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December 11, 2023

Supporting Private Capital Managers with Key Launches and Fund Services

Insights into how Northern Trust’s Guernsey team is working with Apse Capital to support the Apse Capital Bridge Fund LP through our suite of services and experience in providing specialist services to support private capital structures.

Apse Capital Bridge Fund LP

 

CLIENT BACKGROUND

Apse Capital is an independent European private equity group specialising in buyout and development capital investment opportunities. Partnering with high quality management teams, its investment focus is on European tech-enabled B2B Information and services businesses in high growth sectors of the economy. The team has worked together for over a decade, completing 17 exits in 15 countries, and in the past three years has delivered €1.5 billion in enterprise value across 24 transactions1, including acquisitions, financings and exits. Apse Capital Limited is the Appointed Representative of GMT Communications Partners.

THE CHALLENGE

The team at Apse Capital approached Northern Trust in 2019 with an ambitious target to launch the Apse Capital Bridge Fund LP in a very short time frame using the newly established Private Investment Fund (PIF) regime. The PIF regime offers an expedited route to market for eligible funds and provides fund managers with greater flexibility. Apse Capital were looking for an asset servicing provider with an in-depth knowledge of the Guernsey fund sector to support the launch and provide ongoing administration and banking services to support its growth ambitions.

Northern Trust's strong credentials as Guernsey's leading fund administrator by assets2 under administration and commitment to working with promising start-ups was a factor in its appointment. In addition, Northern Trust had established a strong relationship with the Apse team, having provided services to GMT Communications Partners for over 20 years.

THE SOLUTION

Working collaboratively with Apse Capital's Guernsey and UK legal advisers, Northern Trust was able to help support the launch of the fund in under three weeks, including securing regulatory approvals. Northern Trust also consulted with Apse Capital to understand their longer-term service needs and strategy to design an operational model to support the ongoing fund administration needs of the fund and the General Partner of Apse Capital Bridge Fund LP across financial reporting, fund accounting and company secretarial services in addition to banking services.

THE RESULTS

Apse raised its first fund in 2019 which has a current NAV of €300 million3. Northern Trust's teams have provided ongoing support to a number of private capital calls and divestments through our suite of services and experience in providing specialist services to support private capital structures.

“Our relationship with Northern Trust has been characterised by a commitment to proactively support the strategic goals of the private equity funds that the investment team at Apse Capital has advised on.”

– Ashley Long, Partner, Apse Capital

CONTACT US

To learn more, please contact your Northern Trust relationship manager or email infogsy@ntrs.com or contact: Fund administration: Wikus van Schalkwyk +44 (0) 1481 745001; Banking, custody and depositary: Daniel Usher +44 (0) 1481 745000; Trust and fiduciary: Kevin Knights +44 (0) 1481 745000. Chief executive, Channel Islands, Dave Sauvarin +44 (0) 1481 745000

1 Source: https://apsecapital.com
2 Source: Monterey Insight Guernsey Fund Report 2023
3 Source: Apse Capital as of 30 June 2023.

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