Newly formed investment management firm outsources fund administration to drive growth
WEST ORANGE, NJ (September 20, 2018)—PEF Services (“PEF”), a leading fund administrator for alternative investment managers, today announced that it has been selected to provide fund administration services to Granite Bridge Partners LLC (“Granite Bridge”), a newly formed investment firm focused on the lower middle market. PEF will provide fund administration services to Granite Bridge through PEF’s experienced team and leading-edge fund accounting platform.
Granite Bridge was formed by the former management team of the Direct Equity Division of Wafra Inc. to effect the acquisition through a Secondary Transaction of a majority interest in Wafra Inc.’s direct equity portfolio.
“PEF’s long-standing reputation for providing exceptional service to its clients, together with innovative technology solutions that will allow us to scale, were key drivers in our decision,” said Peter Petrillo, Managing Partner of Granite Bridge. “PEF Services will help us support the operational management of our new firm enabling us to focus on strategic, high-value initiatives like deal sourcing, fundraising, and portfolio management.”
PEF is nationally recognized as one of the top boutique fund administrators and back-office specialists for both General Partners and Limited Partners in the alternative asset space. PEF’s services include partnership accounting, financial reporting, capital call and distribution processing, investor capital account maintenance, audit and tax return support and coordinated fulfillment of all investor deliverables.
“We are very excited to welcome Granite Bridge to our family of clients,” said Hank Boggio, Chief Revenue Officer of PEF. “We look forward to supporting Granite Bridge’s endeavors to focus on strategic initiatives that drive growth to achieve greater efficiencies.”
About Granite Bridge Partners LLC
Granite Bridge is a lower middle market private equity investment firm. Granite Bridge targets control investments in companies with EBITDA of between $2 million and $12 million in the following sectors: consumer products and services, outsourced business services and niche manufacturing. For more information visit www.granitebridge.com.
About PEF Services LLC
PEF Services provides high-value, high-touch Fund Administration solutions supported by senior professionals with extensive experience in alternative investments. PEF has a 15-year track record of delivering cost-effective solutions to Funds and General Partnerships, including Buyout, Venture, Real Estate, Special Purpose Vehicles, Mezzanine, Credit, SBIC, and Fund of Funds. The firm’s LP Administration Solutions Group (LPAS) focuses solely on meeting the unique administration and data needs of limited partners investing in illiquid alternative assets. In partnering with PEF, firms increase operational efficiency, reduce and control operating costs, improve focus on core capabilities, and gain access to experts in private capital back office operations. For more information please visit www.pefservices.com.