Brio Platform and Losange Finance have agreed to merge, with the combined business trading as Stellé. Financial terms of the merger were not made public.
Brio Platform develops fund and LP operations software, while Losange Finance specialises in fund administration and accounting. The deal unites two Canadian fund operations players, according to the source. Losange has provided fund administration and accounting to alternative asset managers since 2019. Brio's platform has been refined over nine years of live fund operations and supports over 100 funds and 3,000 LPs. Stellé will retain the clients, staff and track records of both firms.
Stellé will serve venture capital, private equity, real estate and multi-family office managers, including those running SPV programmes, parallel funds and evergreen vehicles. According to the company, private capital managers have historically faced a choice between outsourcing fund administration or running software in-house, and Stellé aims to offer both through a single centralised offering covering a fund's full lifecycle.
Under the new model, Losange's accountants and operations specialists will carry out fund administration, fund accounting, capital calls, distributions and investor reporting using the Brio platform. The technology, originally designed for GPs managing their own operations, will now also support fully outsourced funds and expand further into fund and GP accounting. Managers can choose which tasks to keep in-house and which to delegate to Stellé's team. The firm says the shared system and dataset removes fragmentation, offers full visibility throughout a quarter, provides a single reconciled fund record, speeds up turnaround with fewer errors and delivers a branded experience for LPs.
Stellé CEO Audrey Ostiguy said AI is changing the private capital industry and raising the bar for the partners firms trust with their funds, adding that managers need a partner they can rely on from both a technology and a human perspective. Stellé president Claude Olivier Girard said clients are audited every year and their LPs expect every number to be right, and that delivering that expertise on the Brio platform allows the firm to do it more efficiently while giving clients greater visibility between reporting periods.