Ultimus Fund Solutions, which is backed by GTCR, has agreed to acquire Clifton Park, New York-based LeverPoint Management, a provider of fund administration, accounting, tax and back office support services to private equity, venture capital and real estate managers. No financial terms were disclosed. The deal is expected to close in the fourth quarter of this year.
CINCINNATI and CLIFTON PARK, N.Y., Aug. 21, 2019 — Ultimus Fund Solutions (“Ultimus”), a leading independent provider of fund administration, accounting and investor solutions to traditional and alternative fund managers, announced today that it had entered into a definitive agreement to acquire LeverPoint Management (“LeverPoint”). LeverPoint, headquartered in Clifton Park, N.Y., is a leading independent provider of full-service fund administration, accounting, tax and back office support services to private equity, venture capital and real estate managers. Going forward, Ultimus’ private fund business will operate as Ultimus LeverPoint Private Fund Solutions and will provide administration for approximately $90 billion of private fund assets across 230 clients. In total, Ultimus will service over $220 billion of assets under administration and over 1,250 total traditional and alternative funds after the completion of the transaction.
Upon closing of the transaction, LeverPoint CEO David MacPhee will become the CEO of Ultimus Leverpoint Private Fund Solutions. “My team and I are excited to join Ultimus, which shares LeverPoint’s commitment to client service,” said David MacPhee, CEO of LeverPoint. “I look forward to working with Evan Audette of Ultimus, who will become COO of the combined entity. I’m confident the unified team will continue to provide the differentiated high-quality service we pride ourselves on, while delivering a broader set of capabilities to our combined client base. Additionally, our combined scale will allow us to invest further in technology and service capabilities as we enter this next chapter in our growth.”
“We’re thrilled to join forces with LeverPoint and look forward to working together to continue to build on our shared reputation for high-quality client service,” said Gary Tenkman, CEO of Ultimus. “Together, Ultimus and LeverPoint represent a leading independent and integrated fund solutions platform for both registered and alternative fund managers. Ultimus’ leading position is unique in the marketplace and allows it to better service managers of all sizes and asset types.”
Ultimus’ acquisition of LeverPoint was backed by Chicago-based private equity firm GTCR, which acquired both Ultimus Fund Solutions and The Gemini Companies in a strategic combination that closed in February 2019. Macquarie Capital acted as exclusive financial advisor and Pepper Hamilton provided legal counsel to LeverPoint and its shareholder, the New York Credit SBIC Fund managed by Hamilton Lane. Latham & Watkins provided legal counsel to Ultimus and GTCR. Closing is expected to occur in the fourth quarter of 2019 after the completion of customary closing conditions.
Ultimus Fund Solutions provides highly customized and comprehensive middle and back office services to investment advisers. Ultimus’ high-quality services include solutions for mutual funds, separately managed accounts, private investment funds and other pooled investment structures. This offering comes with a deep commitment to excellence, achieved through its investments in both talent and technology, with constant focus on maintaining a boutique service culture. As a result, Ultimus has stood out as an award-winning, trusted business partner to investment advisers and fund families since 1999. Ultimus’ comprehensive service solutions are provided by seasoned teams of accountants, attorneys, paralegals, application developers and other professionals with a wealth of financial services experience. For more information, visit www.ultimusfundsolutions.com.
LeverPoint Management was established in 1995 as the Business Management Service division of The Ayco Company L.P., a Goldman Sachs subsidiary, and has been independently operating since August 2007. Since 2007 the firm has grown from 18 associates to 200+ and currently services over $70 billion in assets for more than 115 unique Private Equity, Venture Capital, Real Estate, Credit and Fund of Funds Clients. Learn more at www.leverpoint.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com.