Phase4Ventures, formerly part of Nomura, has appointed Citi to provide document safekeeping and fund administration services.
Phase4 Ventures was established in 1999 to invest in and manage a portfolio of global life science companies for Nomura. Since then, the premier life science venture capital group has invested in 28 companies. Phase4 Ventures underwent a management buyout in 2010 and is now completely independent.
Denise Pollard-Knight, managing partner of Phase4 Ventures said: “As we move forward as an independent venture capital firm, the appointment of a third-party administrator is an important step to ensure optimal transparency for our investors, while keeping administrative costs as low as possible. Citi will be instrumental in helping us achieve this goal.”
Kamran Anwar, EMEA head of Private Equity Services said: “With the increased activity in private equity spin-offs, Citi has a unique opportunity to provide middle and back-office infrastructure to support the transition of the new entities and help them operate as independent players.”
Sanjiv Sawhney, Global head of Fund Services at Citi said: “As the increased regulatory requirements for reporting and transparency shape the market, private equity funds can greatly benefit from the skills and expertise of a third-party administrator to manage costs and risk more efficiently.”
(JDC)