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Apex acquires private equity administrator

AcquisitionFund administrator Apex Group and its private equity backer Genstar Capital have jointly acquired Ipes, which specialises in fund administration to the private equity sector.

The deal adds $165 billion (€140 billion) to Apex’s assets under administration and will bolster its private equity capabilities and depositary services across Europe, said the firm.

Ipes was bought from private equity firm Silverfleet Capital and is headquartered in Guernsey with 265 staff across five European offices.

The deal brings 195 clients to Apex and provides administration and depositary oversight for 390 funds.

Apex - which was founded in Bermuda in 2003 – said Ipes clients will see “immediate value” from the transaction by gaining access to an additional 19 jurisdictions, Apex’s local service delivery model, and a suite of regulatory products in Luxembourg.

Apex employee numbers will reach almost 2,000 and its total assets under administration will be around $535 billion.

Towards the end of last year, Apex announced the acquisition of Deutsche Bank’s alternative fund services business and the acquisition of Equinoxe Alternative Investment Services.

Apex also announced the acquisition of MM Warburg & CO’s asset servicing business in January this year, which is expected to reach final close in the summer.

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