Private Equity Firm Carlyle & Goldman Sachs to Invest $1.1 Billion in Financial Services Provider Apex Group via Holdco PIK Notes (Payment-in-Kind), Carlyle & Goldman Sachs Had Invested in Apex Group Preferred Equity Note in 2020 & Follow-On Issue in 2021
28th June 2024 | Hong Kong
Leading private equity firm Carlyle ($425 billion AUM) & Goldman Sachs ($450 billion Alternatives AUM) have committed to invest $1.1 billion in financial services provider Apex Group via Holdco PIK Notes (Payment-in-Kind). In 2020, Carlyle & Goldman Sachs had invested in Apex Group Preferred Equity Note, and investing in a follow-on issue in 2021. Announcement (24/6/24): “Apex Group Ltd. (“Apex”) has announced global investment firm Carlyle’s Global Credit business (“Carlyle”) and Goldman Sachs Private Credit (“Goldman Sachs”), have jointly committed in excess of $1.1bn into the global financial services provider. This commitment endorses Apex’s sustainable growth strategy, following the successful integration of a number of previous acquisitions, continued strong organic growth and technological innovations. Apex’s assets on platform now stand at $3.1 trillion serviced across custody, administration, depositary and under management by over 13,000 employees worldwide. Carlyle and Goldman Sachs have committed to Holdco PIK Notes of Apex to continue to support the company’s growth plans that will focus on optimising the current platform, strategy and combined investment in technology innovation. This builds on the firms’ continued relationship with Apex, following an initial Preferred Equity Note in 2020 and a follow-on issuance in 2021. Upon completion of the transaction Apex will have enhanced its financial profile, both in terms of leverage and liquidity. Financial terms were not disclosed.”
“ Private Equity Firm Carlyle & Goldman Sachs to Invest $1.1 Billion in Financial Services Provider Apex Group via Holdco PIK Notes (Payment-in-Kind), Carlyle & Goldman Sachs Had Invested in Apex Group Preferred Equity Note in 2020 & Follow-On Issue in 2021 “
Peter Hughes, Founder and CEO at Apex Group: “We are extremely pleased to further expand our relationship with Carlye and Goldman Sachs. The new issuance validates Apex’s strong business model but will also enable product and geographic expansion as well as further technology investment.”
Apex Group – Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 13,000 employees globally, Apex Group provides services into 50 jurisdictions delivering an expansive range of services to asset managers, financial institutions, private clients, and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund raising solutions, fund administration, digital onboarding and bank accounts, depositary, custody, super ManCo, corporate services and a pioneering ESG ratings and advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the environment and climate change, women’s empowerment and economic independence, education and social mobility.
Carlyle – Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents.
Private Credit at Goldman Sachs Alternatives – Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $2.8 trillion in assets under supervision globally as of March 31, 2024. Established in 1996, Private Credit at Goldman Sachs Alternatives is one of the world’s largest private credit investors with over $130 billion in assets across direct lending, mezzanine debt, hybrid capital and asset-based lending strategies. The team’s deep industry and product knowledge, extensive relationships and global footprint position the firm to deliver scaled outcomes with speed and certainty, supporting companies from the lower middle market to large cap in size.
Private Equity Firm Carlyle & Goldman Sachs to Invest $1.1 Billion in Financial Services Provider Apex Group via Holdco PIK Notes (Payment-in-Kind), Carlyle & Goldman Sachs Had Invested in Apex Group Preferred Equity Note in 2020 & Follow-On Issue in 2021
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