NEW YORK, Feb. 5, 2018 -- 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 – System and Organization Controls (SOC) 1 Type 2 in accordance with Statement on Standards for Attestation Engagements No. 18 issued by the AICPA (SSAE 18, formerly SSAE 16) – marks the ninth 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, 2016 to November 30, 2017.
Gen II has committed to annual certification of its control environment as a core element of its service model. "Private fund sponsors and their institutional investors require fund administrators exhibit an unqualified SSAE-18.” said Steven Alecia, Gen II's Chief Client Officer. "As the largest U.S. based independent private equity fund administrator, this annual certification is a vital component of our buisness. The SSAE-18, combined with our dedicated service teams, internal Quality Control department, and most experienced professionals in the private equity fund administration industry supports our ability to provide our clients and their investors with best-in-class service, 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.