PE firm Cinven has entered into an agreement to acquire a majority stake in Alter Domus, a renowned global provider of technology-enabled fund management in PE, real estate and private debt. The deal, worth €4.9 billion including debt, is one of the largest transactions between private equity groups in the last year.

Founded in 2003 and based in Luxembourg, Alter Domus has become one of the largest fund administrators in the world, boasting assets under administration (AuA) in excess of US$2.5 trillion. As of 2021, the company has seen 54% revenue growth and 69% AuA growth and has over 5,100 employees in 39 offices worldwide.

PE firm Permira first invested in Alter Domus in 2017, and since then Alter Domus has seen a fivefold increase in revenue and headcount. The firm has also strategically expanded into the US market through acquisitions, which currently represents the largest segment of its business. The investment in Alter Domus has proven to be very profitable for Permira, delivering more than a sevenfold return.

Cinven is an international private equity firm that focuses on building companies. Its funds invest in six key sectors: Business Services, Consumer Services, Financial Services, Healthcare, Industrials and TMT. Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.