Overbay Capital Partners has secured a strategic investment from Charlesbank Capital Partners, bringing fresh capital to the Toronto-based secondaries firm. The deal will enhance Overbay's investor relations capabilities and support investments in technology and data infrastructure, according to a statement. Charlesbank funds will provide backing while Overbay maintains full control over investment activities.

Founded in 2016 by former Setter Capital executive Robert McGrath, Overbay specializes in LP-led secondaries across private equity, growth equity, and venture capital. The firm manages approximately $3 billion in assets and focuses on strategies including technology, sports, and funds of funds. The investment comes as private equity firms increasingly seek exposure to the growing secondaries market through control deals and GP-stake investments.

This transaction follows a trend of rising GP mergers and acquisitions in the secondaries space, with 13 such deals recorded last year according to Campbell Lutyens' 2025 Private Markets GP M&A Snapshot report. Charlesbank principal Jared Pomerance described Overbay as representing an "ideal partnership" in a high-conviction market. The acquisition is expected to close in mid-2025, strengthening Overbay's position as competition for secondaries assets intensifies.