Fund administrator TMF Group acquired U.S. fund administration firm Venture Back Office on Thursday, a TMF spokesman said.

Terms of the deal were not disclosed. TMF Group’s assets under administration have increased to €150 billion ($176.3 billion) following completion of the deal, while the firm also expanded its access into North America.

Venture Back Office provides administration services to private equity, real assets and credit funds and has $20 billion in assets under administration.

“The U.S. market is particularly important for the group as it is home to 60% of the world’s private equity market,” Jan Willem van Drimmelen, head of North America at TMF, said in a news release.

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Source: Pensions & Investments

By Paulina Pielichata