Strata Fund Solutions LLC of Salt Lake City has been acquired by Alter Domus, a fully integrated provider of fund administration, debt capital markets and corporate services based in Luxemburg.
Strata, an FTV portfolio company, was launched in 2008 to provide administration services to the alternative investment industry. The company has broad experience in private equity funds, funds of private equity funds, venture capital funds, real estate funds, registered funds, offshore funds, managed accounts, endowments, foundations and hedge funds. Strata also provides financial accounting and reporting, investor servicing, tax compliance services, audit coordination and consulting.
“This strategic acquisition represents another milestone in [Alter Domus’] North American growth strategy focused on providing high-quality, vertically integrated solutions to the most demanding private equity, venture capital, real estate and credit investors,” a company release said. “Strata’s premier client base and deep expertise are complementary to Alter Domus’ world-class servicing capabilities. Strata also brings a complementary technology stack to Alter Domus, as the combined business will leverage industry-leading in-house solutions like CorPro, Agency360, Mailroom and Virtual Back Office, and best-in-class third-party information processing engines such as Investran, eFront, Allvue and Yardi.”
In joining forces with Strata, Alter Domus North America moves to top three largest private asset servicers for U.S. alternative asset managers, the company said. “This transaction also drives Alter Domus’ global assets under administration over $1 trillion, making it one of the largest private asset servicers for alternative assets investors globally and an undisputed leader in the private equity and venture capital servicing space.”
Strata brings close to $140 billion in assets under administration and more than 200 professional employees to the Altus Domus family.
“We are very excited to join the Alter Domus Group, one of the world’s leading service providers to the alternative investments industry that, crucially, shares our values and our commitment to delivering the highest levels of client service,” said Jared Broadbent, co-founder of Strata. “Combining our two companies will allow us to offer our clients a global reach and even more in terms of services, expertise, and technology. My co-founders Darren, Nate and I along with the entire Strata team look forward to working alongside Alter Domus to contribute to the growth of our combined team over the years to come.”