Astorg has closed its IQ-EQ continuation fund at 1.3 billion euros. The fund’s backers include AlpInvest and Goldman Sachs. The fund was formed to acquire IQ-EQ, a global investor services provider. Lazard served as financial advisor to Astorg on the fundraising while Simpson Thacher & Bartlett LLP and Latham & Watkins LLP served as legal counsel.
Luxembourg, 13th January 2022 – Astorg, a leading global private equity firm, is pleased to announce the successful closing of the IQ-EQ Continuation Fund capitalized by AlpInvest and Goldman Sachs Asset Management Vintage Funds, alongside a diverse group of limited partners.
The Continuation Fund was established to acquire IQ-EQ, an independent global investor services provider and the last remaining asset in Astorg V (“Fund V”). The transaction was heavily oversubscribed and includes commitments from existing Fund V and new limited partners as well as significant equity contributions from the IQ-EQ leadership team.
The Continuation Fund closed at €1.3bn which includes substantial additional capital for Astorg and our investment partners to support organic growth initiatives and acquisitions, underlying IQ-EQ’s ambitious strategic value creation roadmap.
Founded by Serge Krancenblum, Chairman of the Group, IQ-EQ (formerly SGG) is a leading investor services group employing over 3,600 people across 24 jurisdictions around the globe. Since the initial investment in 2016, Astorg has worked in close partnership with the IQ-EQ management team to create growth, expand internationally and deliver innovative, tech-enabled solutions for fund managers, multinational companies, family offices and private clients worldwide.
Following numerous key acquisitions and driven by the expansion of private assets and increased outsourcing, IQ-EQ has more than quintupled in size whilst significantly expanding its geographical footprint and service offering, notably developing innovative sustainability-oriented and digital solutions. IQ-EQ is now one of the largest independent investor services providers in the space with over $500bn in Assets under Administration.
“Establishing our first continuation fund represents a significant event for Astorg and we are very grateful to be supported by existing and new limited partners,” said François de Mitry, Managing Partner of Astorg. “We are excited to continue our successful journey with IQ-EQ and help support the group on its trajectory to become the leading global investor services firm.”
“Thanks to our growing global scale, extensive offering, technological innovation and our people-focused high touch client service, we are firmly on track to achieving our vision”, said Mark Pesco, IQ-EQ’s Group Chief Executive Officer. “Completing this transaction provides continuity of the strong relationship we have built with Astorg and is a positive endorsement of the management team’s ability to maximise business potential. With Astorg’s support we look forward to IQ-EQ being the global provider of choice in our sector.”
Lazard served as exclusive financial advisor to Astorg, while Simpson Thacher & Bartlett LLP and Latham & Watkins LLP served as Astorg’s legal counsel.
Astorg is a global private equity firm with over €15 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg.
For more information about Astorg: www.astorg.com. Follow Astorg on LinkedIn.