Alter Domus, a provider of fund administration, debt capital markets and corporate services backed by investment firm Permira, has acquired New York-based Investors Economic Assurance (IEA).
IEA provides technology solutions and services to alternative investment managers. According to Alter Domus, the acquisition represents another milestone in the firm’s strategy to offer vertically integrated solutions to private equity, venture capital, real estate and credit investors.
IEA’s proprietary technology platforms will allow Alter Domus to offer IEA’s tech-enabled services to the combined global client base.
Alter Domus generates almost 40% of its revenues from the US market and now has eight offices across the nation.
Earlier this month, it also launched an alternative investment fund manager (AIFM) and specialised depositary services in Ireland, following the acquisition of Beechbrook Capital’s Irish AIFM.
IEA founder Gary Shelto and the team will report to Paul Woods, Regional Executive North America of Alter Domus.
Alter Domus has been supported in this transaction by Clifford Chance as legal adviser; Crosslake Technologies as technology adviser; and PwC on financial and tax due diligence.
Newbold Partners served as exclusive financial adviser and Ackerman as legal adviser to IEA on its sale to Alter Domus.
Doug Hart, Group CEO at Alter Domus, commented: “North America continues to be one of the strongest growth markets for Alter Domus. Our heritage as a Luxembourg-based fund administrator with more than 50% of clients in the US has been a source of strength for our global client service capabilities.”