Philanthropy platform Foundation Source has acquired Pacific Foundation Services (PFS), a foundation management organization based in San Francisco. Terms of the deal were not disclosed.
Foundation Source, in Fairfield, Connecticut, has been on an acquisition spree. The company bought Giving Place, a software platform for family office giving programs and private foundations this past April. Last year it acquired Vennfi, the fintech powering donor-advised fund sponsor of Charityvest, and PG Calc, a planned giving software and services provider.
Foundation Source was founded in 2000 and is backed by private equity firm GTCR, which acquired Foundation Source from Incline Equity Partners in September 2023. Incline Equity Partners had invested in Foundation Source in January 2020.
Colchester Partners advised PFS in the transaction, which was completed on June 4.
Foundation Source provides a suite of enterprise-grade technology, administration, and professional services across private foundations, donor-advised funds, planned gifts, and workplace giving making it the partner-of-choice for comprehensive philanthropic solutions.
The deal increases Foundation Source’s charitable assets under administration to nearly $40 billion and annual payouts of roughly $2.7 billion, according to an announcement from the firm. All of PFS’s team joined Foundation Source, including CEO Charles R. Casey in a new leadership role, according to information in the announcement.
The acquisition allows PFS clients to leverage cloud-based tools that help make giving easier and more cost-effective and it provides access to a wider range of philanthropic solutions including specialized legal, compliance and tax support.
“We’re thrilled to welcome the talented and dedicated team at Pacific Foundation Services to Foundation Source,” said Joseph Mrak III, CEO of Foundation Source. “Together, this integration enhances our collective ability to support private foundations and their advisors with deep, strategic insight, sector knowledge and tailored guidance. With our best-in-class technology, we offer a uniquely comprehensive solution for mission-driven organizations that want to maximize impact.”
Said Lizzie Wintle, a director at GTCR, said via a statement, “It’s our fourth strategic acquisition in 18 months and the combined platform is uniquely positioned to serve the evolving needs of the sector with scale, expertise, and impact.”
