Apex to provide fund administration and corporate services
Global, October 26, 2020 — Apex Group Ltd. (“Apex”), a global financial services provider, has been appointed to provide fund administration and corporate services to LCP Fund II. Incorporated in 2015, Lorax Capital Partners (“LCP”) is an Egypt focused private equity firm and over the course of the last 5 years, LCP has supported the Egyptian American Enterprise Fund (“EAEF”) in deploying c.$175 million across 5 companies.
This announcement follows the news earlier this month, that LCP has secured commitments from five LPs, totaling $142 million for the first close of LCP Fund II. With a target size of $250 million, the new fund plans to support profitable and growing midcap companies in promising sectors of the Egyptian economy, favoring local consumption and production as well as financial inclusion. The fund will also target companies eager to expand regionally. The manager will aim to implement best governance and environmental and social practices in the portfolio companies, while helping them to increase their value creation.
Apex’s experienced team will deliver a full suite of fund administration services to the LCP Fund II entities including investor reporting, accounting, corporate and compliance services.
Fund administration is at the core of Apex’s offering, providing clients with timely, accurate and independent solutions using innovative technology and highly qualified personnel with local expertise. These services will enable the delivery of accurate financial information, multi-currency transaction processing and flexible investor reporting.
Glyn Gibbs, Regional Head of Business Development, MENA at Apex Group comments: “We are pleased to be working with LCP to provide corporate and fund administration services to their second fund. This appointment is testament to our global reach, assisting them from the very earliest stages of the project, including execution as well as delivering the full benefits of our single-source model utilising our local experts combined with our broad experience of the African private equity sector. We look forward to supporting LCP to provide flexible fund administration services as they continue in their role as one of Egypt’s leading private equity investors.
Adnan Razzak, Director of Operations at Lorax Capital Partners adds:”We appointed Apex due to their strong reputation and ability to provide the all-inclusive fund administration, accounting and investor reporting services required across multiple jurisdictions. We have been particularly impressed with their ability to guide us through regulatory challenges and our decision to domicile the fund in the Netherlands. Our management team has an unmatched track record in sourcing, executing and managing transactions in Egypt and Apex’s support will enable us to focus on these core competencies.”
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 3,500 employees, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of products in the industry; including fund services, digital onboarding and bank accounts, depositary, custody and super ManCo services, corporate services and capital markets services, business services including HR and Payroll and a pioneering ESG Ratings and Advisory service for private companies.
Antonia Powell [email protected] | +44 (0)77 8990 2279
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