Charlesbank Capital Partners completed the acquisition of a majority stake in Petra Funds Group.

Charlesbank Capital Partners, a private equity firm, completed the acquisition of a majority stake in Petra Funds Group, a fund administrator. Financial terms were not disclosed. “We founded Petra to address a gap in the fund administration market for a high-touch, high-quality and deeply experienced provider of middle and back-office solutions to private investment managers. As the demands on asset managers continue to grow, along with our business, we are continuously expanding Petra’s platform and the white-glove services we offer current and prospective clients. We saw Charlesbank as a perfect partner, bringing extensive resources, connectivity, and experience scaling similar businesses," Stephen Coats, Petra Funds Founder and Managing Partner.