TMF Group, a provider of administrative services including fund accounting administration, has bought PartnersAdmin LLC, an outsourced fund administration provider.

Founded in 2008 and headquartered in Carlsbad, Calif., PartnersAdmin brings investment management and fund operations experience to the partnership, as well as a U.S. west coast footprint and a portfolio of fund clients across multiple states, including a presence in California, Texas, New York and Colorado. As a result of the transaction, TMF Group will now administer over $215 billion worth of assets on behalf of its global fund manager client base.

“This is our second U.S. acquisition in the fund administration space and besides bolstering our presence in North America and complementing our existing footprint, it will expand our offering to our national and international clients,” states Lisa Wilcox, TMF Group’s North American market leader.

The sellers were assisted by Paddock Capital Markets (M&A advisor) and Paul Hastings (legal advisor) for this transaction. TMF Group was assisted by Mayer Brown (legal advisor) and KPMG (financial and tax due diligence) for this transaction.