Citi has been appointed by Phase4 Ventures, a London-based venture capital firm which was spun off from Nomura in February 2011, to provide document safekeeping and fund administration services.
Phase4 Ventures was established in 1999 to invest in and manage a portfolio of global life science companies for Nomura, the global investment bank. Following the management buyout, Phase4 Ventures is now completely independent.
Denise Pollard-Knight, managing partner of Phase4 Ventures said: "As we move forward as an independent venture capital firm, the appointment of a third-party administrator is an important step to ensure optimal transparency for our investors, while keeping administrative costs as low as possible. Citi will be instrumental in helping us achieve this goal."
Kamran Anwar, EMEA head of Private Equity Services said: "We are very pleased to have been appointed by Phase4 Ventures, one of the most respected life science venture capital firms in Europe, to provide fund administration services. With the increased activity in private equity spin-offs, Citi has a unique opportunity to provide middle and back-office infrastructure to support the transition of the new entities and help them operate as independent players."
