BOSTON, Feb. 3, 2021 /PRNewswire/ -- Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the successful completion of its System and Organization Controls (SOC 1), Type II Compliance Report.
A major international accounting firm examined the design and effectiveness of Gen II's controls for the period December 1, 2019 to November 30, 2020. Gen II's service and control environment is developed and delivered in adherence with the fund administration industry's best practices. The report also provides Gen II clients and the private equity community confirmation that they have adequately described its controls and that those controls are designed and operating effectively to achieve client objectives.
"Private fund sponsors and their Limited Partners require a fund administrator's successful SOC I, Type II examination to satisfy their operational and due diligence assessments," said Steven Alecia, Gen II's Chief Client Officer. "We are proud to now have received an unqualified report on our control environment for 12 consecutive years. This recognition is testament to the soundness of our internal quality controls and emblematic of the world class service and expert guidance that are the hallmark of Gen II."
About Gen II
Gen II is one of the largest independent private equity fund administrators, administering over $375 billion of private capital on behalf of its clients with offices in New York, San Francisco, Boston, Stamford, Dallas, and Luxembourg. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling fund sponsors to effectively manage their operational infrastructure, financial reporting, and investor communications. The Gen II team is one of the most experienced and longest tenured teams in the private equity fund administration industry, with broad expertise across buyout, funds of funds, real estate, energy, infrastructure, credit, co-investment, hybrid funds, feeder funds, venture capital, retail, and managed accounts. For more information, please visit www.gen2fund.com.
SOURCE Gen II Fund Services, LLC