Foundation Source, a Fairfield-headquartered company that provides administrative, compliance, tax and advisory solutions to private philanthropists, corporations and their foundations, has been acquired by the Chicago-based private equity firm GTCR.
The financial terms of the acquisition were not disclosed. GTCR partnered in the deal with Joseph Mrak III, formerly the global head of wealth solutions at Refinitiv. Mrak will become CEO at Foundation Source while outgoing President and CEO Sunil Garga will serve in an advisory capacity during the transition period.
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.
“Through exceptional client service, unique philanthropic expertise and insights, and a strong technology offering, Foundation Source is established as the market leader serving foundations,” said GTCR Principal Kirk Smith. “We believe there are exciting opportunities to expand into other charitable giving vehicles while leveraging the Company’s scale and reach. We are thrilled to be partnering with Joe to build on the Company’s history of success in serving this market.”
