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Innocap Investment Management, the dedicated managed account (DMA) provider, has received a strategic growth investment from Bain Capital Tech Opportunities.
The Montreal-based firm’s newest minority stakeholder will help drive the next stage of growth for the hedge fund industry’s largest managed account provider, which now has more than $100bn on its platform, according to a statement.
Bain Capital joins tenured shareholders, including senior management at Innocap, pension fund La Caisse, BNY, Walter Global Asset Management, BNP Paribas and sovereign wealth fund ADIA, which bought a minority stake at the start of the year.
“Bain Capital’s investment marks an exciting new chapter for Innocap and for the future of DMAs,” said François Rivard, CEO of Innocap.
“Assets on Innocap’s platform have doubled in three years, and this investment will enable us to continue scaling to meet the demands of global allocators, from alternative asset managers and pensions to endowments and sovereign wealth funds.
“Bain Capital’s partnership will also enable us to pair world-leading AI and fintech expertise as we swiftly advance Innocap’s technology stack to deliver clear wins for clients.”
“The alternative investment ecosystem is at an inflection point, driven by institutional allocators’ growing demand for customised solutions and greater transparency, control and capital efficiency,” said Michael Grandfield, managing director at Bain Capital Tech Opportunities.
“Innocap has been at the forefront of this evolution, combining proprietary technology with deep operational expertise to meet the complex needs of its clients.”
The transaction is expected to close in Q1 next year, subject to approvals.