Key Takeaways
- • Gen II Fund Services, LLC has signed a definitive agreement to acquire Crestbridge's Private Equity and Real Estate Fund Administration business, per a Business Wire announcement dated July 12, 2023.
- • The combination would lift Gen II's assets under administration to more than $1 trillion and create a team of more than 1,500 professionals.
- • The deal expands Gen II's jurisdictional reach into the UK, Jersey, Ireland and other international markets, according to the company.
- • Terms of the transaction were not disclosed, and closing is subject to customary regulatory approvals.
Summary
Gen II Fund Services, LLC, an independent private capital fund administrator, announced that it has signed a definitive agreement to acquire Crestbridge, a European provider of private capital fund administration solutions, according to a Business Wire release. The transaction is expected to close in due course, subject to customary regulatory approvals. Financial terms were not disclosed.
The acquisition targets Crestbridge's Private Equity and Real Estate Fund Administration business. Gen II said the combination will increase its assets under administration to more than $1 trillion and further establish the firm as one of the world's largest independent private capital fund administrators. The company also said the deal expands its jurisdictional reach to include the UK, Jersey, Ireland and other international markets, and will create a combined roster of more than 1,500 professionals.
Founded in 1998, Crestbridge provides outsourced administration, accounting, corporate governance and compliance services to fund sponsors, according to the release. The firm has specialized private markets expertise spanning private equity, real estate, private credit, infrastructure and venture capital. Gen II was founded in 2009 and focuses exclusively on private capital asset managers and investors.
Steven Millner, CEO of Gen II, said the two firms share a commitment to strategic growth and personalized client service, and that the combination will provide seamless service across North America and Europe. Dean Hodcroft, CEO of Crestbridge, said the firms' complementary geographic footprints and private markets offerings, including Crestbridge's real estate and private equity capabilities, will allow the combined teams to support international private fund managers through all stages of the fund lifecycle.
The acquisition targets Crestbridge's Private Equity and Real Estate Fund Administration business. Gen II said the combination will increase its assets under administration to more than $1 trillion and further establish the firm as one of the world's largest independent private capital fund administrators. The company also said the deal expands its jurisdictional reach to include the UK, Jersey, Ireland and other international markets, and will create a combined roster of more than 1,500 professionals.
Founded in 1998, Crestbridge provides outsourced administration, accounting, corporate governance and compliance services to fund sponsors, according to the release. The firm has specialized private markets expertise spanning private equity, real estate, private credit, infrastructure and venture capital. Gen II was founded in 2009 and focuses exclusively on private capital asset managers and investors.
Steven Millner, CEO of Gen II, said the two firms share a commitment to strategic growth and personalized client service, and that the combination will provide seamless service across North America and Europe. Dean Hodcroft, CEO of Crestbridge, said the firms' complementary geographic footprints and private markets offerings, including Crestbridge's real estate and private equity capabilities, will allow the combined teams to support international private fund managers through all stages of the fund lifecycle.
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