Ocorian, a provider of fund and corporate administration services, has reached an agreement to purchase the Fund Solutions division of Element 78 Partners (E78), a Chicago-based professional services provider.

The deal, which awaits regulatory clearance, aims to strengthen Ocorian’s foothold in the US.

The acquisition will see Ocorian integrate E78’s Fund Solutions team into its global fund services business.

Upon completion, the combined operation will consist of more than 700 fund services and regulatory compliance experts.

Ocorian CEO Chantal Free said: “Our fund services team has grown significantly through our relentless focus on clients, leveraging our unique combination of technology, people and processes.

“This acquisition is tremendously exciting for us as it significantly expands our offering for US fund managers, broadening the range of services we can provide to fund clients and complementing our current capabilities in regulatory and compliance consulting.”

E78’s Fund Solutions team currently supports nearly 200 alternative investment fund managers, managing assets exceeding $85bn.

The team offers a range of services, including outsourced CFO, fund administration, regulatory compliance, and tax services, supporting clients throughout their lifecycle from inception to growth.

E78 Fund Solutions executive managing director Vincent Calcagno said: “We are incredibly proud of the Fund Solutions business we have built at E78, and we’re excited to have found the right partner in Ocorian, who shares our commitment to serving clients as a trusted business partner. 

“A collective mindset of service excellence, investing in technology, innovation and our most important asset – our team – were also critical.”

Ocorian, a portfolio company of Inflexion Private Equity, recently closed Inflexion’s £2.3bn ($3.11bn) continuation fund, which will support the firm’s ongoing growth strategy, including mergers and acquisitions.