Apex Group Ltd. (“Apex” or “the Group”), a global financial services provider, has been appointed by OurCrowd, a global venture capital investment platform, to provide fund services. Formed in 2013, OurCrowd is Israel’s most active venture capital firm, having deployed over US$1.8bn in committed capital to date.
OurCrowd, has recently launched its global venture capital fund, OurCrowd 50 (“OC50”). OC50 is a highly diversified investment vehicle giving investors exposure to global venture backed assets across a mix of sectors, geographies and from early stage through to later stage companies. OurCrowd has set up an Australian Dollar unit trust for the first time, with Australian investors expected to comprise 12 per cent to 25 per cent of the raise.
OurCrowd has appointed Apex to provide Fund Administration, Transfer Agency and Custody Services to OC50. These services, underpinned by leading technology platforms and delivered by experienced local teams, will enable OurCrowd to communicate with its investors in a more transparent and efficient manner.
Fund Services are an integral part of Apex’s single-source solution, which, according to a recent Total Economic Impact (TEI) report by Forrester Consulting, provides clients of Apex Group with a return on investment of 105% and cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.
This news follows a series of Fund Administration mandate wins for Apex in the Oceania and APAC regions, including Perennial Partners and New Forests, following the successful acquisitions of Australia-based Mainstream Group, and New-Zealand-based MMC.
Nick Bradford, Head of Business Development, Oceania, at Apex Group comments: “We are delighted to be working with a fund of OurCrowd’s pedigree and outstanding performance record. As we see alternative assets continuing to attract investment from wholesale and HNW investors, our clients need administrators with the experience and technology to meet the varying reporting requirements of a larger number of investors.”
Dan Bennett, Managing Partner at OurCrowd Australia & Asia adds: “We are pleased to appoint Apex as fund administrators for OC50, having been impressed by the depth of their experience supporting VC and private equity funds across various regulatory frameworks and fund structures. We are targeting Australian investors for this fund, and Apex will play an important role in supporting our relationships with them, by enabling timely and accurate reporting.”
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