Maples Fund Services Selected as Administrator to AAIC’s Africa Healthcare Fund L.P.
Maples Fund Services, a leading independent global fund services provider and division of MaplesFS, has been selected by Singapore-based Asia Africa Investment and Consulting Pte. Ltd. ("AAIC") to provide a full range of administration services for the firm’s first fund, the Africa Healthcare Fund, L.P. AAIC is a Registered Fund Management Company in Singapore.
Drawing on AAIC’s successful history of investing in Africa and its deep understanding of the African business environment, the new fund will focus on investing in the African healthcare sector – one of the fastest growing sectors in the region – utilising advanced technology and knowhow to create innovative and profitable businesses as well as identify solutions to various social issues.
Maples Fund Services will provide the operational capabilities necessary to support the fund’s complex structure and a full suite of private equity accounting and investor services, including portfolio accounting and reconciliation, due diligence and anti-money laundering services, maintenance of the fund's register of limited partner interests, transaction processing and FATCA and CRS compliance. AAIC selected Maples Fund Services as a result of its customisable approach, sophisticated infrastructure, geographic reach and successful track record in helping support new private equity fund launches.
In recent years, there has been an increase in allocation from investors into private equity in Asia and emerging markets, leading to new fund formations in the region. MaplesFS in Singapore has been supporting a number of successful launches that invest in healthcare, infrastructure, consumer and technology sectors.
"We believe that the African healthcare sector will be driven by a rapid rise in population and economic growth with expectations for it to grow much faster than GDP growth and are excited about the opportunities investors will have in this emerging market," said Shigeru Handa, Director, AAIC. "We recognise how critical our partners are in bringing this fund to the market and have been impressed with Maples Fund Services’ service approach and demonstrated experience in the complexities of private equity."
"AAIC’s Africa Healthcare Fund, L.P. is not only a testament to their innovative approach to investing but also demonstrates a true commitment to positive societal impact," said Eastern Fong, Maples Fund Services' Regional Head of Fund Services – Asia. "We are proud of our partnership with AAIC and look forward to supporting them with our world class solutions and high-touch service model as their business evolves."