Gen II Fund Services acquires Stone Pine Accounting Services
NEW YORK and DENVER, August 2, 2021 /PRNewswire/ — Gen II Fund Services, LLC (“Gen II”), a leading independent private equity fund administrator, today announced the acquisition of Stone Pine Accounting Services, LLC (“umbrella pine“), a denverprovider of private equity, tax and investor fund administration services. Terms of the transaction were not disclosed.
Founded in 1998, umbrella pine provides bespoke services to a variety of private equity fund structures. The addition further enhances Gen II’s service offerings, expands the company’s presence in the western United States and increases its workforce to more than 750. Significantly, the acquisition increases assets under administration from Gen II at over $600 billion.
Led since 2009 by its co-founders, steven millner, Steven Alecia and Norman Leben, Gen II serves over 200 sponsors spanning the private equity industry, including buyout, fund-of-funds, real estate, infrastructure, credit, and other closed-end structures. Gen II clients include many of the industry’s most established private equity firms, as well as leading emerging private equity managers. According to Preqin, Gen II administers over $1 billion in funds in North America than any other fund manager.
“We are delighted to welcome experienced and dedicated people umbrella pine team to Gen II,” said steven millner, Managing Director and Co-Founder, Gen II. “Gen II is among the largest fund administrators dedicated solely to private equity and adding umbrella pine, with its strong list of customers and personnel, further enhances our already comprehensive capabilities. Like Gen II, umbrella pine has a passion for high quality customer service and we are confident that their contributions will benefit the company and our collective customers, while promoting our long-term growth. »
“With a culture of excellence and shared values, Gen II is the ideal solution for umbrella pine and we are thrilled to join a true global industry leader,” said Megan Howel, Managing Partner, umbrella pine. “In addition to operational and financial stability, proven growth, and industry leadership, Gen II offers a wealth of resources and career development opportunities. The best-in-class service personifies Gen II.”
About Generation II
Gen II is a leading fund administration provider focused entirely on alternative asset management, including private equity, real estate and credit funds. Since its inception in 2009, the firm has grown rapidly and is now one of the largest independent private equity fund administrators serving more than 5,000 fund entities, reporting to approximately 50,000 investors on behalf of their clients and administering more than $600 billion capital from private funds. Gen II offers private fund sponsors a best-in-class combination of people, processes and technology, enabling GPs to more effectively manage their operational infrastructure, financial reporting and investor communications.
For more information, please visit www.gen2fund.com.
Back Bay Communications
SOURCE Gen II Fund Services, LLC