Private equity fund administrator Gen II Fund Services has acquired Denver-based Stone Pine Accounting Services, its latest expansive move as it looks to enhance its private equity back-office services.
Stone Pine was founded in 1988 and provides tailored services to various private equity fund structures.
The acquisition expands Gen II’s footprint in the Western US, increases its headcount to over 750 employees and enhances its private equity service offerings.
The transaction also increases Gen II’s assets under administration to more than $600 billion.
“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,” said Megan Howell, managing partner, Stone Pine.
“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.”
Gen II provides services to over 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 several well-established private equity firms along with private equity’s premier emerging managers.
“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,” said Steven Millner, managing principal and co-founder, Gen II.
Last year, Gen II secured strategic investment from a consortium including private equity firm General Atlantic, and technology vendors Hg and IHS Markit, to support the fund admin’s goal to expand its capabilities and reach for private fund managers.