Vistra Acquires Phoenix American's Fund Administration and Transfer Agent Business

Delta Data Acquires Phoenix Systems Inc.

March 12, 2024

Financial Services

Delta Data, a Terminus Capital Partners company, acquired Phoenix Systems Inc., a fintech provider of global mutual fund transfer agent, sub-accounting and trading software. The deal expands Delta Data’s product capabilities into fund trading and record-keeping and accelerates its international footprint across Europe, Australia, the Caribbean and Canada.

ZEDRA Acquires Atlas Fund Services

November 7, 2022

Financial Services

ZEDRA has completed the acquisition of Atlas Fund Services, a privately held fund administrator with offices in Charlotte, North Carolina and Willemstad, Curaçao. The deal expands ZEDRA's fund administration capabilities and establishes a US and strengthened Latin American presence for the firm's fund services business.

BPEA EQT Merges Vistra and Tricor to Create $6.5B Global Fund and Corporate Services Platform

July 28, 2023

Professional Services

BPEA Private Equity Fund VIII (BPEA EQT) has completed the merger of Vistra and Tricor, creating a combined fund and corporate services platform valued at an enterprise value of US$6.5 billion and employing over 9,000 professionals across 50+ jurisdictions. The transaction consolidates complementary capabilities (fund administration, corporate secretarial, HR/payroll, trust and fiduciary services) to drive further organic and inorganic growth, with an emphasis on Asia as a core growth region.

CVC DIF Funds Acquire American Student Transportation Partners from Access Holdings

August 14, 2025

Transportation

Funds managed by CVC DIF have acquired American Student Transportation Partners (ASTP) from Access Holdings. ASTP grew rapidly under Access's data-driven operating model—expanding from 435 to over 2,300 vehicles and transporting more than 90,000 students annually—and Access engaged Lincoln International, Miles & Stockbridge, and RSM as advisers on the sale.

ZEDRA Acquires Gryphon Fund Group

December 11, 2024

Financial Services

ZEDRA, a global provider of wealth, corporate and fund services backed by Corsair and BCI, has joined forces with Gryphon, an Ohio-headquartered fund administrator. The integration significantly expands ZEDRA's U.S. fund administration business (doubling its size) and grows combined assets under administration to roughly $30 billion.

Aduro Advisors Acquires VMS Fund Administration

July 12, 2022

Accounting & Tax

Aduro Advisors acquired VMS Fund Administration, a Princeton, New Jersey–based venture capital and private equity fund administrator, in a transaction effective July 1, 2022. The deal — financed by existing Aduro investor PPC Enterprises — expands Aduro’s East Coast presence, adds VMS’s team to Aduro (including founders Dominick Turiano and Joe Pruscino who joined as Partners), and broadens Aduro’s client portfolio.