Vitruvian Partners to Make Significant Strategic Growth Investment in Aduro Advisors
May 23 2024 - 1:14PM
Business Wire
Aduro provides premier fund administration
services by combining the industry's top professionals with its
best-in-class technology platform, FundPanel.io
Aduro Advisors, LLC (“Aduro”), a leading fund administrator to
venture capital and private equity firms, has secured a strategic
growth investment from Vitruvian Partners (“Vitruvian”), a leading
global growth-focused investment firm. Aduro’s leadership team and
existing shareholder PPC Enterprises (“PPC”) will retain a
significant investment in Aduro going forward.
Established in 2012 and headquartered in Denver, CO, Aduro
Advisors (“Aduro”) has over $120 billion of assets under
administration (“AUA”). Due in large part to its unique offering,
Aduro has grown significantly, increasing AUA by over 150% since
2020.
Vitruvian has focused on investment opportunities in the fund
administration subsector, given its attractive characteristics and
structural growth drivers of alternative asset managers. Through
this transaction, Vitruvian will support Aduro's long-term
strategic growth, working in close partnership with Aduro’s
leadership team and PPC.
Braughm Ricke, Founder and CEO of Aduro, said: “This is an
exciting opportunity to accelerate the expansion of Aduro’s service
and technology offerings to best serve the alternative asset
industry. The Vitruvian team brings a wealth of experience and will
provide strategic guidance and capital to support Aduro's continued
growth and development.”
Luuk Remmen, Partner at Vitruvian Partners, said: “Vitruvian’s
investment in Aduro builds on our significant track record in fund
administration services. Together with PPC, we will provide
significant capital and capabilities to support and further
accelerate the growth and acquisition aspirations of Aduro. We are
excited about partnering with Braughm and the broader Aduro
team.”
Thomas Uger and Kashyap Shah of PPC added, “The Aduro team
successfully executed an aggressive growth plan while strengthening
the Company’s operational and technological capabilities and
providing excellent service to Aduro’s venture capital and private
equity clients. We are thrilled to retain a meaningful equity stake
alongside the Aduro management team, and we welcome Vitruvian, who
we believe will be a very additive partner for the next stage of
growth.”
Jefferies LLC served as financial advisor and Covington &
Burling LLP served as legal counsel to Aduro. Kirkland & Ellis
LLP served as legal counsel to Vitruvian. Terms of the transaction
are not disclosed.
About Aduro Advisors
Aduro Advisors, LLC is the premier fund administrator for
venture capital and private equity firms. Our service-first,
tech-forward approach helps clients navigate operations with ease
while building durable businesses. Over 550+ firms rely on Aduro to
manage thousands of funds representing more than $120B in assets
under administration. Aduro’s customized solutions, highly
experienced professionals and purpose-built platform, FundPanel.io,
elevate operations so clients can focus on what they do best:
investing. To learn more, visit www.aduroadvisors.com.
About Vitruvian Partners
Vitruvian Partners is an international growth-focused investor
with offices across London, Stockholm, Munich, Madrid, Luxembourg,
San Francisco, Mumbai, Singapore, and Shanghai. Vitruvian focuses
on dynamic situations characterized by rapid growth and change
across asset-light industries. Vitruvian has c.$16bn of active
funds which have backed many global winners and leaders in their
sectors, including Just Eat, EasyPark, Skyscanner, Wise, CFC
Underwriting, CRF Health, Darktrace, and Bitdefender. Further
information can be found at www.vitruvianpartners.com.
About PPC Enterprises
PPC Enterprises is a New York City-based private equity firm
founded by former senior partners of Kohlberg Kravis Roberts &
Co. PPC invests in a select group of industries, including Business
and Financial Services, Industrial Services, and Healthcare
Services. www.ppcenterprises.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523533015/en/
Any queries please contact Siobhan Loftus at Vitruvian Partners
at Siobhan.Loftus@vitruvianpartners.com