Apex has announced plans to acquire Mainspring, a UK-based provider of venture capital fund administration and accounting services. Mainspring provides outsourced administration and accounting services to small and medium-sized venture fund managers in the UK. Mainspring also operates an FCA-regulated custody business for fund managers offering managed account investments such as EIS funds.
Mainspring has 70 employees in two UK offices, and AuA of GBP9.7bn (USD11.3bn). This deal follows the recent close of the acquisition of Sanne, with Apex now providing services for almost USD3trn of assets, delivered via 10,000 employees from over 80 offices in more than 40 markets.