An Australian agriculture fund manager has appointed Apex Group Ltd, the Bermudian-based global financial services provider, for the provision of fund administration services.

Brisbane-based Laguna Bay is a full-service fund management and direct investment platform specialising in food and agriculture.

Apex Group has been appointed to provide fund administration services to Laguna Bay Fund 2, which is set to raise up to A$1 billion for investment in a diversified portfolio of high-quality food and agriculture investments in targeted regions across Australia and New Zealand.

Laguna Bay Fund 2 is Laguna Bay’s third investment vehicle, and second flagship fund, having successfully originated, structured, managed and exited institutional grade assets in its first two vehicles.

Fund administration is at the core of Apex’s single-source solution, delivering timely, accurate and independent services, underpinned by market leading technology platforms.

David Potter, head of business development, Australia, at Apex Group said: “We are pleased to announce our appointment to provide fund administration services to Laguna Bay’s new fund as they build a portfolio of low-risk sustainable food and agricultural assets.

“Apex Group’s range of scalable fund administration services will enable the Laguna Bay team to focus their time and resources on the active management of their investments and implementation of sustainability initiatives.”

Benjamin Trickett, managing director, funds management at Laguna Bay, added: “The Apex Group team have demonstrated an ability to deliver their services on a local scale and to provide a tailored approach suitable to the unique requirements of an Australian investment vehicle.

“We look forward to working together to invest Laguna Bay Fund 2 with the highest levels of governance and operational efficiency.”