A private equity firm has endorsed the custody bank Caceis, saying the French bank sets a benchmark against which other service providers should be measured.
The uncompromising praise from AchiMed, which specialises in healthcare firms, came as AchiMed appointed Caceis for services including middle-office and accounting for a new fund.
Private equity administration is a growth area that sets major administrators like Caceis, with their large scale and capability for servicing ‘vanilla’ Ucits funds, against smaller specialists who generally claim a better expertise in the intricacies of fund administration for illiquid assets that fall outside of the Ucits regime.
AchiMed, which specialises in healthcare industries, has selected Caceis for service to the MED Platfrom 1 fund. The appointment follows on from a earlier appointments by AchiMed of Caceis.
The mandate also covers depositary, custody and financing services for the €1 billion fund.
Denis Ribon, founding partner of ArchiMed, endorsed Caceis’s private equity team saying Caceis had “set the benchmark on the European market against which other providers are measured”.
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