Citi (NYSE: C) has been appointed by Phase4 Ventures, a leading London-based venture capital firm, to provide document safekeeping and fund administration services.
Citi has been serving private equity funds and investors for nearly two decades and is a leading global provider of accounting, administration and tax services for private equity, venture capital and institutional investors.
Phase4 Ventures was established in 1999 to invest in and manage a portfolio of global life science companies for Nomura, the global investment bank. Since then, Phase4 Ventures has invested in 28 companies and built a reputation as one of the world’s premier life science venture capital groups. Following a management buyout in 2010, Phase4 Ventures is now completely independent.
Denise Pollard-Knight, Managing Partner of Phase4 Ventures said: “As we move forward as an independent venture capital firm, the appointment of a third-party administrator is an important step to ensure optimal transparency for our investors, while keeping administrative costs as low as possible. Citi will be instrumental in helping us achieve this goal.”
Kamran Anwar, EMEA Head of Private Equity Services said: “We are very pleased to have been appointed by Phase4 Ventures, one of the most respected life science venture capital firms in Europe, to provide fund administration services. With the increased activity in private equity spin-offs, Citi has a unique opportunity to provide middle and back-office infrastructure to support the transition of the new entities and help them operate as independent players.”
Sanjiv Sawhney, Global Head of Fund Services at Citi said: “As the increased regulatory requirements for reporting and transparency shape the market, private equity funds can greatly benefit from the skills and expertise of a third-party administrator to manage costs and risk more efficiently.”
Citi provides a broad range of solutions for private equity managers across capital raising, transactions, fund administration, custody and global banking through Citi OpenInvestorsm. Citi OpenInvestor is the investment services solution for today’s diversified investor, combining specialized expertise, comprehensive capabilities and the power of Citi’s global network to help clients meet performance objectives across asset classes, strategies, and geographies. With an on-the-ground presence in over 95 countries and over $13 trillion in assets under custody, Citi offers award winning service and unmatched scale. Citi provides complete investment services for institutional, alternative, and wealth managers delivering middle office, fund services, custody, investing and financing solutions focused on clients’ specific challenges, customized to their individual needs.