The RIA Pathstone has received a capital infusion from private equity shop Lovell Minnick Partners, Pathstone says.

LMP’s investment in the RIA will be “significant,” while Fiduciary Network, Pathstone’s current financial partner, is exiting its investment in the RIA, according to a press release from Pathstone.

As part of the deal, Pathstone will stay independent and its leadership team will stay the same, but 16 of its current employees will become shareholders, bringing employee ownership to 48 of the RIA’s 110 employees, the company says.

The companies didn’t disclose the financial terms of the deal.

Private equity firms have been busy swapping investments in RIAs this year. LMK sold its stake in Mercer Advisors in September to private equity outfit Oak Hill Capital, which also acquired Genstar Capital’s stake in Mercer Advisors.

In May, private equity firm Reverence Capital acquired Advisor Group from Lightyear Capital. Lightyear Capital also unloaded its stake in Wealth Enhancement Group to TA Associates in July. And in February, private equity firm Warburg Pincus agreed to take a majority stake in Kestra Financial.