BOSTON, May 2, 2023 /PRNewswire/ -- South Watch, LLC ("South Watch" or the "The Company"), a provider of comprehensive outsourced fund administration services, today announced a strategic investment by Everlane Equity Partners ("Everlane"), a Boston-based private equity firm focused on partnerships with growing service companies.
Headquartered in Canton, Massachusetts, South Watch currently oversees 50+ funds and $3 billion in assets. The Company provides full third-party fund administration and middle-office services, including fund setup, accounting, tax preparation and operational support to alternative asset managers nationwide. Fund managers working with South Watch receive the custom, high-touch service they would aim to achieve with an in-house team, while avoiding the costs and difficulties of building and managing a team of experts internally.
"Today's announcement enables South Watch to strengthen our market position and orients us for significant long-term growth. With Everlane as a strategic and financial partner, we are well positioned for the next phase of growth," said Paul Timmins, Founder and Co-Managing Partner of South Watch. Kirby Richards, Co-Managing Partner added, "The partnership with Everlane feels like a natural fit as their team shares our core values of best-in-class service paired with a genuine commitment to customer success." Their third Partner, David Loescher, further commented, "This investment demonstrates our commitment to scaling our business and continuing to build out additional services to benefit our clients." The Company will continue to be led by Timmins, Richards, and Loescher and clients will enjoy the same outstanding service they've come to know.
"We are pleased to announce our partnership with the South Watch team," said Evan Horton, Managing Partner at Everlane. "This is an opportunity for us to back proven leaders with a track-record of success in the fund administration space. As second-time founders, they possess a clear vision for the future of the company – one that we're excited to support to fruition." Harry Banks, Operating Partner at Everlane commented on what attracted the team to a strategy in outsourced fund administration saying, "strong tailwinds in the larger industry, in addition to increasing scrutiny from both regulators and investors, has driven a need for outsourced support in these areas that are essential to the success of funds but ultimately distract managers from focusing on investment strategy and fundraising." Daniel Vetrano, Principal at Everlane emphasized, "South Watch represents a scalable model that delivers tremendous knowledge and value to their clients and will serve as a strong foundation for the future growth of this platform. We are optimistic about the opportunity for inorganic growth through the addition of ancillary services that will ultimately streamline operations and provide value to fund managers and their investors."
About South Watch
Since its founding in 2016, South Watch has built a reputation for white glove service, transparent and client-focused communications, and expertise in hedge fund administration. South Watch uses cutting-edge technology to augment an array of services which includes fund administration, tax preparation, and outsourced CFO services. For more information, please visit www.southwatchllc.com.
About Everlane Equity Partners
Everlane Equity Partners is a Boston-based private capital provider focused on equity investments in high quality companies that are well-positioned for future growth. Everlane uses its fully committed capital base and experience investing in small capitalization and middle market companies to accelerate value creation alongside management teams that have meaningful go-forward financial participation in their businesses. Everlane is flexible in its approach, structuring both majority and minority partnerships across services industries such as business, financial, healthcare, industrial, and Information Technology. For more information, please visit www.everlaneequity.com.
SOURCE Everlane Equity Partners I, LP
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