Mainstream Fund Services expands private equity fund admin to APAC

KDBA is the first APAC client to be administered on Allvue, the technology platform for closed-ended alternative funds which Mainstream utilises.

By Joe Parsons

Mainstream Fund Services has expanded its US private equity administration solution to Asia-Pacific (APAC) and has signed Korea Development Bank Asia (KBDA) at its first APAC-based client.  

The new solution will allow general partners (GPs) to benefit from one complete system for accounting, customer relationship management (CRM), investment and a configurable limited partner (LP) investor portal. 

KDBA is also the first APAC client to be administered on Allvue, the technology platform for closed-ended alternative funds which Mainstream utilises. Mainstream will administer KDBA’s Cayman fund in Hong Kong, with scope to extend the solution to other clients in the region. 

“We are seeing increased demand for outsourced fund services from private equity, venture capital and real estate funds as a result of increasingly complex regulation, operational compliance and LP demands for better fund governance,” said Amber Lo, head of fund services, Hong Kong, Mainstream.

“For most private equity managers, the cost of buying and building in-house technology and operations is prohibitive. Our combined solution can handle the most complex fund structures and partnership accounting requirements.” 

Funds in Hong Kong, Australia and Singapore will now access the same cloud-based complete back-office solution used by Mainstream’s US clients, combining detailed financial statement reporting, a multi-currency general ledger, cash management, waterfall capabilities, integrated CRM, and a robust LP portal integrated in one complete system. 

“Mainstream’s investor portal includes all ILPA standard reporting and a robust platform with drill down capabilities included. This gives transparency to LPs who increasingly want to work with general partners that focus on investment decisions and leave their back-office operations to third party experts, like Mainstream,” added Lo. 

Mainstream already administers $5.68 billion of private funds in Asia-Pacific, in addition to its established private equity fund services business in the US where private equity fund assets under administration has doubled over the past twelve months to $7.86 billion as of 30 June 2020.