State Street wins key PE admin mandate

State Street has picked up a key private equity administration mandate – the $1 billion Mercury Capital Fund twenty2.

State Street announced the mandate this week saying that it represented growth in its alternatives services business in Australia.

The A$1 billion fund completed a fund raising and closed on June 30 to launch what is Mercury Capital’s fourth private equity fund since its inception.

“With a 12-year track record, Mercury Capital has cemented its position as a leading private equity manager in the local market and we’re very pleased to support their growth and partner on this new fund,” State Street Australia head, Tim Helyar said.

Mercury Capital Fund twenty2 will focus on mid-market private equity transactions in Australia and New Zealand and anticipates making eight to ten investments over its life cycle. It will target partnership investments alongside private business owners and management teams in companies with enterprise valuations in the range of A$150 million to A$500 million.

“The incredible growth of private equity markets across the globe has created new opportunities for firms in the Australian market. State Street is committed to the sector and to growing its alternatives business,” Helyar said. “This acknowledgment from a proven local performer like Mercury Capital confirms our own belief we have a unique offering and capabilities for the Australian market.”