Adit Ventures ILP picks Apex for fund services
16 February 2022 Ireland
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Adit Ventures’ (Adit) new Irish Investment Limited Partnership (ILP) has selected Apex Group to provide fund administration services.
Apex will provide ILP with fund administration services including fund accounting, investor services and audit assistance.
As part of the mandate, Adit will have access to Pacific Fund System’s PAXUS, a specialist accounting and administration application system, designed specifically for the alternative fund administration industry.
Adit is a venture capital investment firm with more than 1,000 limited partners, US$500 million in assets under management, and offices in California, Florida, and New York.
The company acquires shares in category-leading, private companies via direct investments in primary rounds or early employees and investors seeking liquidity.
The ILP is a regulated Irish fund structure, in the form of a common law partnership regulated by the Central Bank of Ireland.
This structure is only available for alternative investment funds, meaning it is particularly well-suited to private equity and real estate structures, allowing for the management of separate portfolios of assets under an ILP umbrella.
Commenting on the mandate, John Collins, Apex Group says: “Ireland has a long-established and sophisticated fund services and administration ecosystem servicing over 40 per cent of the world's alternative investment funds. The updating of the ILP was a significant development, enhancing Ireland's reputation as a full-service fund management and fund domiciliation hub. We look forward to delivering our robust fund administration services to Adit Ventures.”
Eric Munson, founder and chief information officer at Adit Ventures comments: “Ireland has always been a highly regarded jurisdiction by international investors, and we chose the ILP as an efficient structure which meets our specific requirements, as well as those of our investors. We are pleased to be working with Apex, who have impressed with their breadth of product offering, flexibility and experience in the venture capital market.”
Apex will provide ILP with fund administration services including fund accounting, investor services and audit assistance.
As part of the mandate, Adit will have access to Pacific Fund System’s PAXUS, a specialist accounting and administration application system, designed specifically for the alternative fund administration industry.
Adit is a venture capital investment firm with more than 1,000 limited partners, US$500 million in assets under management, and offices in California, Florida, and New York.
The company acquires shares in category-leading, private companies via direct investments in primary rounds or early employees and investors seeking liquidity.
The ILP is a regulated Irish fund structure, in the form of a common law partnership regulated by the Central Bank of Ireland.
This structure is only available for alternative investment funds, meaning it is particularly well-suited to private equity and real estate structures, allowing for the management of separate portfolios of assets under an ILP umbrella.
Commenting on the mandate, John Collins, Apex Group says: “Ireland has a long-established and sophisticated fund services and administration ecosystem servicing over 40 per cent of the world's alternative investment funds. The updating of the ILP was a significant development, enhancing Ireland's reputation as a full-service fund management and fund domiciliation hub. We look forward to delivering our robust fund administration services to Adit Ventures.”
Eric Munson, founder and chief information officer at Adit Ventures comments: “Ireland has always been a highly regarded jurisdiction by international investors, and we chose the ILP as an efficient structure which meets our specific requirements, as well as those of our investors. We are pleased to be working with Apex, who have impressed with their breadth of product offering, flexibility and experience in the venture capital market.”
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