Apex Gets VC Money To Serve Smaller Hedge Funds

Jun 7 2011 | 1:31pm ET

Hedge fund administrator Apex Fund Services has won $30 million in venture capital funding to assist with its expansion.

The firm, which will debut in Australia next month, will use the money from FTV Capital to push into servicing smaller hedge funds. The venture firm told Financial News that larger administrators were ignoring smaller funds, and smaller administrators were battered by the financial crisis.

"The big guys tend to be bureaucratic and oriented towards large institutional clients," FTV's Brad Bernstein said. "We believe there is a big opportunity to serve smaller firms who are not well-served by these large admin. firms."

FTV's money will fund both acquisitions and global growth plans, FN reports. Bernstein has joined Apex's board of directors.

"In addition, these large firms are in other businesses such as prime brokerage create conflicts and biases," Bernstein added. "As an independent, we have none of these issues."


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note