Viteos Fund Services, a premier provider of outsourced operations solutions, announced today the broad basing of its fund services and solutions to Private Equity firms of all types. Having built a book of $35 billion of assets with marquee names and meeting their highly complex structures and customized needs, Viteos is poised to enlarge its footprint in the space and make available its solutions to the larger marketplace.
The initiative is headed globally by Shashikala Suryanarayanan and in North America by Ranjan Mishra. The move comes in response to the challenges Private Equity firms face from increasingly complex structures and reporting requirements as well as their increasing openness to outsource in order to improve productivity, increase governance transparency, provide greater disclosure, and better manage costs.
Viteos' comprehensive and customized Private Equity offering includes: Fund Accounting and Administration; Treasury Services; Investor services; and Financial and Regulatory Reporting.
Clients benefit from Viteos' industry expertise and experience, global reach, advanced technology for end- to-end lifecycle processing, the replacement of manual approaches (including spreadsheets), an LP portal, and General Partner and Management Accounting.
In the current environment, Private Equity firms are seeing increases in allocations from Pension, Endowment and Sovereign Wealth Funds and Family Offices. As a result, the appointment of an institutional grade, independent, outside third party administrator provides allocators with the confidence that operational due diligence, fund accounting and reporting is never compromised and is being handled with expertise.
Internally, CFOs are demanding automated approaches that serve LP needs, including the replacement of manual processing that take into account data challenges, compliance, and cybersecurity. A firm's ability to demonstrate institutional back office capability can be critical in securing allocations. Outsourcing enables internal teams to stay focused on strategic functions – investments, performance and raising capital.
Viteos brings an offering of selective services along with an integrated technology solution built out specifically for the complexities and needs of the Private Equity marketplace with scalability to respond comprehensively to the operational and accounting demands now faced by firms.
As an outsourced provider, Viteos constantly improves its own solutions and delivery, freeing firms from the burden of keeping up with the latest trends, assuring best practice and providing a one-stop, comprehensive, customized, and automated institutional infrastructure, delivering transparency, accurate reporting, and scalability across all administration functions. Further, Viteos has innovative approaches that meet the needs of investors by investor type. Its technology automates the entire lifecycle, with the ability to set up any fund structure on-the-fly and with automated waterfall calculations, meeting unique reporting challenges, and eliminating the need for spreadsheets. In the case of self-administered funds, Viteos' software provides risk mitigation against a spreadsheet approach.
Said Shankar Iyer, Viteos CEO: "The private equity space has historically not focused on fund administration to the extent that hedge funds have. This is rapidly changing as we see capital which had traditionally been allocated to hedge funds now moving to private equity. We are poised to respond to the demands that we are now seeing – and we bring over a decade of experience in providing firms with a comprehensive technology approach."
Said Chitra Baskar, Viteos COO: "Regardless of need, firm type or instrument, Viteos is changing the narrative in enabling PE firms meet custom mandates, complex fund structures, LP lifecycle management, automated waterfall calculation and custom reporting which is supported by unparalleled client service and a consultative approach to structuring and implementing advanced fund solutions."
About Viteos Fund Services
Founded in 2003 and headquartered in Somerset, New Jersey, Viteos Fund Services provides customized straight-through-processing and integrates post-trade operations across virtually every asset class, currency, border, or structure for the alternative investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services, middle- and back-office outsourcing services and licenses its platform to investment managers.