Mubadala, Carlyle pick up stake in Apex Group

 Mubadala, Carlyle pick up stake in Apex Group

Abu Dhabi sovereign wealth fund Mubadala Investment Company and private equity firm Carlyle have acquired minority stakes in the Bermuda-founded financial services firm Apex Group Ltd.

Apex founder and CEO Peter Hughes, majority investor and private equity firm Genstar Capital, and PE firm TA Associates also invested in the company, Apex said in a statement.

Apex didn’t disclose any financial details of the stake purchases.

Carlyle and TA Associates are existing backers of Apex. While Carlyle Carlyle had invested in Apex via its Global Credit platform in November last year, TA Associates had picked up a significant minority stake in Apex last month.

Founded in Bermuda in 2003 by Hughes, Apex employs 5,000 people across 50 offices globally and manages a portfolio in excess of $1.5 trillion.

In May, Apex had acquired Israeli fund services provider Tzur Management, adding 90 employees and $13 billion in assets under management.

Apex has expanded rapidly through acquisitions in recent years, especially since raising funding from San Francisco-based Genstar in 2017.

The Genstar funding was followed by Apex acquiring Equinoxe Alternative Investment Services. Carlyle’s backing late last year helped Apex finance the acquisitions of Luxembourg-based FundRock Management Company SA and Banco Modal’s Alternative Fund Administration business in Brazil.

Late last year, Apex struck a deal to purchase GFin Corporate Services Ltd. Mauritius-based GFin provides fund administration and other services to institutional clients. It was set up in 2011 by Tej Gujadhur and Santosh Gujadhar.

Aman Malik

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