Apex Group (Apex) has acquired venture capital fund administration and accounting services provider Mainspring.
In the acquisition, Apex will gain 70 employees across the UK, and £9.7 billion in assets under administration. £6 billion of this comes from venture capital fund administration, while the remaining £3.7 billion comes from Mainspring’s investment platform.
Mainspring’s existing clients will receive access to Apex’s service networks. In turn, Mainspring will supply Apex with new capabilities for international private markets custody and separately managed accounts management.
The partnership will allow for expansion into new jurisdictions, offering Apex’s solutions to clients alongside Mainspring’s experience in venture capital fund administration.
Peter Hughes, founder and CEO of Apex, comments: “The strategic acquisition of Mainspring adds depth to our service offering for UK venture capital funds, as well as strengthening our existing custody offering for private assets. ”
Stephen Geddes, founder and CEO of Mainstream, adds: “Apex Group’s powerful single-source solution, offered globally and delivered locally by experienced teams, is underpinned by robust technology infrastructure, which will create new efficiencies for our clients and support their long-term growth."
