Eterna Growth Partners, the newly independent private equity firm previously housed inside Charlesbank Capital Partners’ Technology Opportunities Fund strategy, has completed its spinout and will now operate as a standalone middle-market technology investment platform.
The separation finalizes a year-long, collaborative process in which Charlesbank’s Technology Opportunities team and funds completed their legal separation and rebranded as Eterna, while continuing to manage the existing Technology Opportunities funds without disruption.
Eterna will continue to oversee two private equity funds with $2.3 billion of total committed capital and a portfolio spanning 19 companies. The firm said it will maintain the same investment and operating model developed under Charlesbank, centered on control-oriented investments in mission-critical technology and technology-enabled businesses with clear growth pathways. Eterna targets enterprise values ranging from $50 million to $400 million and emphasizes long-term value creation through close partnerships with management teams and hands-on operational support.
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-person leadership team has invested together for nearly a decade, and the full investment team, including eight dedicated operating professionals, has transitioned to Eterna. The firm framed that continuity as central to maintaining stability for portfolio companies and investors as it moves forward independently.
Eterna’s investment history to date spans application software, cloud computing, cybersecurity, financial technology, healthcare IT, and infrastructure software. The firm highlighted that its second fund remains well-positioned with meaningful dry powder and intends to continue pursuing new investments. Eterna will maintain offices in Boston.
Support: Advisors on the transaction included Sidley Austin LLP for Eterna and Paul, Weiss, Rifkind, Wharton & Garrison LLP for Charlesbank.
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
