State Street exceeds $100b in private equity assets

State Street Corp. today said that assets under administration serviced by its private equity fund team surpassed $100 billion as of June 30.

State Street of Boston provides financial services to institutional investors, and its private equity fund services team provides fund administration services to more than 100 private equity and venture capital investment sponsors and fund of fund managers.

During 2008, State Street said it has added $14 billion in private equity assets, representing 27 new funds and eight new client relationships.

"We have been encouraged by the overall growth in our private equity servicing business, despite a slowdown within certain sectors of the industry," Jack Klinck, executive vice president and global head of State Street's Alternative Investment Solutions team, said in a statement. "Our total assets under administration have grown by approximately 20 percent since establishing our dedicated service offering, and we look forward to building on this strong foundation."
(By Chris Reidy, Globe staff)