TMF Group has announced its acquisition of Venture Back Office, a US based third-party provider of solutions to private equity, real assets, credit, and emerging manager funds.
For the provider of global administrative and accounting services, this transaction represents further expansion into the US market.
Following this deal, TMF Group will now administer more than €150bn ($180.8bn) worth of assets on behalf of its global fund manager client base.
Jan Willem van Drimmelen, TMF Group’s head of North America, said: “We are delighted to welcome the team at VBO into the TMF Group fold. The US market is particularly important for the group as it is home to 60% of the world’s private equity market.
“VBO’s skillset and knowledge of local requirements significantly enhances our global offering and domestic capabilities – the combination of our global mindset, matched with VBO’s local expertise, looks set to be very powerful.”
Andrew O’ Shea, TMF Group’s global head of Fund Services commented: “Our Fund Services practice is delivering tremendous organic growth and we are further reinforcing our team with a series of carefully selected M&A transactions.
“The acquisition of VBO is an important milestone for TMF Group. It is our first US Fund Services acquisition and will enable us to deliver an even greater range of solutions to our clients.”