Gen ll Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has received the Statement on Auditing Standards No. 70 (SAS 70) Type II Service Auditors’ Report from a nationally recognized accounting firm. Undergoing the audit helps ensure that GEN ll delivers its private equity services and maintains its control environment in accordance with standards established by the American Institute of Certified Public Accountants (AICPA).
GEN ll’s services and control environment are developed and delivered in adherence with established best practices. For our clients and their investors, it means they will not have to spend time and money for their own auditors to evaluate a Gen II Fund client’s processes and control in order to satisfy financial reporting and control obligations under the Sarbanes-Oxley Act.
SAS 70 is a widely recognized, third-party review standard developed by the American Institute of Certified Public Accountants to allow service providers to report on their control activities and processes to customers and customers’ auditors. A formal report including the audit firm’s assessment is issued to the service provider at the conclusion of the SAS 70 review. GEN ll intends to renew its SAS 70 certification annually.
Gen II Fund Services, LLC, a boutique firm specializing in providing a full suite of fund administration services, today announced the appointment of Steven Alecia as a Senior Managing Director.
Mr. Alecia has spent over 15 years in the private equity administration industry, having worked closely with the firm’s co-founders Norman Leben and Steven Millner who pioneered the industry in the mid 1990’s as co-heads of DML.
“We are very pleased that Steve has chosen to join GEN II to help us build our vision of this firm as a leading independent provider of superior fund administration services,” said Norman Leben, a founding partner of GEN II. “Steven Millner and I have worked closely with Steve for many years and admire him for his combined financial skills and management capabilities, as well as his special talent for building strong relationships with clients. We look forward to working with him again.”
Mr. Alecia previously served as a Managing Director of Citi Private Equity Services, Inc., as a Senior Vice President of BISYS Private Equity Fund Services, and a Partner of DML Fund Services which was acquired by BISYS in 2002. At Citi Private Equity Services, Mr. Alecia was responsible for managing a team of over 90 professionals and had responsibility for the overall engagements of Citi’s global institutional private equity clients. Prior to joining DML, Mr. Alecia was a senior manager at regional accounting firm Auerbach, Cohen and Co. He is a Certified Public Accountant and holds a BBA in accounting from Hofstra University.
Two entrepreneurs and pioneers of the private equity industry who helped establish one of the leading providers of outsourced administrative services have reunited to launch a new company, Gen II Fund Services, LLC, a boutique firm whose aim is to serve a select number of private equity clients distinguished by a superior level of fund administration and related services.
Messrs. Millner and Leben pioneered the private equity administration business in the mid 1990’s as co-heads of DML, which was acquired by BISYS in 2002. They are widely known and respected within the industry and are credited today with the advent of many of the private equity industry’s best reporting practices.
“GEN II was formed in response to a growing need being expressed by many private equity sponsors and investors alike for a reliable service partner, with integrity and a commitment to excellence,” said Mr. Millner. Our goal is to provide a select group of clients an unsurpassed level of service with our sole focus on fund administration.”
“Steven and I built DML over time into one of the leading outsourced providers of fund administration services at a time when the private equity industry was quite different. The market today is dominated by a number of institutional players and we think there is an opportunity for our boutique organization to partner with clients and help them navigate the new private equity environment. Third party administration will change and we want to return to our earlier roots so that we can build strong client relationships and have each interaction with them be meaningful for the ongoing operation of their firm.”