Viteos Fund Services (“Viteos”) is a provider of middle- and back-office solutions and fund administration services to alternative asset managers.
Transaction in Action
PPC Equity Partners developed a thesis around increased outsourcing of core operations within the alternative asset industry. Viteos was well-positioned in this growing and underpenetrated market as alternative asset managers adjusted to increasing internal cost pressures, evolving regulatory frameworks and greater complexity of strategies.
The PPC team had developed a historical relationship with the Viteos CEO. Prior to the investment, PPC rationalized Viteos’ complex organizational and regulatory structure. PPC sold Viteos to a strategic buyer, Intertrust N.V., in June 2019.
The PPC team leveraged its industry network to make introductions to new customer relationships and increase penetration within the PE, credit, and real estate markets. Annual Recurring Revenue grew >50% during PPC’s holding period. The PPC team supported investments in technology, expansion into a third delivery location in Chennai, India and evaluating in excess of 25 strategic add-on opportunities. Further, a PPC team member undertook an interim CFO / operating role by supporting the business during the sale process.