Alter Domus, a Luxembourg-based fund administrator, has acquired CARTA Fund Services, a US funds services business.
CARTA was spun out of American private equity firm Portfolio Advisors in 2013. The firm specialises in private equity fund administration, including fund accounting and GP reporting services.
Alter Domus already has an office in New York. CARTA’s management team, which includes former chief financial officers from Portfolio Advisors, Hudson Clean Energy Partners and Centre Lane Partners, will join the Alter Domus team as part of the transaction.
“Internationally, Alter Domus is exclusively focused on private equity, private debt and real estate managers and these segments will remain our sole focus in the US market,” said Laurent Vanderweyen, its chief executive. “Our expansion into the US is partially in response to demand from several clients who are considering outsourcing their domestic fund administration and want alternatives to what the traditional 'big bank' administrators can offer,” he added.
“Our experience in assisting our US clients to comply with the AIFM Directive in Europe over several years gives us confidence that the best approach to deal with regulatory change is by having a local presence and by maintaining an ongoing dialogue with our clients,” Vanderweyen added.