$2.5M Financing for Alternative Investment Fund Administrator
Cypress Growth Capital is pleased to announce our recent investment in MG Stover & Co., a full-service fund accounting & administration firm built by former auditors and fund operators to deliver world class solutions to the alternative investment industry. MG Stover supports a wide range of clients including hedge funds, private equity, venture capital, real estate and cryptocurrency funds.
MG Stover is the largest fund administrator servicing cryptocurrency funds around the globe, with over 80 active fund managers with assets under administration in excess of $1 billion. To support the unique needs of cryptocurrency fund managers, MG Stover developed a cutting-edge software platform called CoinVantage, now part of the Picks & Shovels Co. The software facilitates the diverse information needs of funds, investors, auditors, regulators, banks, exchanges, and other counterparties involved in the cryptocurrency market .
Founded in 2007, MG Stover’s third-party fund administration services are designed to provide private investment fund managers investing in any asset class with a complete service offering that may be tailored to the needs of their funds. MG Stover’s core services include fund accounting, treasury services, and investor relations. Additional services include fund launch and conversion support, audited financial statement preparation, corporate accounting, and regulatory reporting services.
The $2,500,000 investment will be used primarily to support the growing infrastructure and staffing needs resulting from MG Stover’s rapid growth in all areas of its business. MG Stover is headquartered in Denver with offices in New York and San Francisco.