IFC Asset Management (AMC), a wholly owned subsidiary of IFC, a member of the World Bank Group, has outsourced its private equity accounting and fund administration services to JP Morgan. Assets under administration for this mandate total $4bn.
JP Morgan will provide AMC’s IFC Capitalization Fund and IFC African, Latin American and Caribbean Fund with a set of comprehensive services including: fund and partnership accounting, capital call and distribution management, treasury services, tax support services, waterfall development, carry plan administration and financial reporting.
AMC was established in 2009 to manage private equity funds comprising third-party capital. The funds allow outside investors to benefit from IFC’s expertise in achieving equity returns as well as development impact. The establishment of AMC marks the first time IFC is serving as a fund manager of third-party capital.
Ruth Horowitz, CAO of AMC, said: We believe that investments in emerging markets, especially frontier markets, represent a growing asset class that can bring increased diversification and long-term return opportunities to investors. We also believe that JP Morgan has the right combination of industry expertise, technology and proven processes to support our business.
James Hutter, global business executive for private equity fund services group at JP Morgan, said: We welcome AMC to our client roster, and believe that our decades of experience, combined with our powerful technology and commitment to client service, will assist them in achieving their investment goals in emerging markets.