Bregal Sagemount is set to take control of Atoz Services. The US private equity firm will become the majority shareholder in the Luxembourg-based company, whilst Atoz Group and ICG will retain minority stakes. The value of the transaction and the valuation used have not been disclosed. Completion of the deal remains subject to regulatory approvals and the usual conditions precedent.
Established in 2018 as part of the Atoz Group, Atoz Services supports alternative investment funds and their structures in the areas of administration, domicile provision, accountancy, governance, tax and regulatory compliance, and risk management. The company has over 800 clients in the private equity, private debt and property sectors.
When ICG acquired a stake in the company in 2023, Atoz Services reported that it managed more than 3,000 entities, with over 90% of its turnover coming from illiquid alternative funds. The British investor had then provided funding to develop new services and finance the company’s geographical expansion.
Atoz Services has since accelerated its consolidation. In 2024, the group acquired Fund Solutions, which was renamed Atoz Fund Services, ME Business Solutions, which became Atoz Governance Services, and the UK-based Seles Limited. A branch was then opened in France in 2025.
By the end of that year, the company had nearly 300 employees – compared with around 50 in 2018 – based in Luxembourg, France, the United Kingdom and Morocco. 
International expansion driven by AI
The investment is intended to enable Atoz Services to continue its geographical expansion, broaden its range of services, make further acquisitions and integrate artificial intelligence (AI) more fully into its operations.
“This investment marks an important milestone for Atoz Services and builds on the platform we have developed over the last eight years as an independent entity,” says Chafai Baihat, CEO of Atoz Services. “Our approach has always been based on technical excellence, a close relationship with our clients and a deep understanding of their complex needs. We are delighted to be joining forces with the Sagemount team to continue investing in our people and in AI, to expand into new markets and to further strengthen the services we offer.”
Gene Yoon, managing partner at Bregal Sagemount, highlights, in particular, the position the firm has established in the Luxembourg financial centre. “Atoz Services has built a distinctive position in the Luxembourg fund services market, with customer loyalty and referral rates among the best in the sector, thanks to the high quality of its services,” he says. “We look forward to working with Chafai and his team to support Atoz Services’ expansion into new markets and new service lines, whilst building on the solid platform they have created.”
The US fund also intends to draw on its own resources to support the service provider’s international and technological development. “At Sagemount, we are delighted to support the ambition of Chafai and the entire management team to make Atoz Services a global leader in its sector, whilst maintaining a superior level of service for its clients and strengthening investment in AI,” adds Gurmaan Bhatia, principal at Bregal Sagemount. “We look forward to utilising the resources of our platform to realise these ambitions together, as part of our partnership.”
Atoz Group and ICG retain their shareholdings
The arrival of Bregal Sagemount does not mark a complete exit for the previous shareholders. Atoz and ICG will retain minority stakes in the company. “This is an important and exciting step for Atoz Services,” said 
ICG acquired a stake in the company in 2023 to support the development of new service lines, international expansion and its acquisition strategy. The UK-based fund manager will continue to support the company alongside Bregal Sagemount. “It has been a privilege to support Atoz Services during a particularly successful period, marked by strong growth, the expansion of its service offering and its internationalisation,” said Mark Piasecki, managing director at ICG. “The potential for growth remains considerable. ICG is therefore delighted to continue supporting Chafai and his team in this new phase of growth alongside Sagemount.”
A last fund of $3.5bn
Founded in 2012, Bregal Sagemount invests in growth companies, particularly those with recurring revenue. Its preferred sectors include software, data, financial services, digital infrastructure and business services.
In March 2026, the fund manager, who raised 11 billions in total, closed its fifth fund at its cap of $3.5bn, compared with an initial target of $3bn. The fund, which was raised in just over four months, follows on from a fourth fund worth $2.65bn.
