Astorg’s portfolio company IQ-EQ is attracting preliminary interest from a number of global private equity firms, including Blackstone, Permira, Carlyle, EQT, and TPG, according to a report by Bloomberg citing sources familiar with the matter.
Luxembourg-headquartered IQ-EQ, a fund administration and compliance specialist with over $750bn in assets under administration, could be valued at around €5bn ($5.9bn) in a potential sale.
The formal auction process is expected to launch following the summer, the sources said, noting that discussions remain at an early stage and outcomes are not guaranteed.
Astorg acquired IQ-EQ in 2016 and, in 2022, moved the asset into a €1.3bn continuation vehicle backed by AlpInvest and Goldman Sachs Asset Management. The Paris-based buyout firm is now evaluating full or partial exit options amid growing investor appetite for scaled platforms in fund and corporate services.
Interest in the asset is being driven by the sector’s consolidation potential and resilient fee-based revenue model. IQ-EQ provides a broad suite of services including fund administration, AIFM support, regulatory compliance, and anti-money laundering consulting. The firm employs around 5,800 professionals across global markets.
The possible transaction comes amid heightened deal activity in the asset and wealth management space. Last year, Cinven acquired a majority stake in Alter Domus, while a CVC-led consortium took Hargreaves Lansdown private in a £5.4bn deal. Permira, one of the interested parties in IQ-EQ, remains a minority investor in Alter Domus.
