Private equity firm Stone Point Capital has agreed to invest in Ultimus Fund Solutions, a fund administration solutions provider.
Financial details of the transaction were not disclosed.
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Besides, Ultimus secured reinvestment from its existing backer GTCR.
In a statement, the firm said said that GTCR Fund XIV will reinvest in Ultimus, ensuring full liquidity for GTCR Fund XII.
The transaction is anticipated to be finalised in the fourth quarter of this year. Upon completion of the transaction, both GTCR and Stone Point will share equal governance of the company.
The current management team, led by Gary Tenkman, will continue to oversee operations while retaining “substantial” equity interest.
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By GlobalDataSince its partnership with Tenkman in February 2019, GTCR has facilitated a merger between Ultimus and Gemini, aiming to establish an independent fund administration service for both public and private markets.
Tenkman said: “With the support of both Stone Point and GTCR, Ultimus is uniquely positioned to further accelerate our growth trajectory while continuing to deliver industry-leading capabilities and tailored solutions to our clients.”
Ultimus provides fund administration services tailored for investment advisors.
It administers over $600bn in assets and provides a wide array of services to more than 450 clients and 2,100 funds.
The company operates across three key segments, namely traditional public funds, complex and alternative public funds, and private funds.
Stone Point co-CEO Jim Carey said: “We are excited to join GTCR in this partnership with Ultimus. The Company’s leadership team has built an exceptional business with a strong track record of growth.
“Ultimus is well positioned to capitalise on the increasing demand for fund administration services, particularly in complex, high growth areas such as retail alternatives, where we believe the Company’s expertise and capabilities are unmatched.”
In February this year, Kestra Holdings completed its recapitalisation, with Stone Point Capital acquiring a majority stake, replacing Warburg Pincus, which had held the majority since 2019.
