Deals Of The Day: The Latest In Wealth Management M&A – Charlesbank Capital, Petra Funds, Modern Wealth

Editorial Staff

26 April 2024

Charlesbank Capital Partners, Petra Funds Group
Charlesbank Capital Partners, the investment bank operating in Boston and New York, has invested into Petra Funds Group, the fund administrator focused on private investment firms.

The Petra founders and management team remain significant shareholders alongside Charlesbank, Petra said in a statement yesterday. The financial terms were not disclosed.

Such a deal highlights how the business of serving private investment firms remains a significant business area.

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. Its leaders – Stephen Coats and Peter Haskopoulos – are co-founders and managing partners, together with managing partners John Collins and Paul Winters. In all, it has a team of more than 110 employees in the US and Europe, spanning five offices.

The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions. 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.

Modern Wealth Management, Martin James Investment & Tax Management
Modern Wealth Management, the US RIA firm, has bought Indianapolis-based Martin James Investment & Tax Management.

The acquired group provides tax, wealth management and planning services, catering to more than 400 families, individuals and business owners.

The financial terms of the transaction were not disclosed.

Martin James was established in 1986 by its namesake, Martin James, CPA, PFS, and is led by him and his son, Kyle James, CPA, PFS.

The firm will adopt the Modern Wealth brand, while still serving clients in the greater Indianapolis area.