Brio Platform, a developer of fund and LP operations software, and Losange Finance, a fund administration and accounting specialist, have agreed to merge, with the combined business now trading as Stellé, a fund operations partner for private capital managers.

The deal unites two well-known Canadian fund operations players. Losange has been providing fund administration and accounting to alternative asset managers since 2019. Brio’s platform has been refined over nine years of live fund operations and now supports over 100 funds and 3,000 LPs. Stellé will retain the clients, staff and track records of both firms. Financial terms of the merger were not made public.

Stellé will serve venture capital, private equity, real estate and multi-family office managers, including those running complex arrangements such as 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. 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. Either way, the GP, its LPs and Stellé work from one shared system and dataset, which the firm says 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.

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