Eterna Growth Partners Completes Spinout of the Technology Opportunities Strategy from Charlesbank

• Charlesbank Technology Opportunities team and funds finalize legal separation and rebrand as Eterna Growth Partners.
• Newly independent firm will continue to manage its two private equity funds with $2.3 billion of total committed capital and 19 portfolio companies.

BOSTON--(BUSINESS WIRE)--Eterna Growth Partners (“Eterna”) announced the completion of its spinout from Charlesbank Capital Partners, effective immediately. Formerly operated as Charlesbank’s dedicated Technology Opportunities Fund (“TOF”) strategy, the newly independent and rebranded firm will continue to manage all existing TOF funds while operating as a standalone private equity platform focused on middle-market technology investments. The launch follows a deliberate, collaborative process over the past year, building on the TOF strategy that has raised two dedicated funds and completed 19 investments over the past eight years within Charlesbank.

Eterna brings its established approach of investing in mission-critical technology and technology-enabled businesses with meaningful growth opportunities within its target sectors. The firm partners closely with management teams to support long-term value creation, maintaining a disciplined, control-oriented investment strategy focused on companies with enterprise values ranging from $50 million to $400 million.

The new firm is led by Managing Directors Darren Battistoni and Hiren Mankodi, alongside fellow Managing Directors Mayur Desai, Bhuvan Jain, Dhruva Kaul and Michael Zirngibl. These six executives have been investing together for nearly a decade, forming a cohesive leadership team with a shared investment philosophy. All members of the investment team, including eight dedicated operating professionals, have transitioned to Eterna, ensuring continuity for portfolio companies, investors and long-standing partners.

“Spinning out as an independent firm is a natural next step in the evolution of our platform,” said Darren Battistoni, Managing Director of Eterna. “Our team has built a differentiated technology investment strategy grounded in deep sector expertise, thematic sourcing and operational partnership.”

“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,” said Hiren Mankodi, Managing Director of Eterna.

“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,” said Michael Choe, Chief Executive Officer at Charlesbank. “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.”

To date, Eterna has invested in 19 companies across application software, cloud computing, cybersecurity, financial technology, healthcare IT and infrastructure software. TOF II remains well positioned with meaningful dry powder and continues to actively pursue new investments. Eterna will maintain offices in Boston.

Eterna was advised by Sidley Austin LLP, and Charlesbank was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP, in connection with the transaction.

About Eterna Growth Partners
Eterna Growth Partners (“Eterna”) is a North American private equity firm specializing in middle-market technology investments. Built on the belief that enduring value comes from enduring partnership, Eterna employs a thematic investment approach and deep sector expertise to support management teams in accelerating growth, fostering innovation and building durable businesses. Eterna invests across application software, cloud computing, cybersecurity, financial technology, healthcare IT and infrastructure software. Additional information is available at www.eternagrowth.com and LinkedIn.

About Charlesbank Capital Partners
Founded in 1998, Charlesbank Capital Partners is a leading middle-market private investment firm with approximately $24 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 & technology infrastructure. 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 leveraging Charlesbank’s platform, resources and networks. Charlesbank has offices in Boston and New York. For more information, visit charlesbank.com or follow Charlesbank on LinkedIn.