Gen II gains new investment to fuel long-term expansion
Latest news
Gen II gains new investment to fuel long-term expansion 06 November 2020US Reporter: Maddie Saghir
Image: kittisak/Adobe Stock
Gen II Fund Services, LLC, a private equity fund administrator, has secured a new strategic investment from global investors to fuel its long-term expansion.
The investment will be led by the global growth equity firm General Atlantic, and Hg, a global software investor.
IHS Markit, a provider of critical information, analytics and solutions, will also make a minority investment in the company. Cobepa S.A will continue to hold a minority position.
Meanwhile, the Gen II founders and management team will continue to hold a significant investment in Gen II while continuing to lead the business.
Led by its three original co-founders - Steven Millner, Steven Alecia and Norman Leben - since 2009, Gen II describes itself as a leading pure-play provider of alternative asset fund administration services.
Commenting on the new investment, the founders said: "We are excited to partner with General Atlantic, Hg and IHS Markit to make Gen II even stronger. Our new investors each bring game-changing expertise to our firm and our clients.”
The terms of the transaction were not disclosed and closing of the transaction is conditional on customary antitrust and regulatory approvals.
Last month, GEN II expanded its team with the hire of Robert Caporale as head of strategic business development.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: kittisak/Adobe Stock 