Overbay Capital Partners has entered into a definitive agreement for a strategic growth investment from funds managed by Charlesbank Capital Partners, marking a significant milestone in Overbay’s expansion within the private equity secondaries market. While Charlesbank will provide growth capital and strategic support, the Overbay team will remain major long-term shareholders and retain full control and independence over all investment decisions. The partnership seeks to speed up Overbays growth by growing its investment and investor relations groups, improving technology and data systems, and building on Charlesbanks track record in scaling financial services firms.
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Overbay was started in 2016 and operates from Toronto, Canada. It oversees about $3 billion in assets and works with limited partners to run secondaries in private equity, growth equity, and venture capital. Its knowledge is especially strong in technology, sports, and funds-of-funds (though why that expertise exists remains unclear). Is that focus actually a strategic advantage? Hard to ignore. “We are excited to welcome Charlesbank as partners in Overbay, a milestone that reflects the strength of our team, track record, fundraising momentum, and long-term vision,” said Rob McGrath, Chief Executive Officer of Overbay Capital Partners. “Charlesbank shares our primary focus of delivering attractive long-term results for our investors…” Meanwhile, Michael Choe, Managing Partner and CEO of Charlesbank, noted the strong alignment between the firms as the secondaries market evolves and investors increasingly seek liquidity solutions in private markets. Charlesbank Principal Jared Pomerance added that Overbay’s differentiated sourcing capabilities and scalable investment model make it an ideal partnership for the firm as it looks to support Overbay’s continued growth and operational expansion.
