Independent private equity fund administrator Gen II Fund Services (Gen II) has announced the acquisition of Stone Pine Accounting Services (Stone Pine). Terms of the transaction were not disclosed.
Founded in 1998, Stone Pine is a Denver-based provider of private equity fund administration, tax and investor services. The addition “further enhances” Gen II’s service offerings, and expands the firm’s footprint in the Western U.S.
Gen II administers over $1bn funds more than any other fund administrator in North America. This latest acquisition increases its headcount to more than 750, and brings Gen II’s assets under administration to more than $600bn.
Steven Millner, managing principal and co-founder of Gen II, said: “The addition of Stone Pine, with its strong roster of clients and staff, further enhances our 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.”
Megan Howell, managing partner at Stone Pine, added: “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.”