PwC supported General Atlantic and Hg on its sale of Gen II Fund Services to KKR

Gen II Fund Services (“Gen II”) is a global provider of tech-enabled fund administration services to the private capital industry. Founded in 2009 by Steven Millner, Steven Alecia and Norman Leben, Gen II provides fund administration services alongside tax, compliance, treasury and technology-enabled solutions.

General Atlantic and Hg co-led an investment in Gen II in 2020. Since then, Gen II has expanded its US and European footprint, broadened its offering and quadrupled revenue and EBITDA through organic growth and four strategic acquisitions.

KKR has agreed to acquire Gen II from General Atlantic, Hg and other minority investors through its Core Private Equity strategy for a total enterprise value of $5.1 billion.

The strategic partnership is intended to support Gen II’s next phase of growth as private market managers increasingly seek scaled, technology-enabled solutions

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in 2027.

Team

Financial Due Diligence: Philip Hines, Matt Kay, Matthew Ellis, Nadia Alikacem, David Teenan, Michael Wagner, Naomi Wood, Henry Weir, Flora Hughes

Tax Due Diligence: Gordon Leaver, Alicia Moralee, James Cameron

SPA services: Nick Williams, Georgia Neylon

Supported by our US colleagues: Aditya Tole and Peter Auyeung