Mid-market US buyout house Parthenon Capital Partners has invested in money market fund portal Institutional Cash Distributors.
The institutional trading and investment risk management company’s ICD Portal services more than $100bn in assets across hundreds of clients, including much of the Fortune 100.
Parthenon managing partner Andrew Dodson said, “In speaking with ICD’s clients as part of our diligence, each expressed a level of praise for the company’s technology and service that I’ve rarely heard, which speaks to ICD’s client-centric operating philosophy.
“ICD has a very strong history of growth and leadership in the institutional trading and investment risk management space and is remarkably well positioned to expand globally and into new products.”
The company said it is actively pursuing regulatory approval to expand into new markets and offer additional currency products on ICD Portal.
Parthenon, which targets tech-enabled services industries, hit a $1bn hard cap final close for its fifth fund last year.
AltAssets revealed in May last year that the firm had secured more than $900m for the vehicle, more than the $848m reported as a final close by other media earlier in the month.
In July the firm bought into web-based entertainment industry ticket provider eTix through a recapitalisation deal.
The move marks eTix’s first institutional capital since it was launched in 2000, with the company having been profitable for the past 13 years.
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