Temasek takes minority stake in FNZ

The company expects to benefit from the LP's presence in Asia, as it plans to grow its business there in the coming years, according to a statement.

While predominantly an investor in private equity funds, the Singaporean sovereign wealth fund also makes direct investments. Recent buyout and growth investments from the firm include Ceva Santé Animale, ManoMano and Eigen Technologies.

In conjunction with the minority investment, FNZ has also acquired Irish Progressive Services International (IPSI), a Dublin-based third-party administration service, from pensions and life insurance firm Irish Life.

Previous funding
HIG Capital backed the management buyout of FNZ in 2009 in a deal that Unquote understands was valued at less than £10m. General Atlantic then took part in an expansion round for the company three years later.

HIG and General Atlantic agreed to sell FNZ to Caisse de Dépôt et Placement du Québec (CDPQ) and Generation Investment Management in a deal valuing the business at £1.65bn in 2018.

Company
Headquartered in Edinburgh and founded in 2002, FNZ provides financial software to asset managers. Its services include on-boarding, payments, trade execution, trade settlement and asset servicing. The company reported revenues of £126.8m and profit of £11m for 2018.

People
FNZ Group – Adrian Durham (CEO).
Irish Progressive Services International – James Parker (CEO).

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• Topics
• Expansion
• Portfolio management
• UK / Ireland
• Technology
• Direct investments
• Minority investing
• United Kingdom
• Build-up
• Buy-and-build