NEW YORK, Feb. 28, 2017 /PRNewswire/ — Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the successful completion of an independent examination of its Administrative, Accounting and Reporting Services.
The independent examination – Service Organization Control Type 2 (SOC 1) in accordance with Statement on Standards for Attestation Engagements No. 16 issued by the AICPA (SSAE 16, formerly SAS 70) – marks the eighth consecutive year that Gen II has achieved an unqualified report on its control environment. A major international accounting firm examined the design and effectiveness of Gen II’s specified controls for the period December 1, 2015 to November 30, 2016.
Gen II has committed to annual certification of its control environment as a core element of its service model. “Every RFP we receive from private fund sponsors as well as due diligence requests from their institutional investors requires confirmation of our unqualified SSAE-16, reinforcing the crucial importance of this report by the marketplace,” said Steven Alecia, Gen II’s Chief Client Officer. “The SSAE-16, combined with our demonstrated performance at the highest levels, our internal Quality Control department, and, the most experienced and longest tenured team in the industry are all important differentiators for our clients and their investors. We know all investors, fund managers and regulators require these qualifications of private equity fund administrators as evidence of best-in-class operational processes, procedures and infrastructure.”
Gen II’s service and control environment is developed and delivered in adherence with established industry best practices. For Gen II’s clients, the SOC 1 report provides them with confidence that Gen II has adequately described, in all material respects, its controls and, that its controls were suitably designed and operating effectively to achieve their specified objectives.