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Alternative Market Briefing

Alter Domus hits $1tn in AUM after Strata Fund acquisition

Wednesday, January 13, 2021

Laxman Pai, Opalesque Asia:

Global alternative investment fund administrator Alter Domus is acquiring the fund administrator serving US private equity and venture capital funds Strata Fund Solutions, which would result in a firm with about $1 trillion in assets under administration.

According to a press release from the Luxembourg-based fund administrator, it expects to generate close to 40% of its global revenues in the US where it will employ 900 staff, after the acquisition. Even before the deal, Alter Domus had already expanded its US operations rapidly in recent years.

Alter Domus is a portfolio company of private equity firm Permira. FTV Capital and StepStone Group made a growth equity investment in Strata in August 2018 and are exiting their investments as part of this transaction.

Alter Domus also opened a Cayman Islands office to provide specialized local support in recordkeeping and compliance for clients' global alternative investment portfolios.

Salt Lake City-based Strata Fund Solutions provides back- and middle-office services for private equity and venture capital funds.

Terms of the deal, which is expected to close in the first quarter subject to regulatory reviews, are not being disclosed.

"This strategic acquisition represents another milestone in the firm's North American growth strategy focused on providing high-quality, vertically integrated solutions to the most demanding private equity, venture capital, real estate, and credit inve......................

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