TORONTO–(BUSINESS WIRE)–Overbay Capital Partners (“Overbay” or “the Firm”), a premier alternative asset manager focused on the secondaries market, announced today that it has entered into a definitive agreement for a strategic growth investment from funds managed by Charlesbank Capital Partners (“Charlesbank”). The Overbay team will remain significant long-term shareholders alongside Charlesbank and retain control and independence of all investment activities. The partnership is designed to support Overbay’s continued growth by adding investment and investor relations talent to its already accomplished team, building on its strong focus on attractive investment performance, and investing in its technology and data infrastructure, all leveraging Charlesbank’s deep experience investing in fast-growing financial services businesses.
“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, which we have achieved over our first decade through proactive sourcing and measured underwriting in high-quality segments of the secondaries market. We both believe that private equity managers, and secondary funds in particular, must deliver greater value for investors. As a firm and as an industry, we are at a pivotal moment: as more investors enter the asset class, we see an incredible opportunity for secondary funds offering attractive risk-adjusted returns through more investor-friendly structures. Charlesbank’s investment will allow us to deepen our investment team and invest in our technology platform as we scale the organization with a continued focus on delivering attractive returns for our funds’ investors.”
Founded in 2016 and headquartered in Toronto, Canada, Overbay is a secondaries private equity firm with approximately US$3 billion in assets under management. The Firm currently specializes in highly diversified LP-led secondaries within private equity, growth equity, and venture capital. The Firm has developed deep experience in several differentiated niches including technology, sports, and funds-of-funds. Overbay’s funds are backed by a broad, blue-chip investor base that spans both sophisticated institutional and private investors.
“The senior leadership team of Overbay shares our vision for how the compelling market dynamics in private equity secondaries are likely to reshape the industry in the next 10 years,” said Michael Choe, Managing Partner and CEO of Charlesbank. “As institutional and private investors increasingly seek liquidity solutions for their alternative asset portfolios, the firms that can deliver consistency and sophistication at scale will define the next chapter of private markets. Overbay has built a platform to meet that demand, and we feel privileged to partner with this talented team on the journey ahead.”
“Overbay represents an ideal partnership for Charlesbank: a differentiated business in a high-conviction market where we have gotten to know the team over an extended period of time,” added Jared Pomerance, a Charlesbank Principal. “As the only secondaries firm founded by intermediaries, Overbay has a competitive advantage in sourcing and structuring transactions that benefit asset sellers while simultaneously focusing on generating attractive returns for its investors. We believe this is a scalable model and we look forward to helping Overbay expand its investment team, operations, and employee ownership base.”
Financial terms of the transaction were not disclosed. The transaction is expected to close in the middle of 2026, subject to customary closing conditions, including regulatory approval. Goodmans provided legal counsel to Overbay. Kirkland & Ellis and Stikeman Elliott provided legal counsel to Charlesbank.
About Overbay Capital Partners
Founded in 2016, Overbay Capital Partners is a Toronto-based private equity secondaries firm with approximately US$3 billion in assets under management. Overbay specializes in acquiring diversified private equity, growth equity, and venture capital portfolios and funds-of-funds. As the only secondary fund founded by intermediaries, Overbay brings a differentiated sourcing edge and a proven track record across multiple fund vintages. Overbay’s investor base includes endowments, foundations, family offices, and other institutional investors. For more information, please visit www.overbaycapital.com.
About Charlesbank Capital Partners
Founded in 1998, Charlesbank Capital Partners is a leading middle-market private investment firm with approximately $20 billion of assets under management as of September 30, 2025. Drawing on nearly three decades of experience and sector insights, the firm takes a thematic approach to investing across its target sectors: business and consumer services, healthcare, industrials and technology. Charlesbank partners with talented management teams to help businesses unlock value and accelerate growth, with a focus on long-term value creation. The firm provides flexible capital through complementary private equity and credit strategies spanning management-led buyouts, opportunistic credit and technology investments. Charlesbank has offices in Boston and New York. For more information, visit charlesbank.com or follow Charlesbank on LinkedIn.
Contacts
For Overbay Capital Partners:
Niki Khatami
General Counsel
[email protected]
For Charlesbank Capital Partners:
Prosek
[email protected]
