Eterna Growth Partners

What Eterna Growth Partners does

Eterna Growth Partners is a Boston-based private equity firm that makes control-oriented investments in North American middle-market technology companies with enterprise values between $50 million and $400 million. The firm pursues a "hyper-focused" subsector strategy across six core areas: vertical solutions, cloud solutions, cybersecurity, financial technology, healthcare IT, and infrastructure technology. As of January 2026, Eterna managed two private equity funds with $2.3 billion in total committed capital (current fund size of $1.5 billion) and a portfolio of 19 active companies, including Aptean, Blue Marble Geographics, Captura, Clerri, Cyberbit, DoIt, Fortra, HBox, Healthcare Fraud Shield, Implan, Ivanti, Maltego, Media Ocean, PakEnergy, QS Cyber, Quorum Cyber, Searchlight Cyber, Solve, and Titan Cloud. Since 2019, $1.5 billion has been deployed into portfolio companies.

The firm's revenue model is the standard private equity structure of management fees on committed and invested capital plus performance-based carried interest on successful exits. Its go-to-market is enterprise field sales: a dedicated Business Development team sources investment opportunities, an Investor Relations function manages limited partner relationships, and Advisory Directors provide sector expertise to portfolio companies. The firm is staffed by 23 investment professionals, including six Managing Directors (Darren Battistoni, Mayur Desai, Bhuvan Jain, Dhruva Kaul, Hiren Mankodi, and Michael Zirngibl), eight dedicated operating professionals, and nine external Advisory Directors, with an SVP of Investor Relations, a VP of HR, and a CFO/CCO (Sean Welch) supporting independent operations.

Eterna was formed in February 2026 through a year-long spinout from Charlesbank Capital Partners, where the team had operated as Charlesbank's Technology Opportunities Fund strategy for nearly a decade. The firm is legally domiciled as DHM Partners LLC (Commonwealth of Massachusetts) and operates as an independent middle-market technology specialist, with portfolio-level M&A activity (e.g., Blue Marble Geographics' April 2026 acquisition of Avenza Systems) and CEO transitions (e.g., Searchlight Cyber's appointment of Michael Gianarakis) reflecting an active value-creation approach across the portfolio.

Name

Eterna Growth Partners

Legal name

DHM PARTNERS LLC dba Eterna Growth Partners

Website

https://eternagrowth.com

Company type

Private

Founded year

2026

Operating status

Operating

Short description

Eterna Growth Partners is a Boston-based private equity firm providing control-oriented growth capital to North American middle-market technology companies with enterprise values of $50M to $400M, managing $2.3 billion across two funds and a 19-company portfolio.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industries

Security & Defense / GovTech Growth Equity (FSANACAN), Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Private equity investing
• Middle-market technology
• Growth capital
• Control buyouts
• Portfolio management

Headquarters

HQ city

East Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: Private equity fund management fees from managing two private equity funds with $2.3 billion in total committed capital.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, aligning interests with investors.

Go-to-market motion2 records

Marketing channels4 records

Core offering

Eterna Growth Partners is a Boston-based private equity firm that invests in North American middle-market technology and technology-enabled businesses with enterprise values between $50 million and $400 million. The firm manages two private equity funds with $2.3 billion in total committed capital and deploys a control-oriented investment strategy with active ownership and tailored value creation support across six technology subsectors: Vertical Solutions (Application Software), Cloud Solutions, Cybersecurity, Financial Technology, Healthcare IT, and Infrastructure Technology. The firm oversees a current portfolio of 19 companies and has invested $1.5 billion since 2019.

Product overview

Eterna Growth Partners is a Boston-based private equity investment firm that provides growth capital and operational support to middle-market technology and technology-enabled businesses. The firm does not offer a unified software product or platform; instead, its offering consists of private equity fund management, control-oriented investment execution, and portfolio company support services. Eterna oversees two private equity funds with $2.3 billion in total committed capital, targeting companies with enterprise values between $50 million and $400 million across six core technology sectors: Application Software (Vertical Solutions), Cloud Computing, Cybersecurity, Financial Technology, Healthcare IT, and Infrastructure Technology. The firm maintains a portfolio of 19 companies including Aptean (vertical ERP software), Blue Marble Geographics (geospatial software), Captura (photography software), Clerri (dental membership software), Cyberbit (cybersecurity training), DoIt (cloud cost management), Fortra (cybersecurity/IT infrastructure), HBox (remote patient monitoring), Healthcare Fraud Shield (FWA solutions), Implan (economic impact analysis), Ivanti (IT automation), Maltego (link analysis), Media Ocean (ad agency software), PakEnergy (oil & gas software), QS Cyber (threat intelligence), Quorum Cyber (MDR services), Searchlight Cyber (dark web intelligence), Solve (fixed income analytics), and Titan Cloud (industrial IoT). Eterna's investment approach emphasizes hyper-focused technology subsector specialization, sustainable business-building, and a "True Potential" platform strategy to realize the strengths of portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Technology Opportunities Fund I
• Technology Opportunities Fund II
• Portfolio Operational Support Services

Named customers19 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Thoma Bravo: Premier software-focused private equity firm pursuing take-private and control investments in application and infrastructure software. Highly comparable to Eterna's control-oriented, sector-specialized thesis in vertical software and cybersecurity.
• Summit Partners: Growth equity and buyout firm with significant activity in technology, healthcare IT, and fintech. Comparable to Eterna in middle-market technology focus and long-duration capital, though Summit operates across a broader range of growth stages and geographies.
• Vista Equity Partners: One of the largest technology-focused private equity firms, targeting control-oriented investments in enterprise software. Directly comparable to Eterna in subsector focus (vertical software, cybersecurity, infrastructure software) and middle-to-upper-middle-market deal sizes.
• Mainsail Partners: Growth equity firm focused exclusively on bootstrapped, founder-led B2B software and technology-enabled services companies. Highly comparable to Eterna in lower middle-market tech focus, founder-friendly orientation, and operational support model.
• Insight Partners: Large-scale technology growth equity and buyout firm with deep specialization in software, cybersecurity, and internet. Comparable to Eterna in technology sub-sector focus and operational value creation, though at a larger fund size and broader check range.
• Accel-KKR: Middle-market technology-focused private equity firm pursuing control and significant minority investments in software and tech-enabled services. Directly comparable to Eterna's $50M-$400M EV sweet spot and sector specialization in business software and IT services.
• TA Associates: Growth equity firm with deep technology focus across software, fintech, healthcare IT, and internet. Comparable to Eterna in growth-to-control investing in tech sub-sectors and operational value creation, though typically at the higher end of the growth equity check range.
• Francisco Partners: Technology-focused private equity firm with a long track record in middle-market software, IT services, and cybersecurity investments. Closely comparable to Eterna's check size, control orientation, and concentration in vertical software and cybersecurity.
• Hg Capital: European-headquartered, software-and-services-focused private equity firm investing in mid-market and growth-stage technology businesses. Comparable to Eterna in control-oriented, sector-specialized strategy, with overlap in vertical software and infrastructure software.

Broad incumbents

• Charlesbank Capital Partners: Multi-strategy middle-market private equity firm from which Eterna spun out in February 2026. Charlesbank continues to manage other strategies (e.g., flagship buyout, credit) and is the closest institutional peer given shared history, deal sourcing, and overlapping LP relationships.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/eterna-growth-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eterna Growth Partners