Apex Group has acquired fund administration software business Pacific Fund Systems (PFS) from its co-founders and Pollen Street Capital.
Founded in 1999 and with offices in the Isle of Man and Australia, PFS supports investment fund clients via its PFS-PAXUS product – accounting and administration software that supports the administration of open and closed ended traditional and alternative funds.
Pollen Street first invested in PFS in December 2020 and this is the first exit for its flagship Fund IV. Under Pollen Street's ownership, PFS's profit has risen rapidly, led by customer wins and strong revenue growth.
Peter Hughes (pictured), Founder and CEO of Apex Group, commented: “PFS-PAXUS is a proven technology solution for the funds industry that enables our clients and third parties to automate all fund administration components on a single platform.
"Bringing PFS-PAXUS into the group will help us deliver a single-source solution that improves administrative efficiencies, implements essential controls and manages our clients’ operational risk.”
Terms of the transaction are undisclosed. Deutsche Bank advised Apex Group on the acquisition, and Arma Partners acted as financial adviser to PFS.
Kirkland & Ellis International acted as legal adviser to Apex Group and Proskauer Rose as legal adviser to PFS.