Apex Group has acquired Mainspring, a UK-based provider of venture capital fund administration and accounting services.
Mainspring provides outsourced administration and accounting services to small and medium-sized venture fund managers in the UK.
Mainspring also operates an FCA-regulated custody business for fund managers offering managed account investments such as EIS funds.
The addition of Mainspring adds 70 employees in two UK offices, and assets under administration (AuA) of £9.7 billion to Apex Group. This is comprised of £3.7 billion on Mainspring’s Investment Platform which provides private markets funds and deal custody, and £6.0 billion of venture capital fund administration.
Mainspring brings notable new capabilities to Apex Group for international private markets custody and SMA administration as well as a depth of experience in venture capital fund administration that complements the Group’s existing offering.
Through this acquisition, Mainspring’s clients will benefit from Apex Group’s global perspective, access to a network of local experts and a wide range of services including Digital Banking and ESG Ratings & Advisory. Apex Group’s services are provided through a single relationship, offering efficient, scalable solutions and enabling growth and expansion into new jurisdictions.
