Toronto-based Overbay Capital Partners, a private equity secondaries firm managing approximately US$3 billion in assets, has secured a strategic minority investment from funds managed by Boston's Charlesbank Capital Partners, a middle-market private investment firm with roughly $20 billion under management. The deal, announced March 13, 2026, reportedly values Overbay at approximately $200 million (US$147 million), according to Bloomberg.

Financial terms were not officially disclosed. Under the agreement, the Overbay leadership team will remain significant long-term shareholders and retain full control and independence over all investment activities. The partnership is designed to accelerate Overbay's growth by adding investment and investor relations talent, enhancing its technology and data infrastructure, and expanding employee ownership.

Founded in 2016, Overbay is notable as the only secondaries firm founded by intermediaries, giving it what Charlesbank Principal Jared Pomerance called "a competitive advantage in sourcing and structuring transactions." The firm specializes in acquiring diversified private equity, growth equity, and venture capital portfolios.

The deal comes amid a broader wave of consolidation in the secondaries market, with fund managers racing to gain access through minority investments, team acquisitions, or outright purchases of secondary managers. The transaction is expected to close by mid-2026, subject to regulatory approval. Goodmans advised Overbay, while Kirkland & Ellis and Stikeman Elliott represented Charlesbank.