Luxembourg-based fund services provider Alter Domus has snapped up Boston-based private equity and venture capital fund administrator IPS Fund Services as it looks to speed up its growth strategy in North America.

The transaction, whose financial terms were not divulged, brings $9bn in assets under administration to Alter Domus.

As part of the deal, Alter Domus will retain all IPS Fund Services staff who will now report to regional executive for North America Paul Woods.

Woods noted: “IPS shares the same focus on quality and client service which have both been at the core of Alter Domus’ own success over the years.

“Through the acquisition, IPS clients will now have access to the unmatched expertise of our 2,700 employees around the world who not only specialise in private equity but bring industry-leading expertise in real estate and private debt markets as well.”

The latest deal will expand the US reach of Alter Domus from Chicago into Boston.

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This year, the firm increased its employee strength in North America from 586 to 656 people and has ten offices in the region.

In 2018, Alter Domus acquired Chicago-based Cortland Capital Market Services.

Alter Domus CEO Doug Hart said: “With the acquisition of IPS Fund Services, we further solidify our North American presence, increasing our scale and capabilities significantly with an enhanced offering for clients locally and globally.

“In addition, IPS’s sophisticated client base will now benefit from access to our world-class technology solutions, which provide cutting-edge asset servicing capabilities and data tools specifically tailored to private equity investors.”

Additionally, Alter Domus recently also purchased London-based fintech Credit-Vision – a data and analytics platform for corporate credit investors.

As part of the deal, Credit-Vision staff will move to Alter Domus.