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Apex Group to acquire European PE fund administrator Ipes

Independent fund solutions provider Apex Group Ltd. is acquiring Guernsey-based Ipes (Guernsey) Ltd. from pan-European private equity firm Silverfleet Capital Partners LLP for an undisclosed sum.

Ipes has 265 employees across five offices in Europe, and works with 195 clients and 390 funds. The acquisition should strengthen Apex's capabilities across Europe and position it to become the world's fifth-largest fund administrator, according to a release.

The transaction, slated to close at the end of the third quarter, is expected to add US$165 billion in assets under administration to Apex's portfolio, while expanding the group's total assets being serviced to roughly US$535 billion and its employee network to about 2,000.

Apex is a portfolio company of San Francisco-based private equity firm Genstar Capital.

Macquarie Capital was the exclusive financial adviser to Genstar and Apex, with Willkie Farr & Gallagher serving as legal counsel. N M Rothschild & Sons and Travers Smith were the financial adviser and legal counsel, respectively, to Ipes.