New York-headquartered global fund administration provider Gen II has acquired Crestbridge, the firm announced in a on 16 April 2024, thus expanding its presence in Luxembourg and adding “jurisdictional reach” in the UK, Jersey, Ireland and other international markets. The acquisition brings Gen II’s assets under administration to more than $1trn and the number of employees to more than 1,700.

“The integration of the Crestbridge team and capabilities into Gen II marks a major milestone in achieving our goal to be the leading global private capital fund administrator,” said Steven Millner, CEO and co-founder of Gen II. “Blending Crestbridge’s private equity and real estate fund administration businesses with our service offerings provides our clients with many more options to support their success and growth.”

Crestbridge, which was founded in 1998, provides outsourced administration, accounting, corporate governance, depositary, management company and compliance services to fund sponsors. It has expertise in private markets, including private equity, real estate, private credit and infrastructure. Its former CEO, Dean Hodcroft, will lead Gen II’s European operations.

“We look forward to continuing to invest in and expand our substantial European client footprint and bring clients a growing range of expert services,” Hodcroft commented in the press release. “We look forward to empowering our unified teams to support international private fund managers through all stages of their fund lifecycles.”

Financial details of the transaction were not disclosed.

Established in 2009, Gen II Fund Services offers services in the areas of buyouts, infrastructure, energy, credit, real estate, co-investment, hybrid funds, funds of funds, feeder funds, venture capital and managed accounts.