Salu Capital Leads Augur Capital Fund Buyout
SALU Capital, together with its partners Apex Group Ltd., Genstar Capital, and Inlife Holding, today announces the purchase of at least 95% of the shares of Augur Financial Opportunities 2 SICAV, a Luxembourg investment vehicle managed by German Augur Capital that includes the Fund's portfolio companies, German life insurer myLife Lebensversicherung AG and Luxembourg-based fund administration and ManCo business LRI, from the Fund's investors in a secondary fund buy-out transaction. As part of the transaction, LRI Group will become part of Apex, a Genstar portfolio company, while myLife will become a wholly owned affiliate of Inlife.
The addition of LRI to the combined Apex Group adds a further $13 billion to its global AuA.
Peter Hughes, Founder & Chief Executive Officer, Apex Fund Services, said:
"This marks yet another important milestone in Apex's journey to become a top player in the global fund administration arena. The addition of LRI Group reinforces our deep industry knowledge in the Luxembourg and German markets, expanding our ability to service clients across the full value chain. As we roll out additional geographic and service capabilities, we remain committed to delivering the tailored and client-centric solutions that our clients have come to expect. The combination of LRI Group with the regulated Warburg Bank provides a powerful European regulation solution to asset managers globally."
MyLife will join Inlife's investment holdings in the European insurance industry, and the company will continue to focus on the growth of its highly successful core net-life insurance policy portfolio, having been one of the pioneers of the product design for the past eight years. Furthermore, SALU and Inlife seek to establish a joint effort to pursue opportunities in the German and European run-off insurance market that is driven by the transformation of capital models and allocations following the introduction of Solvency 2 regulation, as well as by the increasingly difficult investment and yield environment.
Markus Philipp Ehrhardt, Managing Partner of SALU Capital, said:
"We offer our investors and partners a sophisticated and scalable investment alternative with highly attractive, risk-adjusted returns through our focus on complex, proprietary and contrarian investment situations in the financial services sector, and with our second transaction in 2018, we have made yet another step in demonstrating how we will take advantage of what we believe to be an extraordinarily long list of unique opportunities in global financial services and insurance, especially in Europe."