Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced it successfully completed an independent examination of its Administrative, Accounting and Reporting Services – 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). A major international accounting firm examined the design and effectiveness of Gen II’s specified controls for the period December 1, 2011 to November 30, 2012.
Gen II has committed to annual certification of its control environment as a core element of its differentiated service model. “This is the fourth consecutive year that Gen II has achieved an unqualified report on its control environment and this commitment to excellence provides Gen II, its clients and their auditors with an independent assessment of the design and operation of its control environment,” said Gen II Chief Operating Officer Steven Alecia. “This becomes increasingly important as investors, fund managers and regulators intensify their focus on independent, transparent and quality operational procedures.”
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.
Gen II Fund Services, LLC (“Gen II”), a leading independent private equity fund administrator, today announced the appointment of Mark O’Connor to Director of Business Development.
Mark has spent over 20 years in the private equity industry. Prior to joining Gen II, he was a Senior Vice President at Citi Private Equity Services, Inc. (formerly BISYS), responsible for business development. Previously, he was an Executive Director with CIBC Capital Partners, where he helped build and manage the firm’s private equity fund unit.
Mr. O’Connor said, “Gen II is unique in its private equity industry experience, depth of talent, service model and technology platform. I am excited by the opportunity to leverage my many years of private equity experience to support Gen II’s growth initiatives.”
Gen II Fund Services, LLC, a leading independent private equity fund administrator with over $40 billion of capital under administration, today announced that it has enhanced for its client’s use its Fund Management Dashboard to provide full functionality for use on an iPad. The Fund Management Dashboard provides key performance metrics for Private Equity Fund sponsors including capital drawdowns and distributions, remaining capital commitment, outstanding capital calls, investment and fund level performance.
Norman Leben, Managing Principal, commented that the Fund Management Dashboard actually has the capability to drill down to the transaction level detail. Together, with a sophisticated permissioning system, Private Equity Professionals have access to the data they need to see, 24 x 7 x 365.
Steven Millner, Managing Principal, noted that Gen II’s clients are frequently travelling meeting with portfolio companies and investors, this new tool was developed by Gen II based on a need expressed by clients to have mobile access to their fund data, wherever they are and whenever they want.
Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced it successfully completed an independent examination of its Administrative, Accounting and Reporting Services – 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). A major international accounting firm examined the design and effectiveness of Gen II’s specified controls for the period January 1, 2011 to December 31, 2011.
Gen II has committed to annual certification of its control environment as a core element of its differentiated service model. “This is the third consecutive year that Gen II has achieved an unqualified report on its control environment and this commitment to excellence provides Gen II, its clients and their auditors with an independent assessment of the design and operation of its control environment,” said Gen II Chief Operating Officer Steven Alecia. “This becomes increasingly important as investors, fund managers and regulators intensify their focus on independent, transparent and quality operational procedures.”
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.
Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the promotions of Ariel Jorge, Rose Kim, and Michael Tesoro to Managing Director.
“Gen II is a specialty firm with a unique composition of experienced professionals focused on providing best in-class services to our clients. We are proud of the culture we have developed and are fortunate that we can further strengthen our senior positions with people from within the firm,” said Gen II Chief Operating Officer, Steven Alecia.
Mr. Jorge joined Gen II from Citi Private Equity Services, Inc., where he served as a Vice President and managed the day-to-day fund accounting and reporting for over 35 private equity funds. He has a BBA in Accounting and an MS in Finance from Baruch College.
Prior to joining Gen II, Ms. Kim was a Vice President at Credit Suisse Alternative Investments, where she managed the day-to-day fund accounting and reporting deliverables of various real estate private equity funds, and prior to that worked for Deloitte & Touche. A Certified Public Accountant and a Canadian Chartered Accountant, she graduated from the University of Calgary with a Bachelor of Commerce degree.
Prior to joining Gen II, Mr. Tesoro was a Vice President at Credit Suisse Alternative Investments, primarily focused on managing the day-to-day fund accounting and reporting deliverables of various real estate private equity funds. Before that he worked at Arthur Andersen LLP. Michael is a Certified Public Accountant and a member of the AICPA and NYSSCPA. He received a BS in Accounting and a BS in Finance from Manhattan College and an MBA in Finance from the Fordham University Graduate School of Business.
Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the launch of a free iPad and iPhone application for the private equity industry designed to enable investors to quickly and easily compute IRR and exit multiples on their investments.
“We are pleased to be one of the first to offer the private equity industry an easy and accessible way to calculate complex IRR returns,” said Gen II Managing Principal Norman Leben. “With institutional investors constantly traveling, the mobility of this application allows them to make a quick determination of the performance of their investment. There are other IRR calculators in the market but we believe none is as easy to use as the Gen II IRR Calculator.”
“It’s hard to keep it simple and yet be comprehensive. We put a lot of effort into the design of this application so investors can, in a few easy steps, professionally calculate their return on a given portfolio investment,” said Steven Millner, Managing Principal at Gen II. Mr. Millner noted that by inserting the amount and date of the initial investment, and the cash flow activity, the IRR can be calculated in as few as three steps.”
The Gen II IRR Calculator is available for download on the iTunes App Store.
Messrs. Leben and Millner are entrepreneurs who pioneered the private equity administration business in the mid 1990’s as co-heads of DML. 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 Fund Services, LLC, a leading independent private equity fund administrator, today announced the expansion of its service model into Anti Money Laundering (AML) regulatory compliance.
Private equity funds are not currently required by law to implement AML programs but market forces require them to address the issue. Investors want best practices from their fund managers and demand compliance with AML guidelines. To help firms avoid onerous cost burdens, Gen II will assist its private equity clients in developing and implementing an AML Program, including:Developing and implementing Internal Policies and Procedures necessary to comply with AML regulations; Investor Due Diligence; OFAC Sanctioned Party Monitoring and Reporting, and; AML Compliance and Reporting.
“We feel that providing AML support services is a natural extension of our existing private equity fund administration services platform,” said Gen II Managing Principal, Norman Leben. “The regulatory landscape for private equity sponsors is about to become more onerous and having a service partner that not only understands the private equity industry but is highly experienced in the new FINRA compliance rules will mitigate the risks and costs associated with AML compliance.”
“One of the primary benefits of the Gen II private equity service model is to enable private equity fund sponsors to focus their resources on maximizing investment returns for their investors. The new regulatory environment in which private equity firms now operate, combined with increased transparency demands from investors, further increases the benefits of our outsourced service model,”said Gen II Managing Principal Steven Millner.
Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has surpassed over 300 fund entities and 4,000 limited partners representing $40 billion of capital under administration.
These entities represent buyout, mezzanine, distressed debt, SBIC, real estate, and venture funds. Gen II continues to gain clients as evidenced by the new fund entities partnering with the firm. In March of this year, Gen II announced it had transitioned 125 funds with $21 billion of capital under management.
Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has transitioned over 125 fund entities representing $21 billion of capital under administration over the last 18 months.
“Many firms experience a level of trepidation in moving their fund administration, either from another service provider or their in-house team. We have successfully demonstrated our ability to transition their information and a key reason for our growth is the high level of service and our ability to handle complexity,” said Steven Millner, Managing Principal.
“The success and timeliness of transitioning these fund entities is the result of our highly skilled professionals coupled with our proprietary processes, procedures, and technology tools,” said Norman Leben, Managing Principal.
Gen ll Fund Services, LLC, a leading independent private equity fund administrator, today announced that it has received its 2010 Statement on Auditing Standards No. 70 (SAS 70) Type II Service Auditors’ Report from an internationally 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, our SAS 70 means that they will not have to spend time and money for their own auditors to evaluate Gen II’s processes and controls in order to satisfy their own financial reporting and control obligations.
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.
