Administration firm Intertrust has been appointed as fund administrator and depositary to European private equity firm KLAR Partners.

Intertrust Group will provide KLAR Partners with fund administration, depositary and SPV management services across Luxembourg and Sweden. KLAR primarily invests in companies based in the Nordic, Benelux and DACH regions, operating in business services and industrial sectors with an annual turnover of approximately €50m to €500m.

KLAR Partners recently announced the final closing of its debut fund, KLAR Partners I at its hard cap of €600 million. The fund is one of the largest European first-time funds raised in the last 10 years and the largest raised during the COVID-19 pandemic.

Following a competitive tender, Intertrust Group was appointed based on the firm’s bespoke offering, operational strength to service the entire vertical fund structure and strong European foothold.

Edwin Chan, Director, UK Funds at Intertrust Group said: “We are delighted to have been appointed as the preferred administration and depositary provider for KLAR Partners. KLAR’s highly successful debut fundraise during the Covid-19 pandemic is a testament to the strength of its investment approach and we are confident that our strong asset class expertise and bespoke global service offering will be instrumental in supporting KLAR’s growth ambitions.”