Boston is not only one of the most culturally significant cities in the country, but it plays a major role in shaping this country’s finance scene. Its proximity to some of the strongest universities in the world makes it a hub for research, capital access, and tech enterprise. Boston is also home to some of the biggest private equity firms in terms of influence and impact as it hosts the likes of Bain Capital, TA Associates, and Thomas H. Lee Partners.
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In this article, we’re spotlighting the top private equity firms in the Boston metro area that are leading the charge in deal-making and market transformation. By the end, you’ll gain a deeper understanding of these firms, their investment strategies, and their impact on the private equity space.
1. Charlesbank Capital Partners
Overview: Charlesbank Capital Partners is a middle-market private investment firm with offices in Boston and New York. Founded in 1998 after its spin-out from Harvard University, the firm manages approximately $23 billion in assets as of December 31, 2024. Charlesbank is known for its disciplined investment philosophy, tenured team, and collaborative culture rooted in integrity, excellence, and respect. The firm partners with experienced management teams to build sustainably better businesses, leveraging its deep experience and data-driven approach to deliver long-term value.
Focus: Charlesbank invests across a range of private equity and credit strategies, with a primary focus on management-led buyouts and growth capital financings in middle-market companies. Its Flagship Private Equity strategy targets U.S.-based companies with enterprise values typically between $200 million and $1.5 billion across sectors such as business and consumer services, healthcare, industrials, and technology. The Technology Opportunities strategy concentrates on lower middle-market technology companies, generally with enterprise values between $50 million and $300 million. Additionally, the firm pursues opportunistic credit investments, applying rigorous analysis and thoughtful structuring to identify attractive opportunities with strong risk-adjusted returns. Charlesbank emphasizes collaboration with management teams to accelerate growth, create operational efficiencies, and drive equity value creation.
2. HarbourVest Partners
Overview: HarbourVest Partners is an independent, global private markets investment firm with over 42 years of experience and more than $138 billion in assets under management as of September 30, 2024. Founded in 1982, the firm offers clients access to a diversified platform that includes primary fund investments, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. HarbourVest operates from 14 offices worldwide, providing a comprehensive global reach to its investors.
Focus: HarbourVest specializes in private markets investments, targeting a broad spectrum of strategies such as buyouts, venture capital, growth equity, mezzanine and distressed debt, infrastructure, and real assets. The firm partners with fund managers across various stages and sectors, including emerging and diverse managers, to build comprehensive private markets portfolios. HarbourVest emphasizes creating tailored investment solutions that align with clients' objectives, leveraging its extensive experience and global network to deliver long-term value.
3. Advent International Corporation
Overview: Founded in 1984 and headquartered in Boston, Massachusetts, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 420 private equity transactions across 42 countries and, as of December 31, 2023, manages approximately $94 billion in assets. With a presence spanning North America, Europe, Latin America, and Asia, Advent operates from 15 offices in 12 countries, employing a globally integrated team of over 290 investment professionals.
Focus: Advent focuses on control buyouts and strategic investments in five core sectors: business and financial services, healthcare, industrial, retail/consumer/leisure, and technology. Within these sectors, the firm targets companies that are well-positioned for growth and operational transformation, including sub-industries such as banking, insurance, fintech, pharmaceuticals, medical devices, manufacturing, consumer goods, and software. Advent partners closely with management teams to accelerate revenue growth, enhance operations, and create long-term value through hands-on support and strategic expertise.
4. Bain Capital
Overview: Founded in 1984 and headquartered in Boston, Massachusetts, Bain Capital is a leading global private investment firm managing approximately $185 billion in assets. The firm operates across multiple asset classes, including private equity, credit, public equity, venture capital, real estate, life sciences, and special situations. With a presence spanning four continents, Bain Capital employs a collaborative approach, leveraging deep industry expertise and a global network to drive value creation and deliver lasting impact for its investors, portfolio companies, and the communities it serves.
Focus: Bain Capital specializes in a diverse range of investment strategies across various sectors and geographies. The firm's core areas of focus include private equity, where it transforms businesses through deep sector expertise; growth and venture investments, accelerating companies from seed to scale; capital solutions, structuring bespoke solutions across asset types and markets; credit and capital markets, providing innovative fund strategies; and real assets, building the next generation of real estate and infrastructure projects. Bain Capital emphasizes active governance, sustainable growth, and fostering diversity, equity, and inclusion within its portfolio, aiming to create exceptional outcomes through strategic partnerships and operational excellence.
5. TA Associates
Overview: Founded in 1968 and headquartered in Boston, Massachusetts, TA Associates is a leading global private equity firm specializing in growth investments. With over five decades of experience, the firm has invested in more than 560 companies worldwide and manages approximately $47.5 billion in assets. TA Associates operates from six offices across North America, Europe, and Asia, employing a team of over 160 investment professionals dedicated to partnering with high-quality businesses to accelerate growth and build lasting value.
Focus: TA Associates targets investments in profitable, growing companies within five core sectors: technology, healthcare, financial services, consumer products, and business services. The firm seeks to invest in companies with high-quality business models capable of delivering sustainable growth. Investment sizes typically range from $70 million to $500 million, with target companies valued between $100 million and $3 billion. TA Associates employs a collaborative approach, working closely with management teams to drive strategic initiatives, operational improvements, and long-term value creation.
6. Audax Group
Overview: Founded in 1999 and headquartered in Boston, Massachusetts, Audax Group is a leading alternative investment manager specializing in the U.S. middle market. The firm manages approximately $39 billion in assets across its three primary business lines: Audax Private Equity, Audax Private Debt, and Audax Strategic Capital. With a team of over 400 employees, Audax has completed more than 2,500 transactions, demonstrating a strong commitment to building long-term value in middle-market companies.
Focus: Audax Group is dedicated to supporting middle-market companies, defined as businesses with annual revenues typically under $1 billion. The firm invests across the full capital structure, providing flexible financing solutions tailored to the unique needs of its portfolio companies. Audax targets a diverse range of industries, leveraging its deep sector expertise and collaborative approach to drive growth and operational improvements within its investments.
7. Summit Partners
Overview: Founded in 1984 and headquartered in Boston, Massachusetts, Summit Partners is a global alternative investment firm specializing in growth equity, fixed income, and public equity opportunities. With additional offices in Menlo Park, New York, London, and Luxembourg, Summit Partners has invested in more than 550 companies worldwide, supporting their growth and expansion initiatives.
Focus: Summit Partners targets investments in profitable, category-leading companies across three primary sectors: technology, healthcare & life sciences, and growth products & services. The firm seeks to partner with exceptional management teams, providing capital and strategic support to drive long-term value creation. Investment sizes typically range from $10 million to over $500 million, with a flexible approach to structuring minority or majority positions based on the needs of the portfolio company.
8. Providence Strategic Growth
Overview: Founded in 2014 and headquartered in Boston, Massachusetts, Providence Strategic Growth (PSG) is a growth equity firm specializing in partnering with middle-market software and technology-enabled service companies. As an affiliate of Providence Equity Partners, PSG has raised multiple funds, including a $1.3 billion Fund III in 2018 and a $2.0 billion Fund IV in 2019, reflecting its strong investor confidence and commitment to fostering growth in its target sectors.
Focus: PSG targets investments in lower middle-market software and technology-enabled service companies, primarily in North America. The firm emphasizes collaboration with management teams to develop acquisition strategies, identify target markets, and integrate new businesses across various functions to minimize disruption and maximize growth. PSG's approach includes leveraging Value Creation Initiatives (VCIs) tailored to each company's unique opportunities and challenges, aiming to accelerate growth and build market leaders in the software industry.
9. Berkshire Partners
Overview: Founded in 1984 and headquartered in Boston, Massachusetts, Berkshire Partners is a private equity firm specializing in investments in middle-market companies. Over the years, the firm has invested in over 100 companies across various industries. Berkshire Partners emphasizes a collaborative approach, partnering closely with management teams to drive growth and create long-term value.
Focus: Berkshire Partners targets investments in sectors including business services, communications, industrials, consumer products, and healthcare. The firm seeks companies with strong leadership, unique market positions, and opportunities for growth. Investment sizes typically range from $50 million to $500 million in companies with enterprise values between $100 million and $1.5 billion.
10. Thomas H. Lee Partners (THL)
Overview: Founded in 1974 and headquartered in Boston, Massachusetts, Thomas H. Lee Partners (THL) is a premier private equity firm specializing in middle-market growth companies. With a history spanning over four decades, THL has raised more than $25 billion of equity capital and invested in over 140 companies, completing more than 360 add-on acquisitions representing an aggregate enterprise value at acquisition of over $200 billion. The firm employs an integrated private equity approach, combining deep sector expertise with operational support to drive value creation across its portfolio.
Focus: THL focuses its investment activity across four primary industry sectors: Financial Technology & Services (FTS), Healthcare (HC), Technology & Business Solutions (TABS), and Automation. Within these sectors, the firm has identified specific areas of interest, including bank technology, healthcare IT, industrial technology and software, and automation solutions. THL seeks to partner with companies that demonstrate strong growth potential and align with its strategic objectives, leveraging its sector expertise and operational capabilities to drive long-term value creation.
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