Apex Group Ltd., a global financial services provider, announced that it has been appointed by PAPE Fund Managers (Pty) Ltd (PFM), a division of PAPE Group (Pty) Ltd, a boutique private equity fund manager to provide fund administration services. PFM acts on behalf of the PAPE Fund 3 Limited Liability Partnership comprising nine investor groups.
PAPEfunds, the private equity management division of PAPE Group, provides long-term equity risk capital into pedigreed South African mid-cap unlisted enterprises. PAPEfunds has been raising and managing funds since 2006; namely PAPE Fund 1 and Fund 2 and in early 2020 closed fundraising for PAPE Fund 3, a private equity limited liability partnership fund capitalized at ZAR1.03bn by international, best-in-class development finance institutions. Fund 3 has completed deploying capital and has six investee companies.
Reflecting its commitment to institutional quality compliance, reporting and governance, PAPE has awarded Apex Group an expanded remit to provide fund administration services to Fund 3. Apex Group’s experienced local team will provide Fund Accounting, Investor/LP servicing, Cash Management and Regulatory Reporting solutions.
Fund administration is at the core of Apex Group’s single-source solution, delivering timely, accurate and independent services, underpinned by market leading technology platforms. According to a recent Total Economic Impact (TEI) report by Forrester Consulting, clients of Apex Group’s single-source solution achieve, on average, cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.
Apex Group has recently entered the South African market through the acquisitions of Sanne Group and Maitland, and now employs over 1,200 people across offices in Johannesburg and Cape Town to deliver its single-source solution to over ZAR 2.5trn (USD$127bn) of assets for 150 clients, including asset managers, private clients and family offices.
Alan Keet, Regional Head of Middle East & Africa at Apex Group comments:
“We are proud to be working with PAPE’s experienced team to support them as they continue their enviable track record of investing in some of Africa’s most exciting growth businesses. This appointment comes amid a growing trend of fund administration outsourcing for African private equity managers as they align with global best practice, drive efficiencies and free up their team’s time and resources to focus on the deployment of their capital.”
Guy Baxter, Director & Principal, PAPE further adds:
“The Apex Group team came highly recommended by their clients for their extensive knowledge and commitment to exceptional client service. With Apex Group’s global reputation and scale, we know we are in good hands. We look forward to a productive partnership which will allow us to focus on the job at hand: engaging with established African enterprises to generate growth and attractive returns for our investors.”
Apex Group will provide fund administration services to support PAPE alongside existing legal advisor Cliffe Dekker Hofmeyr.
