Private equity fund Public Pension Capital (PPC) and investment firm FiveW Capital has agreed to acquire Viteos Fund Services for an undisclosed amount.

Founded in 2003, Viteos Fund Services offers middle- and back-office technology and services for the investment management industry in the US, Europe and Asia.

Viteos said that its management team will continue to lead the firm. Credit Suisse acted as financial advisor to the company.

PPC partner and head of business services Thomas Uger said: "We are very pleased to partner with the Viteos management team and support further investment in technology and human resources, allowing the company to deliver even more value to investment managers."

FiveW Capital CEO Randall Winn said: "As part of our investment, we assembled a group of strategic co-investors including a series of principals of alternative asset managers, and alternative allocators who understand Viteos' value proposition and track record of stellar client service.  This group intends to assist Viteos in sustaining its growth and bring its capabilities to more clients."

Viteos CEO Shankar Iyer said: "The backing of PPC and strategic investor FiveW Capital, their seasoned principals, investors and longstanding relationships, will complement our organic growth and launch us into the next chapter of Viteos' story."

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Viteos COO Chitra Baskar: "The array of assets we built over 14 years – our conscientious skilled employees, impeccable reputation, and innovative technology, has provided significant value as proven by our growing roster of top tier clients. We want to assure our marketplace position and will continue to invest in and lever these assets as we elevate awareness of our offering under the PPC umbrella."