LUXEMBOURG, October 26, 2021 —Gen II Luxembourg Services, SARL (“Gen II”), a wholly-owned subsidiary of Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the firm’s Information Security Management System has earned the ISO 27001 certification. This certification underscores Gen II’s commitment to meeting clients’ data security needs and operating with the highest cybersecurity standards.
ISO 27001 is widely regarded as the international standard for information security management. Validated by PECB MS, a global provider of audit and certification services, this certification affirms that Gen II meets ISO requirements for establishing, implementing, maintaining, and continual improvement of an information security management system.
The Information Security Management System certification scope includes:
Processes and Services: Security Policy and technology environments (Access controls, Physical and environmental security, BCP Fund administration, accounting, and communication)
Organizational Units: Information Technology Department for Gen II Luxembourg Services SARL
Locations: Gen II Luxembourg Services SARL Office
Networks and IT infrastructure: Gen II Luxembourg Services SARL Office and technology systems
“This notable achievement affirms that our controls, processes, and protections align with the most well-respected international security standards,” said Norman Leben, Managing Principal and Co-Founder, Gen II. “We are very proud to receive the ISO 27001 certification and we are thankful to our talented and experienced staff who have made this achievement possible.”
“As cybersecurity becomes a greater focus for our clients, this certification demonstrates that Gen II has the necessary protections and controls in place to protect our clients’ information,” said Steven Millner, Managing Principal and Co-Founder, Gen II.
About Gen II
Gen II is a leading fund administration provider focused entirely on serving the alternative asset management space, including private equity, real estate, and credit funds. Since its inception in 2009, the company is one of the largest independent private equity fund administrators with more than $600 billion of private fund capital under administration. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling GPs to manage their operational infrastructure, financial reporting, and investor communications most effectively. For more information, please visit www.gen2fund.com.
About ISO/IEC 27001:2013
ISO/IEC 27001:2013 (also known as ISO 27001) is the international standard for information security. These standards outline the best practices to help organizations manage their information security by addressing people, processes, and technology. Certification to the ISO 27001 Standard is recognized worldwide as an indication that your ISMS is aligned with information security best practices.
What Emerging Managers Want to Know About Fund Administration
Moving into 2022, the emerging manager market is poised to eclipse its pre-pandemic levels of new firm creation. Gen II began tracking this segment five years ago in our annual Emerging Managers Report, and, so far this year, we have seen more emerging manager opportunities than at any time since. This includes a record number of first-time funds seeking more than $1 billion in capital.
The Emerging Managers report examines how managers see themselves, looks into what’s realistic in terms of raising capital in a post-pandemic world, gets the LPs perspective and more. Notably this year, emerging manager prospects are performing deeper due diligence on fund administrators and service providers across the spectrum.
Their questions reflect a far deeper understanding of the drivers of operational success and a broader set of imperatives from the GP and LP view. For example, over 80 percent of fund manager respondents cited “proven expertise and experience with funds like mine” as an “extremely important” or “very important” factor in choosing fund administration service providers.
Interestingly, less than one third of respondents cited “a prior relationship with the provider” as a crucial factor in that decision. The questions posed by emerging managers and their LPs across many disciplines of the sponsor/fund administrator relationship include:
Can the fund administrator demonstrate scalable solutions as sponsors raise more capital?
Are they regularly investing in technology to meet the enhanced reporting needs of investors and internal stakeholders?
Have they instilled a corporate culture that ensures long-term stability across the service team and firm?
Do they provide specifics on the team that services the engagement – is it a dedicated team, or will the sponsor need to call separate departments for separate tasks?
What access to fund information can the sponsor have in an on-demand fashion?
And how is the fund administrator ensuring data protection and defense against cyber threats?
To get the answers to these questions and see how new managers are making their mark and standing out in a crowded market, read our full report: Buyouts: Emerging Managers Report.
Duncan J. Christie joins as Head of Operations and Client Services and a Member of the Executive Committee, and Eva Ntovolou joins as Global Data Protection
NEW YORK and LUXEMBOURG September 15, 2021 — Gen II Fund Services, LLC and Gen II Luxembourg Services, SARL (“Gen II”), a leading independent private equity fund administrator, announced today that it is adding to its Luxembourg-based team. Duncan J. Christie has joined the firm as Head of Operations and Client Services and a Member of the Executive Committee, and Eva Ntovolou joined the firm as Global Data Protection Officer.
Mr. Christie, a seasoned operations executive, will focus on developing our operational model and the provision of best-in-class client delivery, helping to drive Gen II’s continued growth across Europe. Ms. Ntovolou, an experienced data protection executive and an attorney, will support the firm’s data protection needs across Europe and the U.S.
Mr. Christie joined Gen II from International Financial Data Services Luxembourg (IFDS), where he served as Chief Operating Officer, responsible for operations, client service, managing business transformation, and research & development. Prior to IFDS, Mr. Christie was Chief Operating Officer and a member of the Board of Directors of State Street Services Luxembourg, focused on private equity and real estate servicing. He is a member of the Association of Luxembourg Fund Industry (ALFI) and serves as co-chair of the Fund Distribution and TA group in the ALFI Digital/FinTech Forum. He holds CFA, CAIA, and FDP Charters and received his MBA from the University of Oxford, England.
“We are excited to have Duncan join Gen II,” said Norman Leben, Co-Founder and Managing Principal, Gen II. “He understands that the client experience drives our business, and his extensive operational experience and commitment to client service will be valuable assets to Gen II and support the firm’s growth objectives.”
“Even as Gen II has continued to grow, they have maintained their client-centric model and partnership approach to relationships,” said Mr. Christie. “I’m extremely pleased to join the Gen II team and look forward to collaborating with Gen II’s world-class group of professionals and getting to know the company from the ground up.”
Most recently, Ms. Ntovolou was at Deloitte Luxembourg, where she led the group’s GDPR implementation and data protection function. Prior to Deloitte Luxembourg, she held several roles in the field of privacy and IT security and as an in-house legal consultant. Ms. Ntovolou also had her own law practice, which she founded in 2014.“We are very pleased to have Eva on the Gen II team,” said Steven Millner, Co-Founder and Managing Principal, Gen II. “With her data protection expertise, legal background and European experience, we are confident she will provide immediate contributions in support of our clients’ global data protection needs.”
“Gen II is one of the most innovative firms in the fund administration industry, serving some of the world’s leading fund sponsors,” said Ms. Ntovolou. “I look forward to working with the dedicated and highly regarded professionals at Gen II to ensure compliance with data protection rules.”
About Gen II
Gen II is a leading fund administration provider focused entirely on serving the alternative asset management space, including private equity, real estate and credit funds. Since its inception in 2009, the company has scaled rapidly and today is one of the largest independent private equity fund administrators servicing more than 5,000 fund entities, reporting to approximately 50,000 investors on behalf of their clients, and administering more than $600 billion of private fund capital. Gen II offers private fund sponsors a best-in-class combination of people, process and technology, enabling GPs to most effectively manage their operational infrastructure, financial reporting and investor communications.
$650 Billion Global Asset Manager Gets Results with a Liftout
Gen II fund administration sets growth foundation.
A $650 billion-plus global asset manager decided to pursue a liftout of its fund administration operations and turned over these duties to Gen II. By outsourcing to Gen II, the asset manager not only saw greater efficiencies and capabilities but the liftout ultimately provided a foundation for growth.
Asset managers typically begin to consider outsourcing fund administration duties after one of the following events, or a combination of them:
They discover the company’s legacy technology infrastructure is so dated that it’s incompatible with the latest front-office tools or reporting software.
Back-office and middle-office professionals begin to leave without a defined career path.
Compliance or operational risks spike due to rote manual processes and the latency feeding downstream systems.
Key to Launching ESG Efforts: Third-Party Fund Administrators
Companies such as Gen II possess the relationships, data and tech to simplify ESG reporting.
Providing investors with regular and comprehensive reports on their environmental, social and corporate governance (ESG) is emerging as one of the top issues in the private equity industry, said Robert Caporale, head of corporate development at Gen II, in an article in Private Funds CFO.
He predicted that ESG reporting would become the next front in the sector’s “disclosure wars.” Caporale also outlined the challenges confronting GPs when it comes to ESG. For starters, there’s no universal reporting framework for non-financial KPIs at either the fund or portfolio-company levels.
Don’t start from scratch
So how do private equity sponsors show how they create value and mitigate risk through sustainability practices? Caporale sees an opportunity for GPs to tap third-party fund administrators to quickly ramp up ESG data collection.Companies like Gen II have already forged the essential relationships, and acquired the necessary technology, know-how, data and experience to assist a GP in forming and implementing an ESG strategy.
The stakes are higher than ever. Lest we forget, regulators in the U.S. and Europe have for the past several years indicated a willingness to scrutinize ESG investing. Partnering with a fund administrator like Gen II is far more efficient and far less stressful than creating ESG reports in-house from scratch. Read the full article to find out more: How PE fund administrators can facilitate ESG
Addition Enhances Gen II’s Comprehensive Private Equity Service Offerings, Significantly Grows Team, Bolsters Western U.S. Presence
PE-Dedicated Fund Administrator Now Exceeds $600 Billion in AUA
NEW YORK and DENVER, August 2, 2021 — Gen II Fund Services, LLC (“Gen II”), a leading independent private equity fund administrator, today announced the acquisition of Stone Pine Accounting Services, LLC (“Stone Pine”), a Denver-based provider of private equity fund administration, tax and investor services. Terms of the transaction were not disclosed.
Founded in 1998, Stone Pine provides tailored services to a variety of private equity fund structures. The addition further enhances Gen II’s service offerings, expands the firm’s footprint in the Western U.S., and increases its headcount to more than 750. Significantly, the acquisition brings Gen II’s assets under administration to more than $600 billion.
Led since 2009 by its co-founders, Steven Millner, Steven Alecia and Norman Leben, Gen II services more than 200 sponsors spanning the private equity industry, including buyout, fund of funds, real estate, infrastructure, credit, and other closed end structures. Gen II’s clients include many of the industry’s most established private equity firms along with private equity’s premier emerging managers. According to Preqin, Gen II administers more $1 billion+ funds in North America than any other fund administrator.
“We are thrilled to welcome the experienced and dedicated Stone Pine team to Gen II,” said Steven Millner, Managing Principal and Co-Founder, Gen II. “Gen II is among the largest fund administrators dedicated solely to private equity and the addition of Stone Pine, with its strong roster of clients and staff, further enhances our already comprehensive capabilities. Like Gen II, Stone Pine has a passion for high-touch client service and we are confident their contributions will benefit the firm and our collective clients, while furthering our long-term growth.”
“With a culture of excellence and shared values, Gen II is a perfect fit for Stone Pine and we are excited to join a true global industry leader,” said Megan Howell, Managing Partner, Stone Pine. “In addition to operational and financial stability, and proven growth and industry leadership, Gen II offers a wealth of resources and numerous opportunities for career development. We look forward to helping grow Gen II’s footprint and expand the firm’s client service offerings, while maintaining the best-in-class service that personifies Gen II.”
About Gen II
Gen II is a leading fund administration provider focused entirely on serving the alternative asset management space, including private equity, real estate and credit funds. Since its inception in 2009, the company has scaled rapidly and today is one of the largest independent private equity fund administrators servicing more than 5,000 fund entities, reporting to approximately 50,000 investors on behalf of their clients, and administering more than $600 billion of private fund capital. Gen II offers private fund sponsors a best-in-class combination of people, process and technology, enabling GPs to most effectively manage their operational infrastructure, financial reporting and investor communications.
NEW YORK, May 6, 2021 — Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced that the firm’s assets under administration (AUA) now exceed $450 billion.
Gen II now services over 200 fund sponsors spanning the private equity industry, including buyout, fund of funds, real estate, infrastructure, credit, and other closed end structures. Gen II’s clients include many of the industry’s most established private equity firms along with private equity’s premier emerging managers.
“We are very pleased to reach this notable milestone in the continuing evolution of Gen II,” said Steven Millner, Managing Principal and Co-Founder, Gen II. “The increase in our AUA is evidence of the soundness of Gen II’s Well-Run Fund approach and our ability to support clients across various strategies and geographies. We look forward to continuing to serve clients with best-in-class fund administration and technologies to help them achieve their business objectives.”
“Gen II is fortunate to have nearly 100% client retention, indicative of our ability as the largest independent private equity fund administrator to provide scalable solutions to support our clients’ growth,” said Norman Leben, Managing Principal and Co-Founder, Gen II. “We would like to offer our sincere thanks to the range of sponsors with whom we have worked for their confidence in Gen II. We also extend our gratitude to the experienced and long-tenured Gen II team, which we consider among the finest in fund administration, for providing the high-touch, premium service that is the hallmark of Gen II.”
About Gen II
Gen II is one of the largest independent private equity fund administrators, administering over $450 billion of private capital on behalf of its clients with offices in New York, San Francisco, Boston, Stamford, Dallas, and Luxembourg. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling fund sponsors to effectively manage their operational infrastructure, financial reporting, and investor communications. The Gen II team is one of the most experienced and longest tenured teams in the private equity fund administration industry, with broad expertise across buyout, funds of funds, real estate, energy, infrastructure, credit, co-investment, hybrid funds, feeder funds, venture capital, retail, and managed accounts. For more information, please visit www.gen2fund.com.
Why a Fund Administration Partner Gives you More Control – Not Less
Through our advanced technology, GPs get more visibility with Gen II
The rise of remote work enabled fund administrators to dispel the misconception that hiring them means a loss of control and oversight. Thanks to advanced technology, companies like Gen II enable private equity sponsors to leverage the capabilities and best practices of specialists while maintaining oversight and review over “back-office” tasks.
The pandemic has forced this new reality, and GPs are starting to understand the benefits.
They realize that it’s more expensive and riskier to try to keep pace with ever-growing complexity themselves. Outsourcing fund administration tasks means fewer headaches while reducing the need to invest in — often costly — infrastructure.
In-house does not equate to control
Large and established private equity firms typically built out back- and middle-office systems in the belief that a customized technology stack, managed by internal resources, offered the best way to exercise control over mission-critical workflows.
Unfortunately, many of those who made these initial investments were under the impression they were one-time expenditures. And why not? Who could have predicted the current rate of technological advancement and rising talent costs? Nowadays, relatively new systems become obsolete rapidly as demands change.
Additionally, all this new tech requires deep specialization that effectively mutes the previous competitive advantages of maintaining proprietary technology.
BOSTON, February 3, 2021 — Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the successful completion of its System and Organization Controls (SOC 1), Type II Compliance Report.
A major international accounting firm examined the design and effectiveness of Gen II’s controls for the period December 1, 2019 to November 30, 2020. Gen II’s service and control environment is developed and delivered in adherence with the fund administration industry’s best practices. The report also provides Gen II clients and the private equity community confirmation that they have adequately described its controls and that those controls are designed and operating effectively to achieve client objectives.
“Private fund sponsors and their Limited Partners require a fund administrator’s successful SOC I, Type II examination to satisfy their operational and due diligence assessments,” said Steven Alecia, Gen II’s Chief Client Officer. “We are proud to now have received an unqualified report on our control environment for 12 consecutive years. This recognition is testament to the soundness of our internal quality controls and emblematic of the world class service and expert guidance that are the hallmark of Gen II.”
About Gen II
Gen II is one of the largest independent private equity fund administrators, administering over $375 billion of private capital on behalf of its clients with offices in New York, San Francisco, Boston, Stamford, Dallas, and Luxembourg. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling fund sponsors to effectively manage their operational infrastructure, financial reporting, and investor communications. The Gen II team is one of the most experienced and longest tenured teams in the private equity fund administration industry, with broad expertise across buyout, funds of funds, real estate, energy, infrastructure, credit, co-investment, hybrid funds, feeder funds, venture capital, retail, and managed accounts.
BOSTON, Jan. 19, 2021 /PRNewswire/ — Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced that the firm has relocated its Boston office. The new address is 175 Federal Street, 16thFloor. The move was effective January 1, 2021.
Located in Boston’s financial district, the office space features a modern design and an open floor plan. The new facility is more than triple the size of Gen II’s previous Boston client service center, which opened in 2017. Gen II also has offices in New York, San Francisco, Stamford, Dallas, and Luxembourg.
“As the largest independent private equity fund administrator, Gen II has a long-established strategy of continually enhancing our service capabilities across the United States,” said Norman Leben, Managing Principal and Co-Founder, Gen II. “Growing our office in Boston is in keeping with that effort. With this expanded service center, we are doubling down on Gen II’s commitment to the Boston market and to serving clients with a greater presence in the region.”
“The facilities at 175 Federal have been fully modernized and purpose-built to support and enable a distributed workforce,” said Steven Millner, Managing Principal and Co-Founder, Gen II. “With this significantly increased space and enhanced amenities, we are future-proofing the services Gen II will be able to provide to clients from the Boston office. As we grow, we will continue to invest in our people, processes and technology to provide best-in-class fund administration.”
About Gen II Gen II is one of the largest independent private equity fund administrators, administering over $375 billion of private capital on behalf of its clients with offices in New York, San Francisco, Boston, Stamford, Dallas, and Luxembourg. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling fund sponsors to effectively manage their operational infrastructure, financial reporting, and investor communications. The Gen II team is one of the most experienced and longest tenured teams in the private equity fund administration industry, with broad expertise across buyout, funds of funds, real estate, energy, infrastructure, credit, co-investment, hybrid funds, feeder funds, venture capital, retail, and managed accounts.
