Cortland Capital Market Services has completed its rebrand to Alter Domus, a provider of fund and corporate services to alternative investment managers. Together, Alter Domus administers over USD750 billion of assets on behalf of 80 per cent of the largest private debt managers, real estate firms, and private equity houses globally.
Total private market assets under administration (AuA) in North America is expected to grow by 9.4 per cent to USD16.3 trillion by 2025.[1] For alternatives managers servicing these assets for end-investors, this unprecedented growth in AuA will increasingly place their back and middle office systems and processes under even greater cost and operational pressure.
As a result, private debt, real estate and private equity managers are increasingly looking to outsourced solutions for investor, fund and asset servicing. This primarily includes administration, tax and regulatory compliance, and fund distribution and reporting support.
Doug Hart, CEO, Alter Domus, says: “Institutional investors are no longer blindly allocating more assets to the private markets. In return for record levels of investment into the asset class, they are requiring more transparency, greater cost efficiency and better client service from their managers. Combined with a mounting regulatory burden in the United States, this means the administrative demands on alternative asset managers are unsustainable.
“Most of the alternatives managers who still service assets in-house have not calculated the true breakeven cost of maintaining a traditional middle and back office support function. That’s where Alter Domus comes in. As an outsourced partner to the largest North American private markets asset managers for over 12 years, the time is right to complete Cortland’s rebranding to Alter Domus as we embed and globalise our offering in true partnership with our clients.”
Alter Domus acquired Cortland Capital Market Services LLC in 2018 and now employs 2,400 people in more than 44 locations worldwide.
