New Private Equity closes minority stake in ONE group solutions

New Private Equity (NPE) completed a significant minority investment in ONE group solutions, an independent Luxembourg provider of third-party fund management company (ManCo) and governance services to asset managers, the firms said on Oct. 19.

Financial terms and the size of the stake were not disclosed. ONE's founders and management retain a substantial shareholding, and CEO Steve Bernat continues to lead the business. The Commission de Surveillance du Secteur Financier approved the transaction, according to the release. ONE, founded in 2019, serves more than 200 clients with close to 200 professionals across eight offices and is growing more than 35% a year.

Allocators vetting a fund that delegates to ONE need to know who owns the governance provider, who staffs the account and what the automation does to turnaround times. The release says ONE will increase spending on technology, data, AI and automation across fund governance workflows and on the commercial team for larger and more complex mandates.

NPE describes itself as a technology-focused private equity firm and says it begins value creation during due diligence. The firms have already started programmes, including a unified data and ontology layer across ONE's governance workflows and an augmentation of core systems on Foundry, a data infrastructure platform. ONE has been selected into the Palantir for Builders program, according to the release.

Geographically, ONE will concentrate on Luxembourg, Ireland and the UK, its core jurisdictions, and expand aggressively in the United States, according to the release.