Apex Group Ltd, the Bermudian-based global financial services provider, has been appointed to provide fund administration services to Adit Ventures’ new Irish Investment Limited Partnership fund structure.

Apex said it was providing services including fund accounting, investor services and audit assistance.

Adit Ventures is a venture capital investment firm with more than 1,000 LPs, $500 million in assets under administration, and offices in California, Florida, and New York.

Apex said Adit acquired shares in category-leading, high-growth private companies via direct investments in primary rounds or early employees and investors seeking liquidity.

Apex will provide Adit Ventures with access to PFS-PAXUS, a specialist accounting and administration application system designed specifically for the alternative fund administration industry.

This robust and reliable platform will provide increased operational and cost efficiency, reduced risk of error and faster valuations, the company said.

Apex said the ILP was a regulated Irish fund structure in the form of a common law partnership regulated by the Central Bank of Ireland. This structure is only available for alternative investment funds and, as such, they are particularly well-suited to private equity and real estate structures, allowing for the management of separate portfolios of assets under an ILP umbrella.

John Collins, of Apex Group, said: “Ireland has a long-established and sophisticated fund services and administration ecosystem servicing over 40 per cent of the world's alternative investment funds.

“The updating of the ILP was a significant development, enhancing Ireland's reputation as a full-service fund management and fund domiciliation hub. We look forward to delivering our robust fund administration services to Adit Ventures.”

Eric Munson, the founder and CIO of Adit Ventures, added: “Ireland has always been a highly regarded jurisdiction by international investors and we chose the ILP as an efficient structure, which meets our specific requirements as well as those of our investors.

“We are pleased to be working with Apex, who have impressed with their breadth of product offering, flexibility and experience in the VC market.”