Apex Group supports New Forests for $500m Singapore VCC vehicle
Apex Group Ltd. (“Apex” or “the Group”), a global financial services provider, has been mandated by existing client, New Forests to deliver fund services to their African Forestry Impact Platform (“AFIP” or “the Platform”).
New Forests is a global investment manager of nature-based real assets and natural capital strategies. News Forests’ AFIP will continue to raise long term institutional capital to support the sustainability and development of Africa’s growing forestry sector, with the aim of raising US$500 million for the Platform in the next two to three years. AFIP will invest in a portfolio of plantation forestry operating companies and related assets in Sub-Saharan Africa, primarily targeting established assets that can be expected to provide stable and predictable cash flows across a diversified set of markets.
As a trusted business partner of New Forests, Apex Group is supporting the Platform’s Singapore domiciled Variable Capital Company (“VCC”) structure, via its single-source solution delivered by local experts. Apex Group will deliver fund administration services to AFIP, including a full suite of bookkeeping and fund accounting services, including the preparation of financial statements, NAV calculation and FATCA CRS services. Apex Group will also provide assistance with bank account opening and operation.
The launch of Singapore’s VCC structure in 2020 has driven a significant increase in investment flows coming into the jurisdiction and has helped to propel it firmly onto the global stage as a destination of choice for many fund managers and family offices. Apex Group’s team of locally based professionals are experienced in supporting global asset managers - such as New Forests – who are looking to access Singapore via this innovative fund structure.
Prakash Kharel, Head of Real Assets, Asia Pacific at Apex Group comments: “We are proud to continue our partnership with New Forests, to support their latest fund which is driving positive change through sustainable forestry in the nature-based real assets space. This appointment to provide fund services to the AFIP VCC is testament to the excellent work of our team to date.”
Aman Bahel, Global Head of Business Development at Apex Group adds: “This announcement follows a strong first quarter for new business wins and organic growth at Apex Group as we continue to see strong demand for our single-source solution from both our existing and new clients alike. While the global markets remain challenging for many as we enter Q2, we see a unique opportunity to be a trusted partner for our clients in this uncertain macroeconomic environment. The busy start to 2023 has laid a strong foundation for our further growth in the year ahead, and we expect to build on this success as we celebrate our 20th year in business with the launch of new technology solutions, exciting product innovations and further expansion of our geographic footprint as we strive to deliver exceptional solutions for our clients.”
This announcement follows Apex Group’s continued role as the administrator of choice for environmentally-driven real assets funds, having supported New Forests’ innovative Tropical Asia Forest Fund 2 with fund services, as well as clients including renewable energy investor Octopus Investments Australia, Federation Asset Management’s Sustainable Australian Real Asset Trust and INVL Asset Management’s Sustainable Timberland and Farmland Fund II.
About Apex Group
Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 80 offices worldwide and 12,000 employees in 38 countries, Apex Group delivers 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 services, digital onboarding and bank accounts, depositary, custody, super ManCo services, corporate services including HR and Payroll 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.
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About New Forests
New Forests is a global investment manager of nature-based real assets and natural capital strategies, with AUD 10 billion (USD 6.85 billion) in assets under management across more than 1.2 million hectares (2.9 million acres) of investments. We manage a diversified portfolio of sustainable timber plantations and conservation areas, carbon and conservation finance projects, agriculture, timber processing and infrastructure. We aim to generate shared prosperity for our clients and the communities in which we operate and accelerate the transition to a sustainable future.
New Forests’ vision is to see investment in land use and forestry as central to the transition to a sustainable future. To achieve this vision, New Forests’ investment strategies support the role of forests as nature-based solutions, provide sustainable wood fibre for the growing circular bioeconomy, and contribute to the sustainable development of regional economies and rural communities. Headquartered in Sydney, New Forests is a Certified B Corp and operates in Australia, New Zealand, Southeast Asia, Africa and the United States. For more information, please visit: www.newforests.com