Apex Group issues new Holdco PIK Notes with an incremental $1.1bn from Carlyle and Goldman Sachs

HFA Padded
Press Releases
Published on
Holdco PIK Notes

Apex Group Ltd. (“Apex”) has announced global investment firm Carlyle’s Global Credit business (“Carlyle”) and Goldman Sachs Private Credit (“Goldman Sachs”), have jointly committed in excess of $1.1bn into the global financial services provider. This commitment endorses Apex’s sustainable growth strategy, following the successful integration of a number of previous acquisitions, continued strong organic growth and technological innovations.

Apex’s assets on platform now stand at ~$3.1tn serviced across custody, administration, depositary and under management by over 13,000 employees worldwide.

Carlyle and Goldman Sachs have committed to Holdco PIK Notes of Apex to continue to support the company’s growth plans that will focus on optimising the current platform, strategy and combined investment in technology innovation.

This builds on the firms’ continued relationship with Apex, following an initial Preferred Equity Note in 2020 and a follow-on issuance in 2021. Upon completion of the transaction Apex will have enhanced its financial profile, both in terms of leverage and liquidity.

Peter Hughes, Founder and CEO at Apex Group, said:

“We are extremely pleased to further expand our relationship with Carlye and Goldman Sachs. The new issuance validates Apex’s strong business model but will also enable product and geographic expansion as well as further technology investment.”

Financial terms were not disclosed.

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 13,000 employees globally, Apex Group provides services into 50 jurisdictions delivering an expansive range of services to asset managers, financial institutions, private clients, and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution through establishing the broadest range of services in the industry; including fund raising solutions, fund administration, digital onboarding and bank accounts, depositary, custody, super ManCo, corporate services and a pioneering ESG ratings and advisory solution. Apex Group’s purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the environment and climate change, women’s empowerment and economic independence, education and social mobility.

About Carlyle

Carlyle (NASDAQ:CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Private Credit at Goldman Sachs Alternatives

Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.