Apex Group has agreed to provide fund services to Greater Share, a novel philanthropy-meets-private-equity initiative, on a pro bono basis. Apex will deliver corporate services, fund admin, transfer agency and banking services to Greater Share, the company said on Monday.
Greater Share, which was set up by former Actis chief executive Paul Fletcher earlier this year, will channel wealthy individual’s capital into six institutional-grade private equity funds through a fund of funds structure. The GPs donate their management fees and carried interest from Greater Share’s portion of the funds to a selection of education-focused NGOs. The HNWI limited partners will then commit at least a half of their gains to the same group of NGOs.
This article first appeared in affiliate publication New Private Markets