Bermudian-based Apex Group Ltd, the global financial services provider, has made one acquisition, and closed on a second.

Apex has acquired Mainspring, a UK-based provider of venture capital fund administration and accounting services.

The organisation has also closed the acquisition of Modal Group’s alternative fund administration business in Brazil, having received full regulatory authorisation from the Brazilian Central Bank.

Mainspring provides outsourced administration and accounting services to small and medium-sized venture fund managers in the UK, and also operates an FCA-regulated custody business for fund managers offering managed account investments such as EIS funds.

The addition of Mainspring adds 70 employees in two UK offices, and assets under administration of £9.7 billion to Apex Group. This is comprised of £3.7 billion on Mainspring’s investment platform which provides private markets funds and deal custody, and £6 billion of venture capital fund administration.

Mainspring brings notable new capabilities to Apex Group for international private markets custody and SMA administration as well as a depth of experience in venture capital fund administration that complements the Group’s existing offering.

Apex now provides services to almost $3 trillion of assets, delivered via 10,000 employees from over 80 offices in more than 40 markets.

Peter Hughes, founder and CEO of Apex Group, said: “The strategic acquisition of Mainspring adds depth to our service offering for UK venture capital funds, as well as strengthening our existing custody offering for private assets.

“As private equity and venture capital continue to become more accessible to a wider pool of investors, including wealth management clients, we are continuously evolving our single-source solution to offer the administration, custody and reporting services in order to be the best possible partner for our clients.”

The MAF business adds approximately $16 billion in assets under administration and custody, across clients representing institutional funds of both international and domestic asset managers and institutional international investors.

The acquisition adds over 110 employees to Apex Group, increasing its overall Americas headcount to approximately 1,000 people, and broadening its existing presence in Latin America through new offices in Rio de Janeiro and São Paulo, in addition to the Group’s Uruguay office, established in 2013.