GTCR, a private equity firm, acquired Foundation Source, a Fairfield, CT-based provider of philanthropy manangement solutions.
The amount of the deal was not disclosed. GTCR’s co-investors in Foundation Source include notable colleges and universities, endowments, foundations and family offices that have been long-term investors in GTCR funds. The network of co-investors is expected to provide the company with resources and insights to increase the company’s connectivity to the broader non-profit and charitable giving community. Further, as part of the transaction, GTCR has committed capital to fund acquisitions, technology enhancements and organic growth opportunities that will expand Foundation Source’s product offerings and delivery, and enhance support for strategic channel partners, including private banks, trust companies, wealth managers and RIAs.
Founded in 2000, Foundation Source is the market leader for private foundation administrative solutions. The Company provides technology-enabled administrative, compliance, tax and advisory solutions to private philanthropists, corporations and their foundations, supporting more than 2,000 foundations representing in excess of $20 billion in charitable assets. In 2022, Foundation Source administered charitable grants totaling more than $1.3 billion on behalf of its clients.
GTCR is partnering with wealth technology veteran Joseph Mrak III, who has joined Foundation Source as Chief Executive Officer. Mr. Mrak will work with existing management to invest in enhanced technology and product capabilities, and further support the philanthropic priorities of its clients. He will also deepen partnerships and coordination with other parties in the wealth management and philanthropic ecosystem. Mr. Mrak has a long track record of business-building and value creation in the wealth technology industry. He was formerly Global Head of Wealth Solutions at Refinitiv, a leader in financial markets data and infrastructure. Previously, Mr. Mrak was Executive Chairman of Solovis, an institutional investment management platform servicing family offices, endowments, registered investment advisors (RIAs) and insurance firms, and served as CEO and Chairman of FolioDynamix, an integrated wealth management platform. He succeeds existing Foundation Source President and CEO Sunil Garga, who will serve in an advisory capacity to Mr. Mrak and the Board of Directors during the transition.
FinSMEs
14/09/2023