NEW YORK, Feb. 5, 2018 /PRNewswire/ -- Gen II Fund Services, LLC, a leading independent private equity fund administrator, today announced the successful completion of an independent examination of its Administrative, Accounting and Reporting Services.
The independent examination ? System and Organization Controls (SOC) 1 Type 2 in accordance with Statement on Standards for Attestation Engagements No. 18 issued by the AICPA (SSAE 18, formerly SSAE 16) ? marks the ninth consecutive year that Gen II has achieved an unqualified report on its control environment. A major international accounting firm examined the design and effectiveness of Gen II's specified controls for the period December 1, 2016 to November 30, 2017.
Gen II has committed to annual certification of its control environment as a core element of its service model. "Private fund sponsors and their institutional investors require fund administrators exhibit an unqualified SSAE-18," said Steven Alecia, Gen II's Chief Client Officer. "As the largest U.S. based independent private equity fund administrator, this annual certification is a vital component of our business. The SSAE-18, combined with our dedicated service teams, internal Quality Control department, and most experienced professionals in the private equity fund administration industry, supports our ability to provide our clients and their investors with best-in-class service, operational processes, procedures and infrastructure."
Gen II's service and control environment is developed and delivered in adherence with established industry best practices. For Gen II's clients, the SOC 1 report provides them with confidence that Gen II has adequately described, in all material respects, its controls and, that its controls were suitably designed and operating effectively to achieve their specified objectives.
About Gen II Fund Services
Gen II Fund Services, LLC is the largest U.S. based independent private equity fund administrator, covering over $170B of private capital and reporting to over 9,000 LPs on behalf of our clients. Gen II offers private fund sponsors the best-in-class combination of people, process and technology, enabling GPs to most effectively manage their operational infrastructure, financial reporting and investor communications.
The Gen II team is the most experienced and longest tenured team in the private equity fund administration industry, with broad expertise across buyout, infrastructure, energy, credit, real estate, co-investment, hybrid funds, feeder funds, funds of funds, venture capital, retail and managed accounts. For more information, please visit www.gen2fund.com.
Contact:
Jeff Gendel
Managing Director
Gen II Fund Services, LLC
212-408-0501
[email protected]
SOURCE Gen II Fund Services, LLC
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