Northern Trust will provide fund administration and banking services to a new Guernsey-based private equity fund launched by Apse Capital Bridge Fund.
Apse Capital is a new independent European private equity group focusing on buyout and development capital opportunities in European tech-enabled information and services businesses.
The closed-ended private equity fund has been established under Guernsey’s Private Investment Fund (PIF) regime, which offers an expediated route-to-market for eligible funds.
“Northern Trust has been appointed based on long standing existing relationships which have been characterised by a commitment to proactively supporting the strategic goals of the private equity funds that the investment team at Apse Capital and its predecessors have advised on,” said Ashley Long, partner at Apse Capital.
The PIF regime was introduced in November 2016, and has proved to be a popular route for firms to launch a private equity fund as it provides greatly flexibility and quicker time-to-market.
“This successful launch illustrates Guernsey’s flexible and proportionate regulation allowing fund managers to access markets quickly, enabling them to respond to competitive global opportunities. The PIF is just part of the tool box of solutions for alternative fund managers looking to domicile funds in Guernsey,” added Dave Sauvarin, country head, Channel Islands, Northern Trust.
The Channel Islands has become a key focus for Northern Trust’s private equity fund administration business.
Last year, Northern Trust debuted its blockchain solution in Guernsey, allowing firms to carry out audits of private equity lifecycle events. It also processed the first live capital call on the private equity platform for Emerald Technology Ventures, a $660 million venture capital fund manager.