Gen II Fund Services acquires Stone Pine Accounting Services
Gen II Fund Services (Gen II), an independent private equity fund administrator, has acquired Stone Pine Accounting Services (Stone Pine), a Denver-based provider of private equity fund administration, tax and investor services.
Terms of the transaction have not been 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 US, and increases its headcount to more than 750. Significantly, the acquisition brings Gen II's assets under administration to more than USD600 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," says 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," says 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."