Aztec Group has welcomed Warburg Pincus, a global growth investor, as a strategic partner, which will see Warburg Pincus become a minority shareholder and key client of the Group.
This agreement is subject to the relevant regulatory approvals.
With over $83bn in assets under management (AUM), Warburg Pincus intends to actively use Aztec as the preferred partner for certain fund administration services on an ongoing basis across its global footprint. The investment is a endorsement of Aztec’s current strategy and future prospects.
Having Warburg Pincus on board supports and accelerates Aztec’s build out of capacity and capability in the U.S. in particular. As the largest Private Capital market in the world, U.S. Private Fund AUM is forecast to grow from $6.6 trillion in 2022 to $12.2 trillion in 2028, driven by a 10.8% CAGR which is the fastest of any region.
Aztec will continue to be led by its management team headed by Chief Executive Officer Kathryn Purves, and Founder and Chair, Edward Moore, will remain the Group’s majority shareholder.
Kathryn Purves (pictured), Chief Executive Officer, Aztec Group, said: “Welcoming Warburg Pincus highlights the increasing strength of Aztec and the significant potential that lies ahead. We are excited to partner with a global investor in Warburg Pincus, which has a strong track record in supporting businesses like ours to further their growth trajectories.
“In becoming a significant client of Aztec, Warburg Pincus is fully committed to retaining what makes Aztec so special: the strength of our teams and our proud record of providing world-class client service. We look forward to working together to capture the significant opportunities in Private Capital moving forwards.”
Andrew Sibbald, Managing Director and Head of Europe, Warburg Pincus, said: “We are delighted to partner with Aztec as both a shareholder and a client. We have enjoyed a long-standing relationship with Aztec and its excellent management team and have followed the successful growth of the business over many years. This has given us a strong belief in Aztec’s right to win in this attractive sector, founded upon a proven track record of delivery, deep market expertise and an exciting future vision. We look forward to supporting the continued development of Aztec’s existing market-leading position in Europe, while also scaling its offering to exploit attractive growth opportunities globally.”
