Full-service fund administrator for alternative asset managers, alchelyst, and Lyra Client Solutions (“Lyra”), a technology-enabled client servicing organisation spun out from Apollo, have announced a merger to form a next-generation 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 organisation 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 innovative 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.

Kehoe 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.

“The combination of alchelyst and Lyra creates a differentiated partner that can lead the next wave of innovation in private markets servicing, supporting GPs with a growing base of investors across the institutional and wealth channels,” said Kehoe, who will become CEO of the combined company upon close of the transaction.

“With Motive Partners’ deep domain expertise and network and Apollo as a founding client and strategic design partner, we are poised to deliver measurable value to our clients and help expand private market access to new investors.”

Eileen Sivolella, Board Chair of Lyra added, “As private markets continue to expand through broader institutional adoption and an ever-evolving private wealth channel, asset managers are seeking high-end scalable fund administration, client servicing, and technology platforms to maintain their edge.

“By bringing together Alchelyst’s deep industry knowledge and fund administration technology with Lyra’s premium client servicing offering, we believe this new platform is uniquely positioned to address this need.”

Photo: Joan Kehoe, Founder and CEO of alchelyst