# Gen II Fund Services

Gen II Fund Services is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** gen2fund.com
- **LinkedIn:** https://www.linkedin.com/company/gen-ii-fund-services

## Regulatory record

- **Reports private funds:** No

## About

Gen II Fund Services is a provider of private equity fund administration within the financial services sector. The company offers fund administration, corporate services, tax compliance, and depository services to private capital fund sponsors. Founded in 2009, Gen II Fund Services serves private equity, real assets, fund of funds, credit, and emerging manager sectors based in New York.

## Sectors

- Private Equity
- Private Credit
- Infrastructure
- Real Estate
- Hedge Funds
- Secondaries & Special Situations

## People

- Steven Millner — Co-Founder & Managing Principal
- Norman Leben — Co-Founder & Managing Principal

## Questions

### What does Gen II Fund Services actually administer?

Gen II administers the complete back and middle office of private capital funds, including capital call and distribution processing, investor reporting, net asset value calculations, and waterfall modeling. It handles both fund-level accounting and portfolio-company-level performance tracking. The firm focuses on closed-end and open-end structures across private equity, credit, infrastructure, and real estate.

### How does Gen II differ from generalist fund administrators like SS&C or Citco?

Gen II operates exclusively in private capital markets, whereas generalist administrators service hedge funds, mutual funds, and other liquid strategies alongside private equity. This specialization means Gen II does not maintain the technology or teams for daily liquid NAV calculations or high-frequency trading reconciliation. The firm's entire operational stack is built around quarterly valuations, capital-account closing cycles, and LP allocation logic.

### Which types of general partners does Gen II typically serve?

Gen II works primarily with large institutional managers — firms running multi-billion-dollar buyout funds, direct lending platforms, and infrastructure vehicles. The firm has stated it administers funds for managers whose aggregate client commitments exceed $1 trillion. It does not market itself to first-time funds or sub-$100 million emerging managers, positioning at the upper end of the private-markets administration market.

### Is Gen II a technology company or a services firm?

Gen II is a services firm, but its value proposition depends heavily on technology and process design. The firm builds fund-accounting workflows, investor portals, and performance analytics that integrate with general-partner systems. It competes partly on the quality of its reporting and partly on the career expertise of its accounting and operational staff — many recruited from the CFO offices of private equity firms.

### How does Gen II handle co-investment and GP-led secondary transactions?

Gen II administers the fund structures that participate in GP-led secondaries and co-investment vehicles, including processing capital flows for continuation funds and managing LP consent mechanics. The firm does not make investment decisions; it executes the accounting and reporting required when a general partner launches a stapled secondary, annex fund, or single-asset continuation vehicle.

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- [Solo](https://altss.com/profile/solo)
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Last updated: 2026-06-03T20:00:00.000Z

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