Dubai Financial Services Authority-regulated Morphosis is a venture capital fund, investing in early-stage tech-first start-ups. Alicorn India Fund 1 LP, a $100m fund is focussed on India with an emphasis on ESG, B2B/SAAS and deep tech.
Apex Group has been mandated to provide fund administration, corporate secretarial and tax reporting services. The services will ensure that Alicorn India Fund 1 fulfils all corporate and fund governance obligations from launch.
This appointment demonstrates the application of Apex Group’s single-source solution, delivering timely, accurate and independent services to meet client needs, streamline their vendor relationships and deliver time and cost economies. 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.
According to MAGNITT’s UAE 2022 Venture Investment Report, the UAE reached record-high levels of venture capital deployed in 2021, growing by 93% compared to 2020. Dubai in particular continues to be an attractive jurisdiction for VC fund launches, attracting emerging managers by offering direct access to MENA’s emerging markets, as well as global pools of capital and start-ups.
This announcement follows Apex Group’s recent appointment by female-led Middle East private equity firm, Aliph Capital for the provision of fund services.
Glyn Gibbs, Head of Business Development, MENA at Apex Group comments: “The venture capital ecosystem in the UAE continues to go from strength to strength, with Dubai’s proactive, creative and robust regulators providing a cost-effective home to the region’s new VC fund launches. We look forward to supporting Morphosis’ entrepreneurial team with solutions which deliver operational, resource and cost efficiency, allowing them to focus on the raising and investing of capital”
Amit Zutshi, Founder, Morphosis Venture Capital further comments: “We are pleased to be partnering with Apex Group for the administration of our India fund. Their single-source solution stood out for us, as it enables us to access all of the fund administration, corporate secretarial and tax reporting services we need, all through one convenient relationship. We have been particularly impressed by Apex Group’s track record servicing $50bn of assets globally for Indian firms, and $65bn of client assets in the Middle East, and this cross-border presence and knowledge will be useful for us as we scale our investments.”
About Morphosis Venture Capital Limited
Morphosis Venture Capital Limited (“Morphosis”) is a DIFC based Venture Capital firm regulated by Dubai Financial Services Authority (“DFSA”). At present, Morphosis operates Alicorn India Fund 1, L.P.(“Fund”) – a $100 million target private fund investing in early-stage, privately held, technology-first businesses with a significant connection to India. The primary focus of the Fund is on investing in ESG-positive and B2B (business-to-business) business models, and working closely with portfolio companies to accelerate growth internationally, with particular emphasis on the UAE and the Middle East. Morphosis is led by a top-quartile team with a track record of delivering 99% IRR and USD 30bn in value creation. The firm provides its portfolio companies with intelligent capital and places strong emphasis on post investment value creation through its proprietary 3/6 Acceleration Model© that leverages a scaled platform of mentors and specialist advisors, corporate partnerships for accelerated growth, and technology and data in all aspects of the fund management process including deal sourcing, evaluation and post-investment value creation for its portfolio companies.
