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

OmniQuest Capital: Why Funds of Hedge Funds Work

Aug 11 2016 | 4:47pm ET

There have been few sectors of the alternative investment universe under as much...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...