Alchelyst, a fund administrator for alternative asset managers, and Lyra Client Solutions, a client servicing organization spun out from Apollo (NYSE: APO), announced a merger to form a private markets servicing platform purpose-built to transform the investor experience across the institutional and global wealth channels.
The transaction is expected to close in the fourth quarter of 2025, “subject to customary closing conditions.”
Backed by Motive Partners, a private investment firm “exclusively focused on financial technology, and Apollo, the combined organization will provide differentiated capabilities across fund administration and client servicing.”
As the private markets industry continues to grow rapidly, managers are facing heightened expectations to “provide operational excellence, integrated fund administration, and technology-driven client service capabilities.”
The new platform will meet this challenge by “delivering servicing capabilities, intelligent automation, and real-time transparency at scale for General Partners (GPs) seeking to remain at the forefront of client service while balancing cost and efficiency pressures.”
The combined company will be led “by Joan Kehoe, Founder and CEO of Alchelyst.”
Joan previously served “as Global Head of Alternative Investment Services at J.P. Morgan. She has spent her career building and running Financial Services businesses including Quintillion Limited as Founder and CEO and PFPC International Limited as CEO.”
As explained in the update, Alchelyst is a full-service fund administrator across all alternative asset classes focused “on redefining fund administration standards with innovative technology and enhanced service.”
Founded in 2023 by Joan Kehoe, Brian Fitzgerald and Ian Lynch, the firm operates “out of Dublin, India, Luxembourg and the US.”
As stated in the announcement, Lyra delivers “end-to-end client services across institutional, global wealth, and global family office investors.”
By modernizing the investor experience and driving innovation in asset and wealth management, Lyra enables differentiated “tech-enabled client servicing tailored to the evolving needs of a dynamic global investor base.”
As mentioned in a release, Motive Partners is a private investment firm exclusively “focused on financial technology and technology-enabled business services companies, ranging from early-stage ventures to growth equity and buyout, primarily based in North America and Europe.”
The firm invests across “five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Insurance, and Wealth and Asset Management, and Motive Partners portfolio companies benefit from the firm’s fully integrated, proven Investor, Operator, Innovator (IOI) model, which brings together world-class fintech leaders and capabilities with deep industry knowledge, insight and experience.”
With offices in New York City, London, and Berlin, Motive Partners delivers differentiated “expertise, connectivity, and capabilities to create long-term value in financial technology companies.”
As noted in the update, Apollo is described as a :high-growth, global alternative asset manager.”
In their asset management business, they seek to “provide clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity.”
For more than three decades, their investing expertise across their fully integrated platform has “served the financial return needs of our clients and provided businesses with innovative capital solutions for growth.”
Through Athene, their retirement services business, they “specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions.”
Their knowledgeable approach to investing aligns their clients, businesses we invest in, our employees and the communities they “impact to expand opportunity and achieve positive outcomes.”
As of June 30, 2025, Apollo had approximately “$840 billion of assets under management.”