Private Capital Fund Administrators

PRIVATE CAPITAL FUND ADMINISTRATORS PRIVATE CAPITAL FUND ADMINISTRATORS We examine fund administrators servicing private capital funds, including breakdowns by fund size, geographic focus and asset class.

Fig. 1: Prominent Fund Administrators Servicing Private Capital Fig. 2: Prominent Fund Administrators Servicing Private Capital Funds Closed in 2000-2018 YTD (As at May 2018) Funds Closed in 2018 YTD (As at May 2018) No. of Known Capital Raised by No. of Known Capital Raised by Firm Private Capital Known Private Capital Firm Private Capital Known Private Capital Funds Serviced Funds Serviced ($bn) Funds Serviced Funds Serviced ($bn) SS&C GlobeOp 349 213 SS&C GlobeOp 7 2.9 State Street 217 171 State Street 5 6.3 Standish Management 179 39 Aduro Advisors 5 0.4 Ipes 144 64 Alter Domus 4 7.2 Gen II Fund Services, LLC 117 96 Citco Fund Services 4 0.6 Citco Fund Services 110 110 Aztec Group 3 2.4 Augentius 89 31 LeverPoint Management 3 1.4 JP Morgan Fund Services 79 105 Northern Trust Fund 2 3.2 Administration Aztec Group 77 64 SEI Investments 2 2.7 LeverPoint Management 77 21 Tillman Private Equity 2 0.7 Source: Preqin Services

Source: Preqin Fig. 3: Prominent Fund Administrators Servicing Private Capital Funds in Market (As at May 2018) Fig. 4: Prominent Fund Administrators Servicing First-Time No. of Known Capital Targeted by Private Capital Funds (As at May 2018) Firm Private Capital Known Private Capital Funds in Market Funds in Market ($bn) Funds Closed in 2000 - 2018 YTD Funds Closed in 2018 YTD SS&C GlobeOp 60 16.4 SS&C GlobeOp Aduro Advisors Citco Fund Services 31 12.6 Standish Management Ipes Gen II Fund Services, Aduro Advisors Vistra 28 30.9 LLC State Street State Street Standish Management 24 2.6 Gen II Fund Services, LLC Tillman Private Equity Services Aduro Advisors 22 1.4 Ipes Maples Fund Services State Street 21 12.8 LeverPoint Management BNY Mellon LeverPoint 19 5.7 Augentius Trident Trust Management Citco Fund Services SGG Fund Services CACEIS 15 6.8 VMS Fund Administration Citco Fund Services Alter Domus 14 4.9 Cortland Fund Source: Preqin 14 4.2 Administration

Source: Preqin Fig. 5: Fund Administrator Use by Private Capital Funds by Asset Fig. 6: Fund Administrator Use by Private Capital Fund Size Class (As at May 2018) (As at May 2018)

100% 92% 100% 90% 86% 90% 87% 79% 77% 80% 76% 76% 80% 75% 71% 67% 69% 69% 68% 70% Funds Closed in 70% 63% 65% 65% 66%67% Funds Closed in 60% 54% 2000-2018 YTD 60% 55% 2000-2018 YTD 50% 50% 40% Funds Closed in 40% Funds Closed in 30% 2018 YTD 30% 2018 YTD 20% Fund Administrators

Fund Administrators 20% 10% 10% Proportion of Funds Utilizing Proportion of Funds Utilizing 0% 0% $50mn orMore Less than $1,500mn Capital $50-149mn Real Estate Real &Natural $150-349mn $350-749mn &Venture Resources Private Debt $750-1,499mn Private Equity Infrastructure Asset Class Fund Size Source: Preqin Source: Preqin

Fig. 7: Prominent Fund Administrators Servicing Private Capital Funds Closed in 2000-2018 YTD by Asset Class (As at May 2018) Private Equity & Infrastructure & Private Debt Real Estate Venture Capital Natural Resources SS&C GlobeOp SS&C GlobeOp Cortland Fund Administration SS&C GlobeOp Standish Management State Street State Street State Street Ipes SEI Investments SS&C GlobeOp Citco Fund Services State Street Citco Fund Services Citco Fund Services Gen II Fund Services, LLC Gen II Fund Services, LLC JP Morgan Fund Services Langham Hall UK Services Augentius Aduro Advisors U.S. Bancorp Fund Services Alter Domus CACEIS Aztec Group Northern Trust Fund Administration Gen II Fund Services, LLC SEI Investments LeverPoint Management PEF Services FD Fund Administration Ipes VMS Fund Administration Gen II Fund Services, LLC BNY Mellon MUFG Investor Services Augentius Sanne Group Northern Trust Fund Administration Northern Trust Fund Administration

Source: Preqin Fig. 8: Prominent Fund Administrators Servicing Private Capital Funds Closed in 2000-2018 YTD by Primary Geographic Focus (As at May 2018) North America Europe Asia Rest of World SS&C GlobeOp Ipes State Street SS&C GlobeOp Standish Management Aztec Group SS&C GlobeOp JP Morgan Fund Services State Street Augentius Citco Fund Services BNY Mellon Gen II Fund Services, LLC State Street Langham Hall UK Services Augentius LeverPoint Management Alter Domus International Financial Services Trident Trust Aduro Advisors CACEIS Augentius HedgeServ VMS Fund Administration Citco Fund Services IL&FS Securities Services Maples Fund Services SEI Investments Sanne Group Apex Fund Services Citco Fund Services Citco Fund Services Northern Trust Fund Administration JP Morgan Fund Services Alianza Fiduciaria JP Morgan Fund Services Langham Hall UK Services Cim Fund Services Lions Trust

Source: Preqin Fig. 9: Prominent Fund Administrators Servicing Private Capital Funds Closed in 2000-2018 YTD by Fund Size (As at May 2018) Less than $50mn $50-149mn $150-349mn $350-749mn $750-1,499mn $1,500mn or More Aduro Advisors SS&C GlobeOp SS&C GlobeOp SS&C GlobeOp State Street State Street SS&C GlobeOp Standish Management State Street State Street SS&C GlobeOp SS&C GlobeOp JP Morgan Standish Management Ipes Standish Management Ipes Citco Fund Services Fund Services VMS Fund Gen II Fund Gen II Fund Northern Trust State Street Ipes Administration Services, LLC Services, LLC Fund Administration JP Morgan LeverPoint Management Augentius Augentius Standish Management SEI Investments Fund Services VMS Fund LeverPoint Venture Back Office Citco Fund Services SEI Investments Citco Fund Services Administration Management Gen II Fund Ipes Aduro Advisors Aztec Group Aztec Group Ipes Services, LLC Northern Trust Fund Gen II Fund Augentius Augentius Aztec Group Aztec Group Administration Services, LLC Broadscope Fund U.S. Bancorp Northern Trust Estera Administration Maples Fund Services Aztec Group Administrators Fund Services Fund Administration (Guernsey) Langham Hall UK Alter Domus BNY Mellon SEI Investments Augentius Alter Domus Services

Source: Preqin

Fig. 10: Prominent Fund Administrators Servicing Private Capital Funds Closed in 2000-2018 YTD by Fund Domicile (As at May 2018) Cayman Islands Delaware Guernsey Luxembourg Heritage International State Street SS&C GlobeOp Alter Domus Fund Managers Northern Trust Fund Administration Aduro Advisors Aztec Group SS&C GlobeOp SEI Investments State Street Ipes Aztec Group Maples Fund Services LeverPoint Management LouvreFund Langham Hall UK Services Gen II Fund Services, LLC Tillman Private Equity Services - Société Générale Securities Services

Source: Preqin

Unless otherwise noted, firms are included in tables based on number of known funds serviced within the given criteria. In the event of a tie, firms with the same number of known fund clients will be ranked according to the funds’ aggregate value. If you would like to learn more about the methodology used or share data for our future reports, please contact [email protected].