Approximately 16,939
Clients: Approximately 2,960
AUA VERSUS RAUM
Curi Capital Firm-Reported AUA: $14.66 billion
As Of: June 30, 2026
Form ADV RAUM: Approximately $11.6 billion
As Of: July 7, 2026 filing
Firm-Reported Clients: 3,000+
Employees: 178
Offices: 11
Important Interpretation: Curi explicitly states that AUA differs from Form ADV regulatory AUM because the two measures include and calculate different categories of advised assets.
CORPORATE EVOLUTION
Before January 2024: RMB Capital Management, LLC and Curi Wealth Management, LLC operated separately.
January 1, 2024: RMB Capital Management merged with Curi Wealth Management.
New Name: Curi RMB Capital, LLC
Combined AUA Reported at Closing: More than $11.3 billion
July 1, 2025: Curi RMB Capital, LLC changed its name to Curi Capital, LLC.
August 24-25, 2026: Curi announced strategic investment by The Vistria Group.
Expected Closing: Late September 2026
Expected Ownership Result: Vistria to become majority owner alongside employee owners and existing shareholders including Curi and Wealth Partners Capital Group.
Transaction Status in Reviewed Materials: Pending / not yet confirmed closed
VISTRIA CHANGE-OF-CONTROL CONSEQUENCE
SEC Mutual Fund Disclosure: The Vistria transaction will constitute a change of control of Curi Capital.
1940 Act Consequence: Existing advisory agreements for RMB Investors Trust funds automatically terminate upon the assignment created by the change of control.
Expected Operating Effect According to Filing: No material change in day-to-day fund management expected.
Research Significance: The transaction has real legal consequences for advisory contracts even though Curi expects operational continuity.
RMB LEGACY PRIVATE FUND PLATFORM
Series 1 of RMB Fixed Income Opportunities QP LLC Latest Reported Raised Amount: Approximately $152 million
Outstanding Businesses Limited Partnership Latest Reported Raised Amount: Approximately $586 million
RMB Private Investment Opportunities LLC - Series 4 Latest Reported Raised Amount: Approximately $31.3 million
RMB Real Estate Opportunities QP LLC - Series 4 Latest Reported Raised Amount: Approximately $13.8 million
RMB Private Equity Opportunities QP LLC - Series 5 Latest Reported Form D: 2025
Research Significance: Curi Capital Private Markets Fund is not the adviser's first private-market vehicle. Curi inherited and continues to operate a substantial RMB-branded private-fund infrastructure.
PRIVATE FUND FEE DISCLOSURE
Curi-Managed Private Funds: Generally charge separate private fund fees.
Publicly Disclosed Typical Management Fee Range: Approximately 0.5% to 1.5% of NAV
Performance-Based Fee: May apply depending on offering documents
Advisory Fee Interaction: Private fund fees may be additional to Curi advisory fees unless otherwise negotiated.
Conflict Identified by Curi: Curi may receive additional compensation when clients invest in Curi-managed products or products connected to managers in which Curi has a financial interest.
Research Significance: Fee layering and affiliated-product allocation are directly disclosed conflicts, not hypothetical generic risks.
WEBSITE / ENTITY PENETRATION
Official Domain: curicapital.com
Current Legal Adviser Name: Curi Capital, LLC
CRD: 134249
SEC Adviser File No.: 801-63939
Chicago Office Match: Confirmed
Private Fund GP Match: Confirmed
Private Fund Adviser Match: Confirmed
RMB Historical Relationship: Confirmed
2024 RMB Merger: Confirmed
2025 Name Change: Confirmed through SEC fund documents
Vistria Pending Investment: Confirmed by Curi and SEC registered-fund disclosures
Vistria Transaction Closed: Not confirmed as of the reviewed evidence
FIVE FACTS UNIQUE TO THIS CASE
- Curi Capital Private Markets Fund reported $9.4 million sold to 28 investors only months after its June 1, 2026 first sale.
- The same Curi Capital legal entity acts as both general partner and investment adviser to the fund.
- Curi's investment platform came through the 2024 merger of RMB Capital and Curi Wealth Management and retained numerous RMB-branded private funds.
- Curi reports $14.66 billion of AUA while its latest Form ADV reports approximately $11.6 billion of RAUM, and the firm explicitly explains why those measurements differ.
- Vistria is expected to become Curi Capital's majority owner in late September 2026, creating a formal adviser change of control only months after the new private-markets fund launched.
CORE INVESTOR QUESTIONS
- What underlying private funds or direct investments has Curi Capital Private Markets Fund already committed to
- Does the fund invest in other Curi-managed or RMB-branded private vehicles
- If it invests in affiliated funds, are underlying management fees offset
- Are Curi advisory clients charged both a wealth-management advisory fee and fund-level management fees
- What percentage of the fund is expected to be private equity, private credit, real estate or other alternatives
- Does the fund make secondary or co-investment transactions
- How much of the $9.4 million sold has already been deployed
- What is the current unfunded commitment amount
- How is liquidity managed against future capital calls
- Does the pending Vistria transaction require investor consent or amendments to fund documents
- Will the GP remain Curi Capital LLC after Vistria becomes majority owner
- Will Vistria-affiliated funds become eligible underlying investments
- How are conflicts handled if both Curi and Vistria have interests in an underlying transaction
- Which auditor, administrator, custodian and legal counsel serve the fund
- What performance fee or carried-interest structure applies
ENTITY-SPECIFIC RISKS
The fund launched shortly before a major adviser ownership transition. The same entity acts as both adviser and GP, concentrating governance roles. Affiliated private-fund investments can create multiple layers of fees. Curi explicitly acknowledges conflicts when recommending products from which it receives additional compensation. Legacy RMB products and new Curi products can create allocation questions across private-market opportunities. The $9.4 million Form D amount is not the adviser's private-market AUM or total platform size. AUA and RAUM differ by roughly $3 billion because they measure different categories and should not be substituted for one another. The Vistria transaction had not yet closed in the reviewed evidence and should not be described as completed. A change of control can trigger legal consequences for advisory contracts even if portfolio-management personnel remain unchanged. Private-market underlying assets may have limited liquidity and delayed valuation compared with public securities.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Form D/A filed August 17, 2026 for Curi Capital Private Markets Fund, LP. Curi Capital July 7, 2026 Form ADV data, CRD 134249 / SEC File No. 801-63939. Curi Capital Form ADV Part 2 brochure and private-fund fee disclosures. Curi Capital official June 30, 2026 AUA and firm statistics. Curi Capital January 2024 announcement completing the RMB Capital merger. SEC registered-fund disclosures documenting the 2024 merger and July 1, 2025 adviser name change. Curi Capital August 2026 announcement of The Vistria Group strategic investment. SEC August 2026 RMB Investors Trust supplement describing the anticipated change of control and advisory-agreement consequences. Current Form ADV-linked private fund records for legacy RMB and Curi-managed private vehicles.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and is not SEC approval, endorsement or verification of Curi Capital Private Markets Fund, Curi Capital or The Vistria Group. The fund-level $9.4 million amount sold, Curi Capital's approximately $11.6 billion regulatory AUM and its $14.66 billion assets under advisement are distinct measurements. The Vistria investment was announced and expected to close in late September 2026 but was not confirmed as completed in the reviewed evidence. FilingDossier separates confirmed current facts from pending corporate changes and legacy RMB relationships.