Gen II Fund Services, the private capital fund administrator backed by software investor Hg and private equity firm General Atlantic, is exploring a sale that could value the company at up to $6 billion, according to the Financial Times.
What Gen II actually does
Founded in 2009, the New York-based firm provides tech-enabled fund administration services to private capital asset managers, handling the accounting, reporting, and compliance work so fund managers can focus on deploying capital.
The firm currently oversees more than $1.5 trillion in assets under administration.
Gen II has built its scale through a combination of organic growth and strategic acquisitions. In March 2022, it purchased Update Capital to bolster its capabilities in real estate fund administration.
