CLIFTON PARK, NEW YORK – June 22, 2021 – As SPACs (Special Purpose Acquisition Companies) have become an increasingly popular and effective alternative route for privately held companies to go public, the demand for trusted behind-the-scenes administration partners has also continued to grow.
As one of the leading, tech-enabled independent fund administrators, Ultimus Fund Solutions, and more specifically its private fund administration group, Ultimus LeverPoint, is uniquely positioned to support SPACs and SPAC sponsors. Ultimus, with over 200 alternative fund clients and more than $350B in assets under administration, is known for supporting clients with a distinctive blend of institutional strength and boutique service. By engaging the professionals at Ultimus LeverPoint, SPACs and SPAC sponsors are assured industry best practices and accounting platforms and industry leading technology, while not being burdened with SPAC-related accounting responsibilities.
Says David MacPhee, Ultimus LeverPoint CEO, “We’re pleased to support SPACs and SPAC sponsors as a trusted partner, providing a full suite of services throughout the life cycle of the SPAC. We’re excited to tap our experience and technological capabilities to help SPAC entities fully leverage the incredible opportunities that SPACs offer.”
As an alternative investment vehicle, SPACs offer distinct advantages to investors, acquiring companies and sponsors. Statistics bear out those claims. According to Statista.com, SPACs raised almost twice as much in 2020 as they raised in the previous 10 years combined. As of the end of April 2021, SPACs had raised 101.3 billion U.S. dollars in IPOs in the U.S since the start of the year.
Ultimus LeverPoint provides full accounting and administrative services to SPACs and SPAC sponsors as the SPAC is being launched, throughout the life of the SPAC, and prior to the de-SPACing process. Specific services include:
- Preparation of financial statements and footnotes for SEC filing
- Monthly bookkeeping of the SPAC
- Maintenance of the shareholder registry
- Treasury services
- Reconciliation of bank accounts
- Maintenance of general ledger for the sponsor
- Quarterly reporting for the sponsor
- Preparation of capital calls and distribution calculations and notices
- Distribution of investor correspondence
- 1099 preparation
Adding SPACs to the list of products Ultimus LeverPoint administers is a natural extension of the work already being done by the team, says Evan Audette, EVP, COO for Ultimus LeverPoint, commenting, “The accounting and administration work required for SPACs is something our teams have deep experience in performing.” As for the benefits for SPACs and SPAC sponsors he said, “By engaging Ultimus LeverPoint to service SPACs, it enables sponsors to focus on expanding their portfolio of products, and prioritize the search for and evaluation of acquisition targets, which is their main responsibility.”
About Ultimus LeverPoint
Ultimus LeverPoint Private Fund Solutions is a leading fund administrator committed to providing a complete spectrum of solutions to private equity, venture capital and hedge fund clients. We provide accounting and fund administration solutions to over 200 firms with approximately $115B in AUA, representing a diverse range of alternative fund types and structures ranging in size from first time firms with $50M AUM to established firms with $19B AUM.
Whether outsourcing a new fund, or transitioning existing funds, Ultimus LeverPoint serves as a seamless extension of your firm – a partner in growth. From traditional to complex structures, our team of over 250 associates provide operational excellence, in order to meet every need and dedicated to helping investment managers keep pace with the constantly changing regulatory and market demands, while providing quick solutions to new challenges. For more information, visit www.ultimusleverpoint.com.
Ultimus Fund Solutions (Ultimus) is a leading provider of full-service fund administration, accounting, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus’ deep commitment to excellence is achieved through investments in best-in-class technology, compliance programs, organization-wide cyber security efforts, and hiring seasoned professionals.
Headquartered in Cincinnati, Ohio with offices in other cities such as Chicago, New York and Denver, Ultimus employs more than 700 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,300 total traditional and alternative funds with over $350B in AUA, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.