Apex Group, Genstar Capital, SALU Capital and Inlife Acquire Luxembourg Private Equity Fund AFO-2

June 27, 2018

Willkie represented Genstar and Apex in the transaction.

On June 25, SALU Capital, Apex Group, Genstar Capital and Inlife Holding announced the purchase of at least 95% of the shares of Augur Financial Opportunities 2 SICAV ("AFO-2"), a Luxembourg investment vehicle managed by German Augur Capital that includes AFO-2’s portfolio companies, German life insurer myLife and Luxembourg-based fund administrator LRI Group. As part of the secondary buyout transaction, LRI Group will become part of Apex, a Genstar portfolio company, while myLife will become a wholly owned affiliate of Inlife.

The addition of LRI to the combined Apex Group adds $13 billion to its global assets under administration (AuA) and expertise in the Luxembourg and regulated markets, which combined with its local service framework, will bolster Apex's existing operation. Upon completion of this transaction, Apex will have more than $535 billion in AuA, further solidifying its global position as one of the world's largest fund administrators. The transaction also furthers the implementation of SALU’s focused investment strategy on complex special situations opportunities centered on the global financial services and insurance sectors.

Willkie advised Genstar and Apex on multiple transactions over the past year, including the acquisitions of Apex Fund Services, Equinoxe Alternative Investment Services, Deutsche Bank’s Alternative Services Business and MM Warburg’s Asset Management and Servicing business and PE fund administrator Ipes.

Genstar Capital is a leading private equity firm managing funds with total capital commitments of approximately $9 billion. Bermuda-based Apex, is one of the world's largest independent fund administration and middle office solutions providers with offices in 35 locations worldwide. SALU Capital is a special situations and private equity investment firm with focus on the global financial services and insurance sectors. Inlife, an independent and privately owned business headquartered in Zurich, has been an investor in the European life insurance industry for many years. LRI Group is a leading independent investment services company based in Luxembourg, providing asset managers and investors with three decades of experience in structuring and administration of traditional and alternative investment strategies.

The Willkie team was led by partners Jeffrey Poss, Georg Linde and Manuel Miranda and associate Sarah Wong.