TMF Group expands US presence by acquiring PartnersAdmin LLC
TMF Group, a leading provider of global administrative services, including fund accounting and administration, today announced the acquisition of PartnersAdmin LLC (PartnersAdmin), a full-service outsourced fund administration provider.
As a result, TMF Group will now administer more than $215bn worth of assets on behalf of its global fund manager client base.
Founded in 2008 and headquartered in Carlsbad, California, PartnersAdmin brings a diverse set of investment management credentials and fund operations experience, with a strong US West Coast footprint and a great portfolio of fund clients across multiple states, including a robust presence in California, Texas, New York, and Colorado.
PartnersAdmin supports fund managers across all stages of fund lifecycles with their fully integrated technology platform, providing seamless integration of portfolio, partnership, and investor accounting.
The acquisition represents a strategic step in TMF Group’s expansion in the North American market, particularly in the US, where in 2021 the company acquired Venture Back office (VBO), a US based third-party provider of solutions to private equity, real assets, credit, and emerging manager funds, allowing TMF Group to continue to build a high quality, fast-growing fund administration business.
In January 2022, TMF Group acquired Paraty Capital, a Brazilian fund administration platform focused on private equity, real estate, infrastructure, venture capital, and private debt funds, enabling TMF Group to compete for larger funds mandates in the Brazilian market, particularly with large US managers.
This deal reflects how attractive the North American market is due to its concentration of private equity firms and ease of doing business, as reported in our Global Business Complexity Index. This is our second US acquisition in the fund administration space and besides bolstering our presence in North America and complementing our existing footprint, it will expand our offering to our national and international clients. We are looking forward to welcoming everyone from PartnersAdmin into TMF Group.
This key acquisition highlights TMF Group’s strength and appetite in the fund administration business. The deal follows other carefully selected acquisitions that have taken place recently - including State Street’s fund administration business in the Channel Islands, IQ-Nexus in The Netherlands, and Selectra, a 3rd party AIFM Manco in Luxembourg - all designed to strengthen the company’s fund services proposition.
TMF Group’s technology and care for its clients is second to none. Their global footprint, along with the very high standards of services and solutions, will be beneficial to our clients and employees. We are pleased to join such a global organisation, and we are sure this is the beginning of an exciting journey with such a first-rate provider in the marketplace.
The sellers were assisted by Paddock Capital Markets (M&A advisor) and Paul Hastings (Legal advisor) for this transaction. TMF Group was assisted by Mayer Brown (Legal advisor) and KPMG (Financial and Tax due diligence) for this transaction.
Media Contacts
TMF Group:
Giampaolo Arghittu, Senior Global External Communications Manager,
giampaolo.arghittu@tmf-group.com
T: +39 334 947 95 84
PartnersAdmin
Scott Tominaga, Chief Operating Officer, PartnersAdmin
stominaga@partnersadmin.com
Tel: +1 (858) 375-4110
About TMF Group
TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world. Our 10,000 experts and 125 offices in 86 jurisdictions worldwide serve corporates, financial institutions, asset managers, private clients and family offices, providing the combination of accounting, tax, payroll, fund administration, compliance and entity management services essential to global business success.
We work with 60% of the Fortune Global 500 and FTSE 100, and almost half the top 300 private equity firms, covering sectors as diverse as capital markets, private equity, real estate, pharmaceuticals, energy and technology.
TMF Group – we make a complex world simple. www.tmf-group.com
About PartnersAdmin
Founded in 2008, PartnersAdmin provides a top-tier outsourced solution designed to meet the alternative investment industry's operational needs. As a System and Organization Controls 1 Type 2 certified administrator, the company is committed to helping to mitigate the rising costs and distractions that fund managers continuously face.
With offices in Carlsbad, California, Islandia, New York and Fishers, Indiana, PartnersAdmin has helped numerous clients over the years to effectively promote the protection of investors and decrease systemic risk.
