New Private Equity Completes Strategic Investment in ONE Group Solutions to Scale Fund Governance

New Private Equity (NPE) has completed a significant minority investment in ONE group solutions, a Luxembourg-based provider of third-party fund management and governance services. For fintech professionals, this deal highlights the increasing role of proprietary data infrastructure and AI in scaling fund governance, as private equity firms move beyond capital to provide deep technological integration for their portfolio companies.

What was announced

The transaction, which has received regulatory approval from the Commission de Surveillance du Secteur Financier (CSSF), sees ONE’s founders and management team retaining a substantial shareholding. Steve Bernat will continue to lead the business as CEO. While financial terms were not disclosed, the investment is intended to fuel ONE’s next phase of growth, specifically targeting technology and data capabilities. Founded in 2019, ONE currently serves more than 200 clients with a workforce of nearly 200 professionals operating across eight offices. The group reports annual growth of over 35%.

Geographically, the firm plans to strengthen its presence in its core markets of Luxembourg, Ireland, and the UK, while pursuing aggressive expansion in the United States. This US push will be supported by NPE’s Miami headquarters and domestic network. A central component of the partnership is the deployment of NPE’s proprietary Foundry-based digital operating system. ONE has been selected for the Palantir for Builders program, which will facilitate the creation of a unified data and ontology layer across its governance workflows. This technical integration is designed to enable AI and automation within fund governance, allowing the firm to handle larger and more complex mandates without compromising service quality or client satisfaction.

"As a founder-led firm, while we were not actively looking for a new partner, we chose to partner with NPE because their technology driven investment philosophy aligns with our convictions: governance must evolve through data, digitalization, and high touch expertise."

Steve Bernat

The companies involved

New Private Equity (NPE) is a private equity firm specializing in vertical software and technology-enabled services. The firm distinguishes itself through its "NPE Control Tower," a proprietary digital end-to-end workflow designed to identify, underwrite, and accelerate portfolio companies. NPE’s approach involves integrating data infrastructure platforms, specifically Foundry, to create a digital operating system for its partners. The firm is led by Co-Founders and Managing Partners Gero Wittemann and Francesco Barosi. NPE identified ONE as a partner using its proprietary framework for investment identification and underwriting.

ONE group solutions is an independent provider of third-party fund management company (ManCo/AIFM) and governance services. Headquartered in Luxembourg, the group focuses on providing asset managers with technology-enabled solutions to navigate complex regulatory environments. The leadership team includes Co-Founder and CEO Steve Bernat and Co-Founder and Head of Strategic Relationships Revel Wood. Since its inception, the company has positioned itself as a high-growth player in the governance space, leveraging a combination of domain expertise and proprietary technology to serve a global client base across multiple jurisdictions.

What this means

The fund governance sector is undergoing a shift where "tech-enabled" is no longer a buzzword but a requirement for scale. As asset managers face mounting regulatory pressure and operational complexity, the traditional ManCo model is being challenged by firms that can automate the manual components of compliance. NPE’s investment suggests that the next winners in the fund services space won't just be those with the most licenses, but those with the most sophisticated data ontologies. This puts pressure on legacy providers to modernize their tech stacks or risk losing market share to more agile, AI-integrated competitors who can offer higher transparency at a lower operational cost.