PAPEfunds, the private equity management division of PAPE Group, provides long-term equity risk capital into pedigreed South African mid-cap unlisted enterprises. PAPEfunds has been raising and managing funds since 2006; namely PAPE Fund 1 and Fund 2 and in early 2020 closed fundraising for PAPE Fund 3, a private equity limited liability partnership fund capitalized at ZAR1.03bn by international, best-in-class development finance institutions. Fund 3 has completed deploying capital and has six investee companies.
Reflecting its commitment to institutional quality compliance, reporting and governance, PAPE has awarded Apex Group an expanded remit to provide fund administration services to Fund 3. Apex Group’s experienced local team will provide Fund Accounting, Investor/LP servicing, Cash Management and Regulatory Reporting solutions.
Fund administration is at the core of Apex Group’s single-source solution, delivering timely, accurate and independent services, underpinned by market leading technology platforms. According to a recent Total Economic Impact (TEI) report by Forrester Consulting, clients of Apex Group’s single-source solution achieve, on average, cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.
Apex Group has recently entered the South African market through the acquisitions of Sanne Group and Maitland, and now employs over 1,200 people across offices in Johannesburg and Cape Town to deliver its single-source solution to over ZAR 2.5trn (USD$127bn) of assets for 150 clients, including asset managers, private clients and family offices.
Alan Keet, Regional Head of Middle East & Africa at Apex Group comments: “We are proud to be working with PAPE’s experienced team to support them as they continue their enviable track record of investing in some of Africa’s most exciting growth businesses. This appointment comes amid a growing trend of fund administration outsourcing for African private equity managers as they align with global best practice, drive efficiencies and free up their team’s time and resources to focus on the deployment of their capital.”
Guy Baxter, Director & Principal, PAPE further adds: “The Apex Group team came highly recommended by their clients for their extensive knowledge and commitment to exceptional client service. With Apex Group’s global reputation and scale, we know we are in good hands. We look forward to a productive partnership which will allow us to focus on the job at hand: engaging with established African enterprises to generate growth and attractive returns for our investors.”
Apex Group will provide fund administration services to support PAPE alongside existing legal advisor Cliffe Dekker Hofmeyr.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices worldwide and 12,000 employees in 38 countries, Apex Group delivers an expansive range of services to asset managers, financial institutions, 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 services in the industry; including fund services, digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services including HR and Payroll and a pioneering ESG Ratings and Advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the Environment and Climate Change, Women’s Empowerment and Economic Independence, Education and Social Mobility.
Press contact:
Antonia Powell| antonia.powell@apexgroup.com
About PAPE
PAPEfunds is a fund manager managing in excess of ZAR3bn. PFM is a licensed FSP and established PAPE Fund 3 in early 2018, reaching final closing in January 2020 with total commitments of ZAR1.03bn. PAPEfunds has invested in over 55 companies since inception and exited 30 investments in aggregate at higher than 26% IRR. PFM has commenced fundraising for PAPE Fund 4 to be capitalised at USD200m for investment on the African continent. PAPE has offices in Johannesburg and Cape Town.
