Gen II Fund Services Acquires Update Capital

Updated on: July 17, 2023

Leading Real Estate Solution Strengthens Gen II’s Product Offerings and Enhances Platform

NEW YORK and VANCOUVER, March 14, 2022 — Gen II Fund Services, LLC (“Gen II”), a leading independent fund administrator in the alternative’s investment space, today announced the acquisition of Update Capital, a leader in investment management technology solutions for the real estate asset class. Terms of the transaction were not disclosed.

Founded by Ran Kohavi and Itamar David, Vancouver-based Update Capital provides an automated, cloud-based solution for real estate sponsors to manage their assets, engage their investors, and connect with new prospects. The product offers asset-level data as well as financial and transactional data providing visibility to both the manager and investors. Ran Kohavi, Co-Founder and CEO of Update Capital, will join Gen II as Chief Product Technology Officer.

“We are thrilled to bring Update Capital on board and to add their expertise and technology capabilities to the Gen II platform,” said Steven Millner, Managing Principal and Co-Founder, Gen II. “Given the amount of capital in the alternative investments space, automation, accuracy and transparency have never been more critical, and Gen II is committed to delivering leading-edge technology and solutions to our clients.”

Led since 2009 by its co-founders, Steven Millner, Steven Alecia and Norman Leben, Gen II has worked with more than 250 sponsors spanning the private equity industry, including buyout, fund of funds, real estate, infrastructure, credit, and other closed-end structures. Gen II clients span the industry from emerging managers to the most significant global PE fund sponsors.

“Like Gen II, Update Capital prides itself on unparalleled client service, and we’re excited to join a true global industry leader with a forward-thinking mindset,” said Ran Kohavi, Co-Founder and CEO of Update Capital. “We’re looking forward to working together to help sponsors efficiently and effectively respond to the growing demands of the industry and increase client satisfaction.”

“Bringing in Ran and his team accelerates our ability to build on our technology capabilities to better support our clients across the alternatives space,” said Steven Millner, Managing Principal and Co-founder at Gen II. “We are confident that expanding our platform by investing in proven technology solutions, like those of Update Capital, will enable a more robust client experience. And it will allow Update Capital’s clients to seamlessly tap into Gen II’s broad range of fund administration and related technology services.”

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 been one of the largest independent private equity fund administrators, with more than $700 billion of private fund capital under administration. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling GPs to manage their operational infrastructure, financial reporting, and investor communications most effectively. For more information, please visit


Beth Herlihy
BackBay Communications


Published on: March 14, 2022

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