Dutch professional services firm TMF Group has agreed to acquire Gentoo Holdings, a provider of fund administration services, for an undisclosed sum.

Based in Guernsey and Luxembourg, Gentoo offers regulated and unregulated fund administration, depositary services, along with corporate and domiciliation services. The firm, set up in 2011, currently manages over $15bn in assets and employs 50 staff.

TMF called the deal, which is subject to regulatory nod, a “key milestone” for the development of its private equity and real estate (PERE) line up.

The Dutch group will fund the takeover from its existing cash resources.

TMF global head of PERE Bruno Bagnouls said: “PERE is a key growth area for our business. Gentoo’s expertise and reputation in the market complements our expanding footprint in this sector, and brings a high calibre team with an excellent blue chip customer base.

“I am delighted that Nick, Christine Whitehorne, Mark Hooton, Alex van Zeeland and Michelle Carvill will form a key part of our combined business, and I look forward to welcoming the entire Gentoo team to TMF Group.”