IQ-EQ has been appointed to provide a comprehensive suite of fund administration services to NBD Ventures T&T Opportunity Fund (NBD T&T Fund), a new fund accelerating payment liquidity for the travel and transport industries.
The NBD T&T Fund, announced by NBD Ventures last month and advised by Goodwin, will accelerate cash payments from ticket sales in the travel and transport industries by reducing settlement delays from multiple weeks to two days or less, in 120 currencies.
This will be achieved through the utilisation of unique payments technology directly integrated with strategic bank partners to automate payments. It is intended that the NBD T&T Fund will deploy its capital to systematically accelerate cash settlements to industry participants, whilst algorithmically reconciling later cash settlements to the NBD T&T Fund, in return for a transaction fee.
The firm behind the fund, NBD Ventures is a private investment company that specialises in investing in, advising on and executing strategic initiatives in the payments, technology, telecommunications and media industries. Its executive management team drives scale in business models with collective experience advising on and completing over US$70 billion of capital raisings, mergers and acquisitions, joint ventures, corporate restructurings and exits – including successfully investing in assets under management exceeding US$10 billion.
Commenting on the relationship with IQ-EQ, Evan Lau, Managing Partner of NBD Ventures, said: “We chose to partner with IQ-EQ, a world leader in fund administration services, because of their successful track record, proven capabilities and global expertise. By combining both NBD Ventures’ and IQ-EQ’s experience, we have positioned the NBD T&T Fund to scale globally whilst managing operational risks.”
Roxane Combe-Fricou, Director, Funds at IQ-EQ, added: “When we first met Evan and the NBD Ventures team in 2021, we were immediately struck by their innovative approach, boundless energy and fearless commitment towards solving challenges on a global scale. Fast forward to today and we are thrilled to be able to provide our suite of fund administration services to NBD Ventures and look forward to supporting their continued growth within the alternative assets space.”