BrightEdge, the impact investment and venture capital division of the American Cancer Society (ACS) has selected Apex to provide fund administration services to the ACS Impact Venture Fund.
BrighEdge invests in for-profit, early-stage companies developing new cancer therapies, diagnostics and technologies. By using Apex’s servicing model, the company says the fund will become more efficient and BrightEdge will be able to focus on these investment objectives and the generation of returns.
All returns generated from these investments are either reinvested in the impact venture fund or are used as ACS funding. Apex has also stated that a percentage of its fee revenue will be donated to ACS.
Apex’s appointment follows a series of commitments to positive change by the company, including the launch of the charitable Apex Foundation and the Impact Positive Solution, which provides impact assessments for the private markets.
Peter Hughes, founder and CEO of Apex, comments: “We are proud to be appointed by BrightEdge to support its fund and operations.
“With asset allocation to impact investing set to double between 2019 and 2025, the private markets have an important — and growing — role to play in driving positive change. We’re seeing an increasing number of institutions deploying these venture capital and private equity strategies to achieve measurable impact through mission-driven investments that also generate a financial return.”
Alice Pomponio, managing director at BrightEdge, says: “We are pleased to be working in partnership with Apex Group, which offers the scale and depth of services to evolve with BrightEdge and support our sustainable growth in furtherance of ACS’s mission.”
