Clark Perkins
State Street Corporation (NYSE:STT) has announced that it has been appointed as fund administrator for the Mercury Capital Fund twenty2.
The A$1 billion fund completed its very successful fund raising and closed on June 30 to launch what is Mercury Capital’s fourth private equity fund since its inception.
“With a 12-year track record, Mercury Capital has cemented its position as a leading private equity manager in the local market and we’re very pleased to support their growth and partner on this new fund. Mercury understands the critical role State Street plays in bringing its global expertise, scale and experience to the task of fund accounting and administration,” said Tim Helyar, head of Australia at State Street.
“It will be reassuring for our investors we have the support of State Street, which has the capability and sophistication to work seamlessly and effectively with our Mercury Capital team as it pursues its pipeline of opportunities,” said Clark Perkins at Mercury Capital.
Mercury Capital Fund twenty2 will focus on mid-market private equity transactions in Australia and New Zealand, and anticipates making eight to ten investments over its life cycle. It will target partnership investments alongside private business owners and management teams in companies with enterprise valuations in the range of A$150 million to A$500 million.
“The incredible growth of private equity markets across the globe has created new opportunities for firms in the Australian market. State Street is committed to the sector and to growing its alternatives business,” added Helyar. “This acknowledgment from a proven local performer like Mercury Capital confirms our own belief we have a unique offering and capabilities for the Australian market.”