Administrative services provider TMF Group has completed its acquisition of Venture Back Office (VBO), a US-based third-party provider of solutions to private equity, real assets, credit and emerging manager funds.
As a result, TMF Group will now administer more than €150bn worth of assets on behalf of its global fund manager client base.
The deal forms part of TMF’s strategy to expand its global fund services business. It follows its acquisition of State Street’s fund administration business in the Channel Islands, IQ-Nexus in The Netherlands, and third-party AIFM manco Selectra in Luxembourg.
Jan Willem van Drimmelen, TMF Group’s Head of North America, stated: “The US market is home to 60% of the world’s private equity market. VBO’s knowledge of local requirements significantly enhances our global offering and domestic capabilities.”
VBO was founded in 2007 and provides a range of services, from fund administration to investor services, as well as solutions for management and portfolio companies.
Deloitte acted as tax adviser and Mayer Brown as legal adviser to TMF Group in the transaction.