Stone Point Capital has partnered with GTCR to invest in Ultimus Fund Solutions, a fund administration services provider. GTCR Fund XIV and Stone Point-managed funds will recapitalise the business, providing full liquidity to GTCR Fund XII.
Ultimus will continue to be led by CEO Gary Tenkman and the existing management team, who retain significant equity. Upon closing, GTCR and Stone Point will share equal governance. Terms were not disclosed.
Ultimus offers fund administration services across public funds, retail alternatives, and private funds. It supports over 2,100 funds representing more than $600bn in assets for 450+ clients. The firm is positioned as the only scaled independent administrator serving both public and private markets, with particular momentum in retail alternatives.
GTCR first invested in Ultimus in 2019 alongside Tenkman, combining Ultimus with Gemini in a platform deal targeting growth across fund structures. Since then, the company has expanded its private funds capabilities and retail wealth presence through strategic acquisitions.
The transaction is expected to close in Q4 2025.
Goldman Sachs and Morgan Stanley advised Ultimus. GTCR was advised by Ardea Partners and Broadhaven Capital. Legal counsel was provided by Latham & Watkins (GTCR), Simpson Thacher (Stone Point), and Paul, Weiss (debt counsel to Stone Point).
