NEW YORK & DUBLIN--(BUSINESS WIRE)--Mar 12, 2026--
Alchelyst and Lyra Client Solutions today announced the completion of their merger. The combined company, backed by Motive Partners and anchor client Apollo (NYSE: APO), is focused on supporting the continued evolution of private markets infrastructure. The combined organization will be led by Joan Kehoe, Founder and Chief Executive Officer of Alchelyst, and will operate under the Alchelyst name. The company also unveiled a refreshed brand identity reflecting its strategic vision to be at the forefront of transforming the investor experience across global private markets.
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Private markets continue to evolve, marked by broader distribution, accelerated product innovation, and rapid expansion into global wealth channels. “Alchelyst is purpose-built for this moment,” said Kehoe. “The combined firm brings together premium General Partner Client Solutions, full-service fund administration, and proprietary next-generation technology within a unified infrastructure platform – setting a new standard for how private markets are serviced across institutional and wealth channels.”
The growth of private markets has reshaped the investment landscape. What was once largely institutional has been expanding into private wealth and global distribution networks with accelerating speed. General Partners (GPs) are increasingly evaluated not only on performance, but also on their ability to deliver enterprise-grade infrastructure, seamless investor experiences, real-time transparency across portfolios, and scalable operations across geographies and channels.
“Alternative asset managers have increasingly sought more integrated offerings enabled by next-generation technology as private markets have evolved beyond traditional servicing frameworks,” Kehoe added. “Legacy models – built around siloed providers and disconnected systems – are no longer sufficient in today’s environment. Managers require integrated infrastructure that moves at the speed of capital, supports the sophistication of modern investors, and scales seamlessly. Alchelyst’s platform and solutions are designed to power this next phase.”
About Alchelyst
Alchelyst is an integrated client solutions and infrastructure partner for private markets asset managers. Purpose-built for the expanding demands and sophistication of global private markets, the company’s end-to-end platform turns operational complexity into the seamless architecture of growth, giving GPs the freedom to lead, invest, and scale with confidence. Grounded in industry expertise and exceptional people, Alchelyst offers two core solutions (GP Client Solutions and Fund Administration) – powered by proprietary next-gen technology, built to scale. With offices in the US, Ireland, UK, Luxembourg, and India, Alchelyst is defining the new standard for private markets servicing at scale, becoming partner of choice though trusted expertise, exceptional people, and technology-enabled excellence.
More information can be found at www.alchelyst.com
Alchelyst executive team (L–R): Kaci Twist Openshaw, Ian Lynch, Joan Kehoe and John Fascioni.
DUBAI, United Arab Emirates (AP) — Iran’s Supreme Leader Ayatollah Mojtaba Khamenei has issued his first statement since his appointment as the war with the United States and Israel rages. The statement was read on state television Thursday by a news anchor.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
DUBAI, United Arab Emirates (AP) — Iran's unrelenting attacks on shipping traffic and energy infrastructure in the Persian Gulf pushed oil back above $100 a barrel on Thursday, as American and Israeli strikes pounded the Islamic Republic with no sign of an end to the war in sight.
Iran is trying to inflict enough global economic pain to pressure the United States and Israel to halt their bombardment, which started the war on Feb. 28. Iran's president said its attacks would continue until Iran gets security guarantees against another assault, indicating that even a ceasefire or U.S. declaration of victory might not halt the conflict.
U.S. President Donald Trump has meanwhile promised to “finish the job,” even though he claimed Iran is “virtually destroyed.”
Iran-backed Hezbollah militants meanwhile launched some 200 rockets from Lebanon at northern Israel while sirens rang out and loud booms from the interception of Iranian missiles could be heard in other areas. Israel launched another wave of attacks on Tehran and in Lebanon, where 11 people were killed.
The U.N. refugee agency said up to 3.2 million people in Iran have been displaced by the ongoing war. It said most have fled from Tehran and other major cities toward the north of the country or rural areas. It says at least 759,000 people have been internally displaced in Lebanon.
Iranian President Masoud Pezeshkian suggested online Thursday that for the war to end, the world would need to recognize Iran’s “legitimate rights,” pay reparations and offer guarantees against future attacks.
In addition to attacking energy infrastructure around the region, Iran has a stranglehold on the Strait of Hormuz, the waterway leading from the Persian Gulf toward the Indian Ocean through which a fifth of the world's oil is transported.
Amid speculation that the U.S. might target Kharg Island in the Persian Gulf, Iran’s main oil terminal, Iran's parliamentary speaker Mohammad Bagher Qalibaf threatened in a social media post that any attempt to take Iranian islands would “make the Persian Gulf run with the blood of invaders.”
With traffic in the strait effectively stopped, the price of Brent crude oil, the international standard, rose another 9% to more than $100 a barrel, up some 38% over what it cost when the war started. Prices have swung back and forth in recent days, at one point surging to around $120 a barrel.
It was a sleepless night for many Israelis as Hezbollah launched some 200 rockets at the country’s north and deeper into Israel, according to the Israeli military.
“The noise was extraordinary, it was really scary,” said Naama Porat, a resident of the rural community of Klil, some 15 kilometers (9 miles) from the Lebanese border. As the sound of explosions and interceptions rang out, she dashed with her son to a shelter and spent the night there.
No serious injuries were reported, but the extent of the fire shook residents of the north, who have repeatedly been told by their leaders that Hezbollah was dealt a devastating blow in 2024 during its last war with Israel.
“They have stocks of weapons and it just doesn’t end. We don’t know how much and what to expect,” Porat said.
Israeli Defense Minister Israel Katz warned Lebanon that if its government does not prevent Hezbollah from attacking, Israel “will take the territory and do it ourselves.”
Israel, meantime, hit a car in a seaside area of Lebanon's capital where dozens of displaced people have been sheltering, killing eight and wounding 31, the Lebanese Health Ministry said. The Israeli military said it was “not aware” of a strike at that location.
The Israeli military said it struck a nuclear facility in Iran in recent days. Israel had destroyed the “Taleghan 2” site in an airstrike in October 2024. Earlier this year satellite photos raised concerns that Iran was working to restore the facility.
The U.S. and Israel say that destroying whatever remains of Iran's nuclear program is one of the central aims of the war. They have long suspected Iran seeks nuclear weapons, while the Islamic Republic says its nuclear program is peaceful.
In Tehran, security force checkpoints came under attack for the first time on Wednesday night, the semiofficial Fars news agency reported. At least 10 people were killed in the suspected drone assaults.
Israel and the U.S. military did not immediately respond to requests for comment over whether they were behind the attacks.
Iran’s latest attacks on its Gulf neighbors flouted a U.N. Security Council resolution approved Wednesday.
Early Thursday, a container ship was hit with a projectile off the coast of Dubai, sparking a small fire, according to British military’s United Kingdom Maritime Trade Operations Center. It said the crew were safe.
An Iranian attack sparked a major fire on Muharraq Island, home to Bahrain's international airport. Kuwait authorities said an Iranian drone smashed into a residential building, wounding two people, and that a drone attack on Kuwait International Airport had caused damage but no casualties.
The UAE said it had activated air defenses twice to protect the futuristic city of Dubai from attacks, and firefighters extinguished a blaze at a tower after a drone hit.
Saudi Arabia, meanwhile, said it shot down a drone targeting the diplomatic quarter in its capital, Riyadh, and other drones in the east, including at least one trying to target its Shaybah oil field.
Following an attack on Iraq's Basra port Wednesday that killed at least one person, officials said Thursday that operations were halted at all the country's oil terminals.
In the UAE, Citibank said it would close all but one of its branches due to an Iranian threat — not yet realized — to target financial institutions in the region.
Melzer reported from Mitzpe Hila, Israel and Rising from Bangkok. Associated Press writer Sally Abou AlJoud in Beirut contributed to this report.
A woman gathers belongings from her family's home after it was damaged by a projectile launched from Lebanon, in Haniel, central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
People inspect homes damaged by a projectile launched from Lebanon, in Haniel central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
Workers inspect damage caused by a drone strike overnight at the Address Creek Harbour hotel in Dubai, United Arab Emirates, March 12, 2026. (AP Photo/Fatima Shbair)
An oil tanker burns after being hit by an Iranian strike in the ship-to-ship transfer zone at Khor al-Zubair port near Basra, Iraq, late Wednesday, March 11, 2026. (AP Photo)
A woman sits on rubble across from a residential building damaged last Monday during the U.S.-Israeli air campaign in Tehran, Iran, Thursday, March 12, 2026. (AP Photo/Vahid Salemi)
Israeli authorities inspect homes damaged by a projectile launched from Lebanon, in Haniel central Israel, Thursday, March 12, 2026. (AP Photo/Baz Ratner)
Israel Ambassador to the United Nations Danny Danon speaks during a meeting of the Security Council at U.N. headquarters, Wednesday, March 11, 2026. (AP Photo/Seth Wenig)
A family enjoys the sunset with the view of the city skyline and Burj Khalifa, at Dubai Creek Harbour in Dubai, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Fatima Shbair)
Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
Smoke rises after an explosion at the airport in Irbil, Iraq, late Wednesday, March 11, 2026. (AP Photo/Leo Correa)
A man inspects a car damaged in an Israeli airstrike at the Ramlet al-Baida public beach in Beirut, Lebanon, early Thursday, March 12, 2026. (AP Photo/Bilal Hussein)
