Charlesbank Capital Partners (Charlesbank), a middle-market private investment firm based in Boston and New York, is to make a majority growth investment in Petra Funds Group (Petra), a fund administrator for private investment firms.
Following the investment, Petra’s founders and management team will remain significant shareholders alongside Charlesbank.
Founded in 2021, Petra offers fund administration and related middle and back-office services to private equity and private debt managers totaling more than $110 billion of assets under administration. The firm provides technology-enabled fund administration, investor servicing, compliance, fund launch advisory, management company, and ESG services to private fund managers.
The firm is led by Co-Founders and Managing Partners Stephen Coats and Peter Haskopoulos, together with Managing Partners John Collins and Paul Winters, along with a team of 110+ employees across five offices in the US and Europe.
Charlesbank’s investment will enable Petra to accelerate its growth strategy, recruit and retain top industry talent, and scale its suite of services across the entire fund services value chain, including fund launch advisory; recurring fund accounting, reconciliation, and reporting; management company and GP services; and adjacent compliance and ESG services.
The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions. Financial terms of the transaction have not been disclosed.
PL Advisors served as financial advisor to Petra on the transaction. Latham & Watkins LLP provided legal counsel to Petra, and Simpson Thacher & Bartlett LLP provided legal counsel to Charlesbank.
