OurCrowd chooses Apex for fund services
Apex Group Ltd, the Bermudian-based global financial services provider, has been appointed by Israeli-headquartered OurCrowd, a global venture capital investment platform, to provide fund services.
Formed in 2013, OurCrowd is the country’s most active venture capital firm, having deployed more than $1.8 billion in committed capital to date, Apex said.
OurCrowd recently launched its global venture capital fund, OurCrowd 50, a highly diversified investment vehicle giving investors exposure to global venture-backed assets across a mix of sectors, geographies and from early-stage through to later-stage companies.
Apex said OurCrowd has set up an Australian dollar unit trust for the first time, with Australian investors expected to comprise 12 per cent to 25 per cent of the raise.
OurCrowd has appointed Apex to provide fund administration, transfer agency and custody services to OC50.
These services, Apex said, underpinned by leading technology platforms and delivered by experienced local teams, will enable OurCrowd to communicate with its investors in a more transparent and efficient manner.
Nick Bradford, head of business development, Oceania, at Apex Group, said: “We are delighted to be working with a fund of OurCrowd’s pedigree and outstanding performance record.
“As we see alternative assets continuing to attract investment from wholesale and HNW (high net worth) investors, our clients need administrators with the experience and technology to meet the varying reporting requirements of a larger number of investors.”
Dan Bennett, managing partner at OurCrowd Australia and Asia, added: “We are pleased to appoint Apex as fund administrators for OC50, having been impressed by the depth of their experience supporting VC and private equity funds across various regulatory frameworks and fund structures.
“We are targeting Australian investors for this fund, and Apex will play an important role in supporting our relationships with them, by enabling timely and accurate reporting.”