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Ultimus supports launch of private equity interval fund

Ultimus Fund Solutions (Ultimus), an independent provider of full-service fund administration, accounting, and investor solutions, has helped a new client, Primark Capital, bring a new fund product to market. As an interval fund that focuses on private equity, the new Primark Private Equity Investments Fund is one of the first funds that gives non-accredited retail investors access to private equity market investment opportunities. Primark Capital’s leadership is a combination of the former CEO of a USD12 billion RIA and two co-founders of Red Rocks Capital, a USD1.9 billion private equity fund.

Ultimus aligned with a multi-organisational team of industry professionals to help facilitate launching the new and novel fund in a Delaware statutory trust that was initially registered under the ’40 Act for accredited investors and subsequently registered under the ’33 Act for non-accredited, retail investors. Ultimus facilitated the fund launch and provides daily administration, accounting and transfer agency services, as well as board of trustees support for the fund. To service the fund, Ultimus operates on a real-time record-keeping system which provides native capital call and tender offer processing customised by client. The advanced framework of the system allows Ultimus to quickly implement customised capabilities and develop bespoke solutions with unmatched specificity. 

Primark Capital Managing Director Michael Bell said that Ultimus and the team brought the Primark Private Equity Investments Fund to market in a compressed time frame that helped Primark reach its goal of giving retail investors noteworthy access to private equity. 

“We have been impressed with Ultimus’ responsiveness to our complex needs and the institutional quality the company brought to bear to this project,” he says. “We knew we needed a team comprising the best industry experts we could find to bring what we feel is an unconventional type of investment opportunity to market. Working with the rest of the team and with counsel, Ultimus was instrumental in helping to deliver the product expeditiously and flawlessly.”

Gary Harris, EVP, Head of Business Development for Ultimus, says that Primark identified a unique fund strategy, then assembled a group of partners to deliver the product to market. 

“Primark came up with an innovative idea for tapping an increasing retail demand for private equity,” he says. “We believe the Primark Private Equity Investments Fund is a creative way to provide retail investors access to private equity investment opportunities, hopefully giving Primark a competitive advantage. We are delighted that Ultimus was chosen to work with Primark to launch the fund. We are proud of the experience and resources we have developed over the years to support and service the diverse investment strategies that can be delivered through interval and tender-offer funds.” 

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