Crestbridge, the London-based alternative for private equity and real estate administration solutions, has completed the acquisition of New Jersey-based Ovation Fund Services. Ovation is a provider of fund administration, accounting and reporting services to U.S. domestic private equity and real estate funds. The acquisition complements Crestbridge’s core service offering in both asset classes, the company said.
The acquisition, which was first announced late last year substantially expands both Crestbridge’s presence in the U.S., where it already has an office in New York, and its multi-jurisdiction proposition to its client base. The new office complements Crestbridge’s existing network of offices in London, Luxembourg, Bahrain, the Cayman Islands, New York and New Jersey, providing access to its international team of experts for its North American institutional clients.
“We’re delighted to welcome Ovation into the Crestbridge Group,” said Paul Perris, chief commercial officer. “This acquisition demonstrates our strategic ambition to expand our focus on becoming the agile alternative for private equity and real estate administration solutions globally.”
The office is based in Morristown, New Jersey, and will initially be focused on providing additional services to US domestic funds and connecting existing clients and intermediaries with group offices.
