Gen II Fund Services Acquires Stone Pine Accounting Services

Updated on: April 13, 2023

Addition Enhances Gen II’s Comprehensive Private Equity Service Offerings, Significantly Grows Team, Bolsters Western U.S. Presence

PE-Dedicated Fund Administrator Now Exceeds $600 Billion in AUA

NEW YORK and DENVER, August 2, 2021 — Gen II Fund Services, LLC (“Gen II”), a leading independent private equity fund administrator, today announced the acquisition of Stone Pine Accounting Services, LLC (“Stone Pine”), a Denver-based provider of private equity fund administration, tax and investor services. Terms of the transaction were not disclosed.

Founded in 1998, Stone Pine provides tailored services to a variety of private equity fund structures.  The addition further enhances Gen II’s service offerings, expands the firm’s footprint in the Western U.S., and increases its headcount to more than 750. Significantly, the acquisition brings Gen II’s assets under administration to more than $600 billion.

Led since 2009 by its co-founders, Steven Millner, Steven Alecia and Norman Leben, Gen II services more than 200 sponsors spanning the private equity industry, including buyout, fund of funds, real estate, infrastructure, credit, and other closed end structures. Gen II’s clients include many of the industry’s most established private equity firms along with private equity’s premier emerging managers. According to Preqin, Gen II administers more $1 billion+ funds in North America than any other fund administrator.

“We are thrilled to welcome the experienced and dedicated Stone Pine team to Gen II,” said Steven Millner, Managing Principal and Co-Founder, Gen II. “Gen II is among the largest fund administrators dedicated solely to private equity and the addition of Stone Pine, with its strong roster of clients and staff, further enhances our already comprehensive capabilities. Like Gen II, Stone Pine has a passion for high-touch client service and we are confident their contributions will benefit the firm and our collective clients, while furthering our long-term growth.”

“With a culture of excellence and shared values, Gen II is a perfect fit for Stone Pine and we are excited to join a true global industry leader,” said Megan Howell, Managing Partner, Stone Pine. “In addition to operational and financial stability, and proven growth and industry leadership, Gen II offers a wealth of resources and numerous opportunities for career development. We look forward to helping grow Gen II’s footprint and expand the firm’s client service offerings, while maintaining the best-in-class service that personifies Gen II.”

About Gen II

Gen II is a leading fund administration provider focused entirely on serving the alternative asset management space, including private equity, real estate and credit funds. Since its inception in 2009, the company has scaled rapidly and today is one of the largest independent private equity fund administrators servicing more than 5,000 fund entities, reporting to approximately 50,000 investors on behalf of their clients, and administering more than $600 billion of private fund capital. Gen II offers private fund sponsors a best-in-class combination of people, process and technology, enabling GPs to most effectively manage their operational infrastructure, financial reporting and investor communications.

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Daniel Abramson
BackBay Communications

Published on: August 2, 2021

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