# Charter Oak Equity

Charter Oak Equity is a Private Equity based in Westport, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Westport, United States
- **Region:** North America
- **Address:** Westport, CT, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** charteroak-equity.com
- **LinkedIn:** https://www.linkedin.com/company/charter-oak-equity

## Regulatory record

- **CRD number:** 161737
- **SEC file number:** 802-74871
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/161737

## About

Charter Oak Equity and its predecessor funds have invested in private equity since 1992. The firm focuses on niche manufacturing, packaging, medical products & services, specialty chemicals, consumer products and financial services companies up to $150 million in enterprise value. Over $500 million in control-oriented capital has been invested in 30 portfolio companies through over 50 acquisitions. The general partners average nearly twenty years of private equity experience and personally invest in all of the Firm's transactions.

## Sectors

- Industrial Tech
- Healthcare Services
- Consumer Goods
- FinTech
- Materials & Chemicals
- Packaging

## People

- Paul Roughan — Managing Partner
- Zubin Avari — Managing Partner
- Mark Ullman — Managing Partner
- Doni Perl — Principal

## Questions

### Who makes investment decisions at Charter Oak Equity?

Three managing partners — Paul Roughan, Zubin Avari, and Mark Ullman — share investment authority. The firm does not designate a CEO or CIO, operating instead as a partnership of equals. Principal Doni Perl supports deal execution and portfolio oversight. All four sit in Westport, Connecticut, and invest through direct, consensus-driven underwriting rather than a formal committee hierarchy.

### How does Charter Oak Equity source portfolio companies?

The firm leans heavily on the operational networks of its three managing partners, all of whom spent formative years at McKinsey & Co. and maintain deep ties to family- and founder-owned manufacturing businesses. It does not advertise a proprietary sourcing platform or intermediary database. Its concentration in niche industrials, packaging, and medical products means deal flow tends to originate from repeat founder referrals and sector-focused investment banks rather than broad auctions.

### What is Charter Oak Equity's typical investment size and structure?

The firm targets control-equity positions in companies with enterprise values of up to $150 million. Deal structures are exclusively control-oriented, and the firm has a history of executing bolt-on acquisitions — over 50 add-ons across 30 platform companies. It does not take minority stakes, nor does it participate in growth-stage financings outside its buyout mandate.

### Which industries does Charter Oak Equity avoid?

The firm's stated focus — niche manufacturing, packaging, medical products and services, specialty chemicals, consumer products, and financial services — excludes technology, software, and life sciences pure-plays. There is no mention of energy, real estate, or infrastructure investing in its public materials, and the team backgrounds are concentrated in industrial operating and consulting roles rather than high-growth venture or biotech.

### How is Charter Oak Equity related to Charter Oak Capital Partners?

Charter Oak Equity was founded in 2006 as a successor vehicle to Charter Oak Capital Partners, where managing partner Paul Roughan had worked since 1999 and Zubin Avari since 1998. The current firm carries forward the same sector strategy — lower-middle-market control buyouts in manufacturing and services — and the same core team, but operates as a distinct entity under the Charter Oak Equity, LP name with no public structural link to the predecessor fund remaining.

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Last updated: 2026-08-11T15:06:27.647Z

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