TA Associates invests in Apex

Apex has received a significant minority investment from growth private equity firm TA Associates.

The fund administrator is majority-owned by Genstar Capital, following the PE firm's investment in 2017. Since then, Apex has increased its AuA from $80bn to $1.1trn in assets serviced across administration, custody, depositary and under management.

Peter Hughes, founder and CEO of Apex Group said, “We are very proud of the progress we have achieved together with Genstar’s support, building an unparalleled breadth of product and scaling our geographic footprint while maintaining exceptional levels of client service and retention. With TA Associates as a new partner, we look forward to continuing on our growth trajectory and further enhancing our capabilities, while driving innovation and progress in the industry.”

“We are aligned with Apex management’s vision for the future and look forward to pursuing their global business model with Genstar and being a key partner in supporting Apex’s platform as they develop new services and strengthen their tech-enabled services,” added Roy Burns, managing director of TA Associates.

Genstar was assisted by Morgan Stanley & Co and Macquarie Capital (financial advisors) and Willkie Farr & Gallagher (legal), while TA Associates was assisted by Goodwin Procter (legal).

Recently, Apex has been in a bidding war with SS&C to acquire Australian fund administrator Mainstream Group. However on 17th June, SS&C announced it had “decided not to exercise its matching rights in connection with a competing offer made by a third party”. The most recent bid was AUD$2.80 per share, a 133% increase on the original bid.