State Street, a provider of financial services to institutional investors, has been appointed to provide fund administration services for Idaho-based Intermountain Equity Group’s (IEG) newly launched private equity fund.
State Street will support IEG’s new $400m private equity real estate fund with a full range of administration services, including custody, accounting, financial reporting and tax services.
David Hutchinson, managing director of IEG, said: “Appointing State Street as our administrator will allow us to focus on managing our new fund and providing value to our investors. State Street was the clear choice for this assignment as it brings a commitment to alternative investments as well as a strong track record in servicing private equity real estate funds.”
Jack Klinck, executive vice president and global head of alternative investments solutions group at State Street, said: “We are pleased to establish this new partnership with Intermountain Equity Group. Fund managers are increasingly finding it advantageous to outsource administrative functions rather than devote resources to building an in-house operation. Real estate fund administration represents a key focus for our private equity servicing team.”
