South Africa-based PAPE Fund Managers (PFM), a division of PAPE Group, has selected Apex Group to provide fund administration services for PAPE Fund 3 — a private equity limited liability partnership fund.
As part of the mandate, Apex will provide PAPE Fund 3 with fund administration services including fund accounting, investor and limited partner servicing, cash management and regulatory reporting solutions.
PAPEfunds, the private equity management division of PAPE Group, provides long-term equity risk capital for South African mid-cap unlisted enterprises. PAPEfunds has been raising and managing funds since 2006; namely PAPE Fund 1 and Fund 2.
In early 2020, PAPE funds closed fundraising for PAPE Fund 3 at ZAR1.03 billion. Fund 3 has completed deploying capital and has six investee companies.
Apex Group has recently entered the South African market through the acquisitions of Sanne Group and Maitland, and now employs over 1200 people across offices in Johannesburg and Cape Town.
Alan Keet, regional head of Middle East and 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 and principal at PAPE, 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.”
