GTCR snaps up foundation management services firm Foundation Source

• Founded in 2000, Foundation Source supports more than 2,000 foundations representing in excess of $20 billion in charitable assets
• Canaccord Genuity served as financial advisor to GTCR while Baird served as lead financial advisor and Lincoln International served as co-financial advisor to Foundation Source
• GTCR currently manages over $35 billion in equity capital

GTCR has acquired Fairfield, Connecticut-based Foundation Source, a provider of foundation management services. The seller is Incline Equity Partners. No financial terms were disclosed.

In addition to the acquisition, Joseph Mrak III has joined Foundation Source as CEO. He was formerly global head of wealth solutions at Refinitiv.

Founded in 2000, Foundation Source supports 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’s co-investors in the Foundation Source investment include notable colleges and universities, endowments, foundations and family offices that have been long-term investors in GTCR funds.

“Over the past two decades, Foundation Source has experienced exceptional growth, and has established itself as a leader in supporting charitable giving, providing critical resources to foundations and their donors,” said Collin Roche, GTCR co-CEO and managing director in a statement. “We are pleased to partner with Joe Mrak, whose experience in building wealth technology businesses will be important as we further enhance the company’s value proposition to clients and partners. We look forward to working with the entire Foundation Source team to continue the company’s mission of supporting positive impact through philanthropic giving.”

Canaccord Genuity served as financial advisor and Greenberg Traurig LLP provided legal counsel to GTCR. Baird served as lead financial advisor and Lincoln International served as co-financial advisor to Foundation Source. K&L Gates LLP provided legal counsel to Foundation Source.

Founded in 1980, GTCR currently manages over $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach.