Gen II Fund Services Receives 2021 ISAE 3402 Type I Report

Updated on: April 13, 2023

LUXEMBOURG, March 2, 2022Gen II Luxembourg Services, SARL (“Gen II”), a wholly-owned subsidiary of Gen II Fund Services, LLC, a leading independent private equity fund administrator, announced today the successful completion of the firm’s International Standard on Assurance Engagements (ISAE) 3402 Type I Report in the areas of fund accounting, transfer agency, and depositary services.

The ISAE 3402 is an internationally recognized auditing standard issued by the International Auditing and Assurance Standards Board (IAASB). A service organization’s auditor’s examination, in accordance with the standard, represents an in-depth audit of a service organization’s control objectives and activities. These activities often include controls over information technology and related processes.

A leading international accounting firm conducted an independent audit to examine the design and effectiveness of Gen II’s controls. The ISAE 3042 Type I report demonstrates to Gen II clients and the private equity community the quality of back-office controls at Gen II and that the firm has adequately described its internal controls and processes that are in place to achieve client objectives.

“The successful completion of a fund administrator’s ISAE 3402 Type I Report is imperative for private fund sponsors and their Limited Partners to satisfy their operational and due diligence assessments, and we’re proud to receive this report on our control environment,” said Norman Leben, Managing Principal and Co-Founder, Gen II. “This recognition validates the completeness of our internal quality controls, which along with our world-class technology and staff, enable us to provide the highest-level service and expert guidance for which Gen II is known.”

About Gen II

Gen II is a global fund administrator with more than $700 billion of private fund capital under administration.  As the second largest private equity fund administrator in the United States, Gen II focuses solely on the alternative asset management space, including private equity, real estate, credit managers, fund-of-funds, and emerging managers. The company provides private fund sponsors with a best-in-class combination of experienced people, streamlined processes, and proprietary technology solutions to help GPs manage their operational infrastructure, reporting, and investor communications. For more information, please visit


Philip Nunes
BackBay Communications

Published on: March 2, 2022

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