State Street Corporation has been appointed as fund administrator for Sydney-based Mercury Capital’s fourth private equity fund since its inception.

Mercury Capital Fund twenty2 reached final close on June 30 after raising A$1 billion (US$692 million). The fund will focus on mid-market private equity transactions in Australia and New Zealand, and is expected to make eight to 10 investments over its life cycle. It will target partnership investments alongside private business owners and management teams in companies with enterprise valuations in the range of A$150 million to A$500 million.

“With a 12-year track record, Mercury Capital has cemented its position as a leading private equity manager in the local market and we’re very pleased to support their growth and partner on this new fund,” says Tim Helyar, head of Australia at State Street. “Mercury understands the critical role State Street plays in bringing its global expertise, scale and experience to the task of fund accounting and administration.”