Carlyle-backed Apex bolsters Canadian presence with Prometa buy

Growth of Canada’s asset management industry outpaced both the U.S. and the global industry in 2021.

  • Apex, backed by Carlyle, Genstar Capital and Mubadala Investment Company, earlier this year also secured a minority investment from TA Associates
  • Prometa Fund Support Services is a Winnipeg-based provider of fund services
  • Prometa administers over $28 billion in assets for approximately 50 fund companies representing more than 180 funds

Apex Group this week announced it has acquired Prometa Fund Support Services, a Winnipeg, Manitoba-based based provider of fund services. No financial terms were disclosed.

Apex, which is backed by Carlyle, Genstar Capital and Mubadala Investment Company strengthens its presence in North America with the acquisition. Based in Hamilton, Bermuda, it is a financial services provider.

Earlier this year, Apex secured a minority investment from TA Associates in May, as reported by PE Hub.

Prometa administers more than $28 billion in assets for approximately 50 fund companies representing more than 180 funds. Growth of Canada’s asset management industry outpaced both the US and the global industry in 2021, with assets under management rising 14 percent during the year to $3.6 trillion. according to a report by KPMG.

“The addition of Prometa to Apex Group further strengthens our service offering for clients in North America in the alternative asset management space,” said Peter Hughes, founder and CEO of Apex Group. “As Canada’s asset management industry continues to see impressive growth, this acquisition bolsters our ability to deliver our single-source solution locally and to be the best possible partner for our clients in this market.”

This announcement follows the recent close of the acquisition of Europe’s Sanne, with Apex now providing services to almost $3 trillion of assets, delivered via 10,000 employees from over 80 offices in more than 40 markets.