Adepa

What Adepa does

Adepa is a Luxembourg-based, privately held independent asset servicing firm founded in 1980 that provides a one-stop-shop platform of ManCo/AIFM services, fund administration, investor services, and corporate services to asset managers, wealth managers, private market sponsors, and corporations across Europe and Latin America. The company is licensed as a UCITS Management Company and AIFM by the CSSF, with cross-border authorization from the CNMV in Spain, and operates from Luxembourg, Milan, Madrid, Bilbao, and Santiago de Chile. Adepa holds a 40% strategic stake owned by Inversis (Banca March Group) since 2022.

The core product set is built around four pillars: ManCo/AIFM Services (regulatory compliance, risk management, operational oversight for UCITS and alternative funds), Fund Administration (NAV calculation, fund accounting, regulatory and statutory reporting, domiciliation, pricing and valuation), Investor Services under the proprietary InvestoRing model (transfer agent activities, digital onboarding, investor reporting, and a 24/7 cloud-based Investor Portal), and Corporate Services (incorporation, domiciliation, corporate accounting, secretarial). Supporting modules include the NAV Center in Milan, Middle Office Outsourcing, and a newly launched Risk Management Service for Spain. The technology stack combines proprietary platforms (InvestoRing, Transfer Agent Digital Platform, Investor Portal) with best-of-breed third-party integrations, notably BlackRock's eFront for private assets analytics and Fenergo's Client Lifecycle Management for KYC/AML and onboarding workflows.

Adepa's revenue model is B2B managed services and recurring subscriptions, with fees typically negotiated based on assets under administration, fund complexity, and service scope. The go-to-market relies on direct enterprise sales through regional business development teams in each country, supported by referrals from the Inversis/Banca March distribution network. The company serves enterprise clients including Alantra (€16.7bn+ AUM Private Debt platform) and Azimut, and serves the broader Spanish private market segment where SCR fund count grew approximately 150% to ~500 funds between 2020 and early 2024.

Name

Adepa

Legal name

ADEPA Asset Management S.A.

Website

https://adepa.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

101–250 employees

Short description

Adepa is a Luxembourg-based independent asset servicing firm providing ManCo/AIFM, fund administration, investor services, and corporate services to asset managers, wealth managers, private market sponsors, and corporations across Europe and Latin America.

Ownership category

akta.pro rank

Headquarters

HQ city

Münsbach

HQ country

Luxembourg

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund Administration Services: Comprehensive fund administration covering accounting, NAV calculation, regulatory reporting, and investor services. Revenue is generated through service fees typically based on assets under administration or fixed pricing structures tailored to fund complexity and volume.
2. ManCo and AIFM Services: Management Company and Alternative Investment Fund Manager services providing regulatory compliance, risk management, and operational efficiency. Charged as recurring management fees typically based on fund assets or flat fees per fund structure.
3. Corporate Services: Incorporation, domiciliation, corporate accounting, and governance services including secretarial support and compliance services for corporate vehicles.
4. Investor Services / Transfer Agent: Transfer agent activities including subscription/redemption processing, investor register maintenance, investor reporting, and KYC/AML compliance services.
5. Risk Management Services: Risk management services for asset managers and investment funds covering portfolio monitoring, stress testing, VaR models, regulatory reporting, and ESG monitoring.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Adepa is a Luxembourg-based asset servicing firm offering fund administration, ManCo/AIFM regulatory services, investor/transfer agent services, and corporate services for asset managers, wealth managers, and corporations. The company operates a one-stop-shop platform across Europe (Luxembourg, Italy, Spain) and Latin America (Chile), supporting UCITS and alternative investment funds including private equity, private debt, real estate, and infrastructure.

Product overview

Adepa is an independent strategic partner providing asset servicing solutions through a one-stop-shop platform for asset and wealth managers. The core offering consists of ManCo/AIFM Services, Fund Administration, Investor Services (InvestoRing), and Corporate Services. Supporting these are specialized modules including NAV Center (Italy), Investor Portal, Transfer Agent Activities, Risk Management, Middle Office Outsourcing, ESG monitoring, and AI-based compliance tools. The company operates from Luxembourg with subsidiaries in Spain, Italy, and Chile, serving UCITS, private equity, private debt, infrastructure, and real estate funds across Europe and Latin America.

Differentiator

Problem solved

Functional benefit

Brands

• InvestoRing: Integrated investor services model for closed-end funds combining professional expertise with a secure, digital-first platform to support every stage of the investor journey including capital calls, distributions, and investor reporting.
• Investor-RING

Products and services

• ManCo and AIFM Services Management Company (ManCo) and Alternative Investment Fund Manager (AIFM) services ensuring regulatory compliance, risk management, and operational efficiency for UCITS and alternative investment funds across Europe and Latin America.
• Fund Administration Comprehensive fund administration covering fund accounting, NAV calculation, regulatory reporting, pricing and valuation services across traditional and alternative asset classes for asset managers and investment funds.
• Investor Services (InvestoRing) Integrated investor services combining expert back-office support with advanced digital ecosystem, including investor onboarding, transfer agent activities, investor reporting, and a dedicated investor portal with 24/7 access.
• Corporate Services Corporate services including incorporation, domiciliation, corporate accounting, and secretarial services ensuring smooth operation and regulatory compliance for corporate vehicles and SPVs.
• Middle Office Outsourcing BPO services including pre-trade compliance, execution, settlement, unmatched trade follow-up, portfolio oversight, and market connectivity for investment funds.
• Risk Management Service Comprehensive risk management covering fund lifecycle from defining risk policies and profiles to continuous monitoring of liquidity, leverage, valuation, and investment limits, including stress testing, VaR models, backtesting, regulatory reporting, and ESG monitoring.
• Transfer Agent Activities CSSF-approved transfer agent services including investor register maintenance, transaction processing for subscriptions and redemptions, KYC/AML procedures, and investor communications.

Quantifiable outcome

• Successful completion of Fidupar acquisition, enhancing fund administration and transfer agent capabilities in Luxembourg and opening opportunities in France and Belgium
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, major, flagship and minor.

• FenergocoreTechnology or Integration · 20 October 2025Adepa partnered with Fenergo to modernize investor onboarding and strengthen compliance processes across its international operations. Adepa implemented Fenergo's Client Lifecycle Management platform, beginning with its Luxembourg headquarters before expanding to additional markets, replacing legacy infrastructure to enable future outsourced KYC and AML services.
• AlantramajorStrategic or Co-development Partner · 18 June 2025Alantra appointed Adepa as Fund Administrator and Transfer Agent for its Luxembourg-based Private Debt platform. The partnership encompasses four funds operating as SICAR and ELTIF vehicles, with Adepa delivering regulatory compliance, financial reporting, investor communications, and transfer agency functions.
• Fidupar (Acquisition)flagshipOthers · 2 October 2024Adepa successfully completed the acquisition of Fidupar, a Luxembourg-based fund and corporate services provider regulated by CSSF. Fidupar was rebranded as Adepa Asset Servicing Luxembourg. The acquisition enhances Adepa's fund administration and transfer agent capabilities, particularly in alternative investments, opening opportunities in France and Belgium.
• Gatti Pavesi Bianchi LudoviciminorStrategic or Co-development Partner · 19 July 2024Adepa's Deputy CEO Alessandro D'Ercole engaged in a conversation with partner Raffaele Sansone from Gatti Pavesi Bianchi Ludovici regarding ELTIF 2.0 regulatory technical standards, demonstrating thought leadership collaboration on European long-term investment fund regulation.
• BlackRock (eFront)coreTechnology or Integration · 25 October 2023Adepa selected BlackRock's eFront technology platform to enhance its private assets services across private equity, private debt, infrastructure, and real estate. Following a competitive search process, the partnership provides clients with advanced alternative investment and data analytics capabilities, combining Adepa's back-office expertise with eFront's market-leading technology.
• Cesam (Mutui On Line Group)majorStrategic or Co-development Partner · 16 February 2022Adepa and Cesam united their efforts to support the group Azimut. Cesam provides middle office support services including NAV controls, liquidity management, corporate actions monitoring, and COVIP reports. Adepa maintains its partnership with Azimut focusing on Third Party Management Company & AIFM services.
• Planes (Acquisition)majorOthers · 22 November 2021Adepa intensified its Latin American presence with the acquisition of Planes, a historical player in the Chilean financial sector providing Back Office Fund Services and Financial Software. The acquisition combines innovation and global operations with European fund industry standards and local Chilean specialization.
• Alembeeks GroupminorStrategic or Co-development Partner · 19 August 2016Strategic alliance enabling Adepa to have a privileged position in the Fintech-B2B sector focused on corporate governance and traceability solutions while reinforcing its technology capabilities.

Scale indicators4 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• State Street: Major global custodian and fund administrator with European operations; competes for institutional and alternative fund administration business in Luxembourg and beyond.
• Citi Fund Services: Global fund administration arm of Citigroup operating across major European fund domiciles; competes for alternative investment and traditional fund administration mandates.
• BNY Mellon: Global custody and fund administration leader with significant Luxembourg presence; competes for institutional fund admin mandates across UCITS and alternative investment vehicles.
• Clearstream: Deutsche Börse-owned Luxembourg-based post-trade services provider offering fund administration and transfer agency; major competitor in the same Luxembourg fund services ecosystem.
• HSBC Securities Services: Global custodian and fund services provider with European fund administration capabilities; competes for cross-border fund servicing mandates.
• CACEIS: Crédit Agricole subsidiary providing comprehensive fund administration, custody, and asset servicing across Europe; competes with Adepa in Luxembourg and broader European ManCo/fund admin markets.

Direct peers

• European Fund Administration (EFA): Mid-sized European fund administration company providing ManCo and administration services to UCITS and alternative investment funds in Luxembourg.
• IQ-EQ: Luxembourg-headquartered fund administration and ManCo services provider with similar focus on alternative investments and private markets, serving comparable European client base.
• Waystone: European fund governance and ManCo services provider with strong presence in Luxembourg and Ireland; directly competes for AIFM mandates across alternative investment strategies.

Emerging players

• Brockwell Fund Services: Smaller Luxembourg-based fund administrator with similar focus on alternative investment fund structures and ManCo services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/adepa-global-services
• Xx.com/adepaam

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adepa