Fund administrator Alter Domus continues expansion with Solvas acquisition

• Loan & debt servicing software platform and services suite, Solvas, acquired from Deloitte
• Deal marks Luxembourg-based Alter Domus’ sixth acquisition in three years 
• Alter Domus received a strategic investment from private equity fund Permira in May 2017

May 11 (Preqin News) - Luxembourg-headquartered fund administrator, Alter Domus, has acquired Solvas, a loan and debt servicing software platform and services suite, from professional services firm Deloitte. The acquisition is Alter Domus’ sixth in the past three years as it seeks to transform itself into a tech-led organization.

Alter Domus is one of the largest fund administrators in alternative assets, with assets under administration (AUA) of $1.8tn across private capital and hedge funds. It has 38 offices worldwide and, according to Preqin data, services more than 1,500 funds. 

Established in 2003, Alter Domus received a strategic investment from private equity fund Permira in May 2017. Headcount has grown from around 1,000 at the time of the investment to more than 3,600 today. 

Doug Hart, CEO of Alter Domus, said: “The addition of Solvas enhances our ability to meet private capital’s relentless demand for better data and technology to support their decision-making process.”

Solvas is the latest in a series of deals for Alter Domus, which has been expanding through several acquisitions:

• Credit-Vision, a UK-based technology platform providing portfolio management and financial analysis to private debt investors and debt capital markets participants (December 2020).
• IPS Fund Services, a private equity and venture fund administrator based in Boston (December 2020).
• Strata Fund Services, a Utah-based private equity and venture capital fund administrator, from FTV Capital. A transformational deal that promoted Alter Domus to a top three player in the US alternative assets market (January 2021).
• New York-based Investors Economic Assurance, a provider of technology solutions and services to alternatives managers, particularly around capital administration (June 2021).
• AIFM, an Ireland-based provider of specialized depository services, from Beechbrook Capital. A deal it said would help it support the increased flows of capital between North America and Europe (June 2021).

In June 2022, Bloomberg reported that Permira was exploring a range of options for its investment in Alter Domus, including a possible divestment to private equity or financial services companies, but no transaction has been announced.