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Fund admin firms Alter Domus and Cortland agree merger

Cortland says the deal will strengthen its debt and real estate offerings.

Fund administrator Cortland Capital Market Services has agreed to be acquired by Alter Domus Group in a move it says will bolster its private debt and real estate services.

Chicago-headquartered Cortland announced it has agreed the deal for an unknown sum, which is expected to close in the first quarter of 2018.

Cortland provides a variety of investment services including fund administration, loan services, credit services and cash management. It has been particularly active in the real estate and private debt spaces, and earlier this year it launched an asset-based lending platform.

Alter Domus is also in fund administration, offering services to private equity funds, infrastructure investors and private debt funds, and said it services five of the 10 largest private debt managers in the world.

Doug Hart, CEO of Cortland, said: “Becoming part of the Alter Domus Group gives us the ideal platform to expand our real estate and private credit service offerings.”

He added that the merger will also help to push the company’s loan servicing offering into other markets in Europe and Asia Pacific.

Laurent Vanderweyen, CEO of the Alter Domus Group, said the deal would also help the group to provide vertically integrated client services in the US. He added the deal complements the firm’s acquisition of CARTA Fund Services earlier this year.

Financial advice on the deal was provided by Jefferies while Reed Smith acted as legal advisor.