Private equity giant Carlyle and sovereign investor Mubadala Investment Company have taken minority stakes Apex Group, expanding its equity backing to three institutions including majority owner Genstar.
The new investment falls in line with Apex’s sustainable growth strategy, which will be delivered through a combination of organic growth and the successful integration of its spree of recent acquisitions.
Carlyle and Mubadala have both invested in the ordinary share capital alongside founder and CEO Peter Hughes, majority investor Genstar, as well as TA Associates.
This investment builds on Carlyle’s existing relationship with Apex Group, following a preferred equity investment in November last year, both of which were provided by Carlyle’s Global Credit platform.
“We are extremely pleased to be expanding our relationship with Carlyle and to welcome Mubadala to our investor base. We are proud to now have the equity backing of three highly reputable institutions, including our majority owner Genstar, and now joined by Mubadala. These investments further strengthen our position in the market and signal our intent to continue expanding and evolving our business over the coming months and years,” said Hughes.
Private equity firm Genstar invested in Apex Group back in 2017 and since then, Apex has grown its assets under administration from $50 billion to $1.5 trillion across fund services, custody, and depositary services globally.
“We are thrilled to continue our support of Apex Group — a world-class financial services platform backed by an equally impressive management team and private equity investors Genstar and TA Associates, and sovereign investor Mubadala. The Apex team has a strong track record of delivering on its organic growth and acquisition strategy, and we look forward to continuing to support its strategic growth objectives,” said Alex Popov, global head of illiquid credit at Carlyle.
Earlier this week it was announced that Apex Group has secured corporate ratings from Moody’s Investors Service and S&P Global Ratings.
The Group said in a statement that the achievement reflects Apex’s established position in the global financial services market with a comprehensive product and single-source solution offering, along with its high level of operating profitability and strong free cash flow generation.