IQ-EQ will provide Belfast-based Cordovan Capital Management with administration and depositary services after helping launch its first institutional fund.
Cordovan Capital Management is one of Northern Ireland’s most active private equity investors, having made nine portfolio investments since 2016.
IQ-EQ is providing a full fund services mandate including administration and depositary services as well as appointed representative and UK AIFM services through its subsidiary regulatory compliance business.
The new fund is aiming for its first close imminently and will be targeting a total AUM value of £50 million. The fund will be a private equity fund providing buyout and growth capital of £500,000–£4 million to ambitious UK and Irish SMEs.
In addition, IQ-EQ has made two new appointments for its Cayman operations. James Bolton joins as country delivery director after six years at Citco, while funds veteran Andrew Edgington becomes client director.
An active year for IQ-EQ earned it a place in Global Custodian’s Fund Administration One to Watch shortlist last month, recognising its progress following a suite of new hires, acquisitions and mandate wins during 2020.
One of its highlights was the acquisition of Blue River Partners which added 200 funds professionals servicing more than 500 clients across the US from its seven office locations.