Alchelyst, a full-service fund administrator for alternative assets, and Lyra Client Solutions, a client servicing organisation spun out of Apollo, are merging to create a private markets servicing platform.
The newly-combined company will deliver private markets fund administration and tech-enabled client service capabilities across institutional and global wealth channels.
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The deal, which is expected to close in the fourth quarter of 2025, is backed by Motive Partners, a private investment firm focused on financial technology, and global alternative asset manager Apollo.
Joan Kehoe, founder and chief executive of Alchelyst, will become chief executive of the combined company once the transaction has closed.
She was previously global head of alternative investment services at J.P. Morgan, and founded Quintillion, a provider of services to the alternative investment industry, as well as serving as chief executive of financial services firm PFPC International.
The new platform will deliver servicing capabilities, “intelligent automation, and real-time transparency at scale” for general partners (GPs).
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“The combination of Alchelyst and Lyra creates a differentiated partner that can lead the next wave of innovation in private markets servicing, supporting GPs with a growing base of investors across the institutional and wealth channels,” said Kehoe.
“As private markets continue to expand through broader institutional adoption and an ever-evolving private wealth channel, asset managers are seeking high-end scalable fund administration, client servicing, and technology platforms to maintain their edge,” added Eileen Sivolella, board chair of Lyra.
Alchelyst was founded in 2023 by Kehoe, Brian Fitzgerald and Ian Lynch, and operates from Dublin, India, Luxembourg and the US.
Lyra Client Solutions provides end-to-end client services across institutional, global wealth, and global family office investors from its offices in New York, Greenwich and Irvine in the US, and Mumbai in India.
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