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.”