A native of New York City, Crate attended Bates College in Lewiston, Maine before attending Columbia Business School in New York City. After his career as an investment banker at Chase Manhattan Bank, he was hired as the managing director of Financial Institutions Group based in London. He was soon after asked to join Affiliated Managers Group as its chief financial officer–a position he held from 1998 until 2011.
Crate was born in New York City in 1967. Crate received his Bachelor of Arts in economics from Bates College in 1989 and his M.B.A. from Columbia Business School in 1995.
Crate began his career in the investment banking division at Chase Manhattan in New York. He departed as the managing director of the Financial Institutions Group based in London and New York, focusing exclusively on investment management firms.
From 1998 to 2011, he served as the chief financial officer of Affiliated Managers Group a publicly traded asset management holding company. During his tenure at AMG, assets under management grew from $50 billion to over $340 billion through mutual fund, pension, and high-net-worth accounts globally, with over half of its clients domiciled outside the United States. Over this same period, the company’s valuation increased materially, from $450 million to $6 billion.
In 2009, Crate founded Easterly Capital, LLC, a firm based in Beverly, Massachusetts, that builds operating businesses to gain exposure to the growth in both asset management and non-bank finance sectors. He joined the firm full-time in 2011.
In February 2015, Crate became the chairman of Easterly Government Properties, Inc., a publicly traded REIT on the New York Stock Exchange that is focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. According to Business Wire, Crate became the chairman of Easterly Acquisition Corp., a publicly traded blank check company in July 2015.
In June 2017, Easterly Acquisition entered into an Investment Agreement for a business combination with JH Capital Group Holdings, LLC. “The partnership between JH Capital and Easterly will position the company to be a leader in the debt recovery space,” said Crate. “Their consumer-oriented focus leads to superior outcomes for the customers they serve and for shareholders. This transaction will strengthen JH Capital’s balance sheet and provide growth capital to execute on the significant opportunity in the debt recovery industry.”
Crate currently lives in Hamilton, Massachusetts.
Crate is involved with a number of non-profit, political, and charitable organizations. He has been a trustee of Bates College since 2003 and served on the college's advancement and investment committees. On February 8, 2016, the college announced that Crate was among seven families to donate $19 million to endow professorships and launch the college’s new digital and computational studies program.
Crate has also been a trustee of Islesboro Island Trust (2002), AOPA (2004), IYRS (2008), Adams Memorial Foundation (2011), Ethel Walker School (2015), and an advisor to The Trustees of Reservations (2002) and RFK Children's Action Corp (2006). In 2015, he was appointed the vice president of the Westminster Kennel Club.
According to Boston.com, Crate served as treasurer and a member of the executive committee of the Romney for President campaign in 2012, a role that he also held during the 2008 cycle. From 2003 to 2007, Crate served as the chairman of the Massachusetts Republican Party.