Fund Administrator Apex Group has announced the acquisition of Luxembourg based LRI Group. With the completion of a secondary market transaction, LRI Group becomes part of Apex Group.
Apex Group together with Salu Capital closed the purchase of all outstanding shares of Augur Financial Opportunities 2 Sicav, a Luxembourg investment vehicle managed by German Augur Capital.
The closing of this complex transaction, upon receipt of all regulatory approvals in Germany and in Luxembourg, is the latest step of Salu Capital, private investment firm with a focus on special situations and contrarian investment opportunities in global financial services and insurance.
This deal is the second Salu has completed this year with its partner Apex, with now more than $600bn in assets under administration and over 40 offices around the world. It is Salu's first transaction together with its partner Inlife and part of a joint effort to pursue opportunities in the European insurance space that are driven by the transformation of capital allocations that result from regulatory changes and the difficult investment and yield environment.
Freshfields Bruckhaus Deringer LLP, Arendt & Medernach, Willkie Farr & Gallagher LLP, Linklaters, CMS, KPMG and Milliman provided counsel and transaction advice to Salu Capital and its partners Apex and Inlife. Elm Capital and Macfarlanes advised the Fund's shareholders. Norton Rose Fulbright advised the fund.