Apex expands VC services with Mainspring deal

The service provider also finished its acquisition of Modal Group division in Brazil.

Service provider Apex Group has announced that it will acquire Mainspring, which offers venture capital fund administration and accounting services.

The tie-up with the UK-based company would give Apex an additional £9.7 billion ($11.2 billion; €11.2 billion) in assets under administration, plus 70 new employees. The Bermuda-based service provider also anticipates getting regulatory nods for the deal in late 2022.

Apex said the acquisition will give it “new capabilities,” which will cover SMA administration and custody. It added that Mainspring will bring “a depth of experience in venture capital fund administration” to complement what it already has in house.

Mainspring’s own clients will get access to Apex services, the firm said, citing ESG ratings and advisory, along with private banking.

Apex seals deal for Modal Group unit

The firm separately announced that it has wrapped up its acquisition of the Brazilian alternative fund administration arm of Modal Group, referred to as MAF.

The combination gives Apex about 80 billion Brazilian reais-worth ($15.3 billion; €15.3 billion) of assets under administration and custody, along with a headcount boost of more than 110. Apex added that MAF’s head, Ricardo Lima Soares, will also oversee its Latin American business.

The firm noted that its MAF completion comes after it acquired Brazil’s BRL Trust Investimentos, which was a little over a year ago.

Both the Mainspring announcement and the MAF deal completion come weeks after Apex finished its acquisition of competitor Sanne Group.