Apex Group, a big impartial monetary providers supplier that additionally works within the insurance-linked securities (ILS) house, has secured a big financing backed by Carlyle and Goldman Sachs, with over $1.1 billion dedicated.
Apex Group mentioned that the financing was secured by an issuance of Holdco PIK Notes that secured an incremental over $1.1 billion from the 2 present backers.
Carlyle’s International Credit score enterprise and Goldman Sachs Personal Credit score have collectively dedicated the financing into the worldwide monetary providers supplier, with Apex noting that it builds on an present relationship with the pair, following an preliminary Most popular Fairness Be aware in 2020 and a follow-on issuance in 2021.
Peter Hughes, Founder and CEO at Apex Group, commented, “We’re extraordinarily happy to additional broaden our relationship with Carlye and Goldman Sachs.
“The brand new issuance validates Apex’s sturdy enterprise mannequin however may also allow product and geographic enlargement in addition to additional know-how funding.”
The dedication “endorses Apex’s sustainable progress technique, following the profitable integration of various earlier acquisitions, continued sturdy natural progress and technological improvements,” the corporate additionally mentioned.
The financing is predicted for use to assist Apex’s progress plans, with a concentrate on optimising its present platform, technique and investing in know-how innovation.
Apex additional mentioned the financing has enhanced its monetary profile, each when it comes to leverage and liquidity.
Apex is among the largest service suppliers within the sectors it centered on, of which the insurance-linked securities (ILS) market is a comparatively small element.
Throughout the Apex enterprise, the corporate has property on platform of round $3.1 trillion, that are serviced throughout its custody, administration, depositary and underneath administration by its greater than 13,000 staff worldwide.
Apex Group acquired Bermuda-based Equinoxe Alternative Investment Services and rebranded it to be named Apex Insurance Fund Services back in 2018, then constructed out a specialism in ILS fund servicing, alongside which it manages particular goal autos used for ILS and collateralized reinsurance transactions and fund constructions.
The corporate has supplied ILS specialist providers to sponsors, fund managers and insurance coverage autos, together with, pre-launch help, fund and portfolio accounting, investor providers, reporting and AML, money administration and regulatory compliance providers.
