Deal Wrap: Charlesbank to invest in Petra; Founders Future acquires Sowefund

Deal Wrap is updated as of 4 p.m. ET.

– Middle-market private equity firm Charlesbank Capital Partners LLC agreed to make a majority growth investment in Petra Funds Group, a fund administration provider to private equity and debt funds. Petra's founders and management team will continue to own significant shares in the business. PL Advisors was financial adviser and Latham & Watkins LLP was legal adviser to Petra on the deal, which is likely to close in the fourth quarter. Simpson Thacher & Bartlett LLP was legal counsel to Charlesbank.

– Lower-middle-market investor FVLCRUM Partners, doing business as FVLCRUM Funds Capital Group, added technology systems integrator Advanced IT Concepts Inc. to its portfolio. Advanced IT Concepts became AITC LLC as part of the deal. Womble Bond Dickinson was legal adviser to FVLCRUM Funds on the deal.

– Consello Capital LLC purchased a majority interest in Prosearch Strategies Inc., which provides technology-enabled solutions to corporations and law firms. The acquisition is the first investment for Consello Group's private equity arm. Guggenheim Partners LLC was financial adviser and Buchalter was legal adviser to ProSearch, while Kirkland & Ellis advised Consello Capital.

– Lower middle-market buyout firm Frontenac is partnering with Prime Food Processing and Chan & Chan Inc. to help advance the branded Asian food manufacturing company's expansion. Albert Chan, Prime Food's president and founder, will continue to own a significant stake and lead the company in its next phase of growth.

– French venture capital firm Founders Future SAS bought Sowefund SAS, a Paris-based operator of a crowdfunding platform.

For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.