Abu Dhabi's Mubadala teams up to pick minority stake in $1.5t asset manager Apex Group
Apex Group has built a portfolio of assets under management of $1.5 t from $50b
Dubai: Abu Dhabi wealth fund Mubadala has teamed up with investment firm Carlyle to take up minority stakes in the UK-based financial services provider Apex Group.
The two entities invested in the ordinary share capital alongside Apex’s founder and CEO Peter Hughes, majority investor Genstar and leading growth investor TA Associates. For Carlyle, the latest transaction builds on an existing relationship with Alex, after a preferred equity investment in November last.
Apex has grown “both organically and via strategic acquisitions”, raising the assets under administration from $50 billion to $1.5 trillion. It has a workforce of nearly 5,000 employees across its 50 offices. (The financial terms for the latest equity moves have not been disclosed.)
According to Luca Molinari, Head of Financial Services at Mubadala, “Apex is one of the leaders in an attractive sector and we look forward to participating in the next phase of its growth. As a global investor, we invest in businesses that operate in large and growing markets, led by management teams with a proven record of value creation.”
Earlier this week, Apex secured corporate ratings from Moody’s and S&P. Peter Hughes of Apex Group said: “We are proud to now have the equity backing of three highly reputable institutions, including our majority owner Genstar, and now joined by Mubadala. These investments further strengthen our position in the market and signal our intent to continue expanding and evolving our business over the coming months and years.”