Eterna Growth Partners announced it has completed its spinout from Charlesbank Capital Partners, effective immediately, forming a newly independent and rebranded firm built on the Technology Opportunities Fund strategy previously operated within Charlesbank. Eterna will continue to manage all existing Technology Opportunities Fund vehicles while operating as a standalone private equity platform focused on middle-market technology investments.
The firm said the launch follows a yearlong, collaborative process and builds on a strategy that has raised two dedicated funds and completed 19 investments over the past eight years under the Charlesbank umbrella. Eterna’s approach centers on investing in mission-critical technology and technology-enabled businesses with meaningful growth opportunities, partnering closely with management teams to support long-term value creation.
Eterna will pursue a disciplined, control-oriented investment strategy targeting companies with enterprise values ranging from $50 million to $400 million. The firm’s investment focus spans application software, cloud computing, cybersecurity, financial technology, healthcare IT and infrastructure software.
The new firm is led by Managing Directors Darren Battistoni and Hiren Mankodi, alongside Managing Directors Mayur Desai, Bhuvan Jain, Dhruva Kaul and Michael Zirngibl. The six executives have invested together for nearly a decade, and Eterna said all members of the investment team, including eight dedicated operating professionals, have transitioned to the new platform to ensure continuity for portfolio companies and investors.
Eterna said TOF II remains well-positioned with meaningful dry powder and continues to actively pursue new investments. The firm will maintain offices in Boston. Sidley Austin LLP advised Eterna, while Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Charlesbank on the transaction.
Charlesbank Capital Partners, founded in 1998, said it had approximately $24 billion of assets under management as of September 30, 2025, and will continue investing across its technology and technology infrastructure vertical while maintaining its relationship with the Eterna team.
KEY QUOTES:
“Spinning out as an independent firm is a natural next step in the evolution of our platform. Our team has built a differentiated technology investment strategy grounded in deep sector expertise, thematic sourcing and operational partnership.”
Darren Battistoni, Managing Director, Eterna Growth Partners
“Operating independently allows us to bring even greater clarity and focus to that mission while remaining a trusted, long-term partner to the companies we support.”
Hiren Mankodi, Managing Director, Eterna Growth Partners
“We are incredibly proud of the work our teams accomplished together in building the Technology Opportunities strategy and its first two funds, which laid a strong foundation for Eterna. This milestone reflects a well-considered step, shaped through our close collaboration over the past year. We look forward to maintaining our relationship as the Eterna team enters its next chapter, while Charlesbank continues to invest with conviction across our Technology and Technology Infrastructure vertical.”
Michael Choe, Chief Executive Officer, Charlesbank Capital Partners
