Private equity assets serviced by State Street’s alternative fund services business surpassed $100 billion in the second quarter, the company says.
State Street won $14 billion in new private equity business this year, bringing the total number of private equity and venture capital funds serviced globally to 350. The growth was achieved despite a dip in the private equity sector, with State Street’s own Private Equity Index reporting negative returns in the first three months of the year.
“We have been encouraged by the overall growth in our private equity servicing business, despite a slowdown within certain sectors of the industry,” says Jack Klinck, executive vice president and global head of State Street’s Alternative Investment Solutions team. “Our total assets under administration have grown by approximately 20 percent since establishing our dedicated service offering, and we look forward to building on this strong foundation.”