Alter Domus Surpasses $ 1,000 Billion in Global Assets Under Administration with Acquisition of Strata Fund Solutions LLC
LUXEMBOURG & SALT LAKE CITY – (COMMERCIAL THREAD) – Alter Domus, a fully integrated provider of fund administration, debt capital markets and business services backed by Permira funds, today announced the acquisition of Strata Fund Solutions LLC (Strata) , a leading fund administrator serving US private equity and venture capital funds.
This strategic acquisition represents another important step in the Company’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 investors. Strata’s premier customer base and deep expertise complement Alter Domus’ world-class service capabilities. Strata also brings a complementary technology stack to Alter Domus, as the combined business will leverage industry-leading in-house solutions such as CorPro, Agency360, Mailroom, and Virtual Back Office, as well as top third-party information processing engines such as Investran. , eFront, Allvue and Yardi.
By partnering with Strata, Alter Domus North America ranks among the top three private asset services for US alternative asset managers. This transaction also brings Alter Domus’ global assets under administration (AuA) to more than $ 1 trillion, making it one of the largest private asset services for alternative asset investors globally and an undisputed leader in private equity and venture capital services.
Recently, the market disruption caused by COVID-19 has accelerated the tendency of alternative asset managers and asset owners to outsource the administration of their funds. More than ever, they need partners who can provide the cutting edge technology and multi-jurisdictional expertise necessary to manage the complexities of today’s investment programs.
Alter Domus has rapidly expanded its operations in the United States in recent years to meet this growing customer demand. Following the acquisition of Strata, Alter Domus expects to generate nearly 40% of global revenues in the fast-growing US market with more than 900 industry professionals. Last month, Alter Domus also opened an office in the Cayman Islands to provide specialist local recordkeeping and compliance support for clients’ global alternative investment portfolios.
Founded in 2008 and headquartered in Salt Lake City, Utah, Strata provides high quality fund administration services to the alternative investment industry. With nearly $ 140 billion in assets under administration and over 200 professionals, Strata will join Alter Domus’ global team of more than 1,000 professionals dedicated to private equity and venture capital fund services. Recognized as an innovator in fund services, Strata has recently developed a successful and complementary service offering in alternative data management capable of taking control of the immense volume of crucial information flowing to managers and owners of funds. ‘assets to provide consolidated reports and meaningful information. FTV Capital led a large growth equity investment in Strata in August 2018, with participation from StepStone Group, and the two exited as part of this transaction.
Doug Hart, CEO of Alter Domus, said: “We are delighted to welcome the founders of Strata, Jared, Darren, Nate and their entire talented team to Alter Domus. Our founders, directors and respective teams share a culture of excellence dedicated to investment funds and business services. Our shared service model and advanced technology platforms align perfectly to provide our customers with a trusted solution from day one. ”
Jared Broadbent, co-founder of Strata, said: “We are very pleased to join the Alter Domus Group, one of the world’s leading service providers for the alternative investment industry which crucially shares our values and our commitment to providing the highest levels of customer service. The merger of our two companies will allow us to offer our clients a global reach and even more in terms of services, expertise and technology. My co-founders Darren, Nate and I, along with the entire Strata team, look forward to working alongside Alter Domus to help grow our combined team over the years to come.
Alter Domus is backed by global investment firm Permira. In December 2020, Alter Domus acquired IPS Fund Services LLC, a Boston-based fund administrator serving private equity and venture capital funds. In the same month, Alter Domus also announced the acquisition of UK technology platform Credit-Vision Limited, an online front and middle office technology platform providing portfolio management and financial analysis to private investors and investors. participants in debt capital markets.
About Alter Domus
Alter Domus is a leading provider of fund administration, debt capital markets and business services to the alternative investment industry. Thanks to vertical integration, dedicated teams provide support and tailor-made solutions across all value chains. By tapping into a talent pool of nearly 3,000 employees in 36 offices in 20 jurisdictions, our expertise and cutting-edge technology combine to give clients a head start.
With an established professional specialization in the private equity, venture capital, real estate, infrastructure and credit industries, we provide fund administration, debt capital markets, services to companies, custodian services, transfer pricing, domiciliation and management. Our specific experience in the debt capital markets industry enables us to provide specialized solutions such as loan administration, agency services, transaction settlement and CLO management services.
Alter Domus is proud to serve 14 of the 20 largest private equity firms, 18 of the 20 largest real estate companies and 15 of the 20 largest private debt managers in the world.
For more information, please visit: www.alterdomus.com
About Strata Fund Solutions LLC
Strata Fund Solutions LLC, an FTV holding company, launched in 2008 to provide high quality administrative services to the alternative investment industry. The company has extensive experience in private equity funds, private equity funds of funds, venture capital funds, real estate funds, registered funds, offshore funds, managed accounts, endowments, foundations, hedge funds and funds of hedge funds.
Headquartered in Salt Lake City, Utah, Strata combines highly skilled people and cutting edge technology to deliver the highest level of customer service. Strata provides in-depth knowledge and experience in the areas of accounting and financial reporting, investor services, tax compliance services, audit coordination and consulting.
Macquarie Capital acted as exclusive financial advisor to Strata Fund Solutions.
For more information, please visit: www.stratafs.com