Asia-focused PE secondaries fund Bee Alternatives appoints Apex Group for fund admin
Apex Group (Apex) has been appointed, to provide fund administration and regulatory services to Bee Alternatives Limited (Bee Alternatives), an independent manager dedicated to secondary private equity investments.
Bee Alternatives has its origins as part of Ant Capital Partners Co Ltd (Ant Capital), where the team were one of the pioneers of secondary investments in Asia. Bee Alternatives now manages the series flagship secondary funds with a total AUM of cUSDD300 million with investments across the world, and is seeking to raise up to USD350 million for their latest fund Bridge 6 Bee Secondary.
In Q2 2021, Bee Alternatives spun out as an independent entity from existing Apex client Ant Capital, demonstrating Apex’s ability to support both new and established managers and structures. Ant Capital remains an important strategic partner to Bee Alternatives.
This appointment comes amid the rapid growth of the secondary market in Asia Pacific region, including Japan. According to Preqin’s Secondary Market Update H1 2021, in the first six months of the year, USD543 million was raised across markets including China, Japan, and South Korea. This is 62 per cent increase on the volume of aggregate capital raised during the whole of 2020 (USD334 million).
Apex Group’s fund administration services ensure the delivery of timely, accurate and independent portfolio accounting, fund and investor reporting underpinned by a range of ‘best in class’ technologies. Bee Alternative’s partnership with Apex provides the fund with access to eFront software services, delivering transparency through frequent and detailed reporting, fair calculation of investments, sophisticated accounting, calculation of carried interest under complicated waterfall models and complex investment structures.
This announcement is the latest in a series of client wins for Apex’s Japan office, including the recent appointment by Tokyo-based private equity manager Integral Group, and the hires of Andrea Gallenca as Head of Private Market Sales – Australia and Prakash Kharel, Head of Real Estate, Asia Pacific.
Yuko Shimizu, Head of Sales, Japan at Apex Group, says: “The Asia-Pacific region now accounts for a growing portion of secondaries fundraising, and we are delighted to support Bee Alternatives, as they harness this potential for significant growth. By leveraging Apex’s experience and our comprehensive solutions and technology platforms, Bee Alternatives will be enabled to deliver more precise information and transparent communication to their LPs, whilst achieving operational efficiencies.”
Fumiki Otokuni, CEO & Co-Founder at Bee Alternatives, adds: "We are delighted to appoint Apex following a competitive tender process, as we believe they are the global player with the deepest understanding of our business and the specific administrative and regulatory needs of secondary fund of funds. Most importantly, the team at Apex, led by Yuko, have reassured us throughout the process, and have demonstrated unparallel the enthusiasm and aptitude required to provide us with flexible solutions."