Apex Fund Services has secured a $40 million loan from credit investment firm Highbridge Principal Strategies (HPS), PDI sister title pfm has reported.
“The completion of this investment further strengthens Apex’s ability to continue its expansion on a global scale,” Peter Hughes, founder and chief executive of Apex Fund Services said in a statement. “I am delighted that a well established investment firm recognizes an opportunity in the business and has confidence investing in our brand and supporting us in our future development.”
Apex provides fund administration services to its clients from 33 offices around the world. Earlier this year the fund administrator announced the biggest month of growth in its history by taking on $2.7 billion worth of new business in June 2016, 60 percent of which was converted from other fund administrators, according to a statement from Apex.
The fund administrator also made three senior appointments across its London and Luxembourg offices last month. Sonja-Maria Hilkhuijsen and Gareth Williams join the fund administrator’s Luxembourg office, and Nitin Khanapurkar will relocate from the UAE to Apex’s London office, as reported by pfm.
Highbridge Principal Strategies was re-named HPS Investment Partners after spinning out from JPMorgan in March. The firm specializes in private equity, debt, and mezzanine investments in both public and private capital markets. The firm has approximately $24 billion of assets under management.
Apex Fund Services was represented by Macquarie Capital and Deloitte & Touche as financial advisors and Debevoise & Plimpton as legal advisors, whilst Highbridge Principal Strategies was represented by Ropes & Gray.