The Carlyle Group has led an investment in Apex Group, a provider of fund administration and financial services to the asset management and corporate sectors. No financial terms were disclosed.
NEW YORK – The Carlyle Group Inc. (NASDAQ: CG) today announced that its Global Credit platform led a preferred equity investment for Apex Group Ltd., a leading provider of fund administration and financial services to the asset management and corporate sectors. Apex will use the capital to support ongoing growth and acquisition activities, including Apex’s previously announced acquisitions of Luxembourg-based FundRock Management Company SA and Banco Modal’s Alternative Fund Administration business in Brazil.
Apex recently reached the milestone of $1 trillion in assets serviced across administration, custody, depositary and under management, reinforcing its strength as a leading financial services provider in the asset management space. It is a privately-held company backed by Genstar Capital and Founder and CEO Peter Hughes.
Alex Popov, Carlyle’s Co-Head of Illiquid Credit Strategies and Head of Carlyle’s Credit Opportunities team, said, “Apex is an attractive platform that is strongly positioned to drive growth through targeted M&A, and by capitalizing on underlying organic growth momentum in the fund management industry. We are pleased to partner with the team, including building on an already strong relationship with Genstar, to provide the long-term capital Apex needs to accelerate its growth strategy.”
Peter Hughes, Founder and CEO of Apex Group Ltd., said, “We have continually enhanced our service offering to strengthen our leadership position as a single-source solution for our clients. We continue to see significant opportunity for growth, and this capital, combined with Carlyle’s sector expertise and partnership approach, will go a long way in helping us achieve our long-term growth strategy.”
Carlyle’s $53 billion Global Credit platform made the investment with capital primarily from its Credit Opportunities Fund, a $2.4 billion fund that closed last year. The Credit Opportunities Fund invests in privately negotiated capital solutions primarily for upper middle market borrowers, including both private equity sponsored and family or entrepreneur-owned companies. The Credit Opportunities Fund seeks to benefit from proprietary investment opportunities originating from within Carlyle and the firm’s global resources and operating expertise.
Carlyle earlier this year made a similar investment in Genstar portfolio company Alera Group.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
Carlyle’s $53 billion credit investment platform provides financing solutions that span the credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, the group has provided creative solutions for borrowers and delivered attractive risk-adjusted returns for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 150 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $19 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial, and software industries.
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 4,000 employees, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, corporate services and capital markets services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies. www.theapexgroup.com.