Ultimus Fund Solutions (Ultimus), an independent provider of fund administration, accounting and investor solutions to traditional and alternative fund managers, is to acquire LeverPoint Management (LeverPoint).
LeverPoint, headquartered in Clifton Park, NY, is an independent provider of full-service fund administration, accounting, tax and back office support services to private equity, venture capital and real estate managers. Going forward, Ultimus’ private fund business will operate as Ultimus LeverPoint Private Fund Solutions and will provide administration for approximately USD90 billion of private fund assets across 230 clients. In total, Ultimus will service over USD220 billion of assets under administration and over 1,250 total traditional and alternative funds after the completion of the transaction.
Upon closing of the transaction, LeverPoint CEO David MacPhee will become the CEO of Ultimus Leverpoint Private Fund Solutions.
“My team and I are excited to join Ultimus, which shares LeverPoint’s commitment to client service,” says MacPhee. “I look forward to working with Evan Audette of Ultimus, who will become COO of the combined entity. I’m confident the unified team will continue to provide the differentiated high-quality service we pride ourselves on, while delivering a broader set of capabilities to our combined client base. Additionally, our combined scale will allow us to invest further in technology and service capabilities as we enter this next chapter in our growth.”
“We’re thrilled to join forces with LeverPoint and look forward to working together to continue to build on our shared reputation for high-quality client service,” says Gary Tenkman, CEO of Ultimus. “Together, Ultimus and LeverPoint represent a leading independent and integrated fund solutions platform for both registered and alternative fund managers. Ultimus’ leading position is unique in the marketplace and allows it to better service managers of all sizes and asset types.”
Ultimus’ acquisition of LeverPoint was backed by Chicago-based private equity firm GTCR, which acquired both Ultimus Fund Solutions and The Gemini Companies in a strategic combination that closed in February 2019. Macquarie Capital acted as exclusive financial advisor and Pepper Hamilton provided legal counsel to LeverPoint and its shareholder, the New York Credit SBIC Fund managed by Hamilton Lane. Latham & Watkins provided legal counsel to Ultimus and GTCR. Closing is expected to occur in the fourth quarter of 2019 after the completion of customary closing conditions.
