Apex chosen by Brazilian fund for offshore launch

Brazilian investment manager Captalys has launched its first offshore fund with the support of Apex Fund Services.

The fund, Captalys Private Credit UBS, is registered in the Cayman Islands and will operate a credit vehicle with a partial currency hedge to protect against the Brazilian real.

Apex Fund services told Global Custodian toward the end of last year its ambitions to become a top 10-fund administrator, with plans to get to $100 billion in assets under administration within the next two years.

Captalys currently has BRL 1.5 billion in assets under management (AUM) and currently invests in Brazilian private credit.

The fund has launched with around $10 million through investment from a Tampa-based US family office BayShore Capital.

“Our Uruguay and Cayman offices will work closely to deliver the solutions required to administer the Captalys Private Credit USD fund,” said Matias Gaitan, managing director, Apex Uruguay.

“The team at Captalys have already secured investment from a US based family office and we look forward to supporting them in their future growth success.”

Apex appointed former Morgan Stanley and Cantor Fitzgerald executive Daniel Strachman to a senior business development role in January. This follow a string of hires in 2016.

“We spoke with many service providers, and ultimately, Apex had the best market knowledge, solid systems and controls, experience with Brazilian fund managers, and ability to work with us to get the fund launched within the investors’ requested time table,” said Andre Pina, head of funds for Captalys.