Gen II Fund Services Receives 6th Annual Service Organization Control Type 2 Compliance
February 27 2015
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 – Service Organization Control Type 2 (SOC 1) in accordance with Statement on Standards for Attestation Engagements No. 16 issued by the AICPA (SSAE 16 formerly SAS 70) – marks the sixth consecutive year that the firm 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, 2013 to November 30, 2014.
Gen II has committed to annual certification of its control environment as a core element of its differentiated service model. "This is the sixth consecutive year that Gen II has achieved an SSAE 16. This commitment to excellence provides Gen II, its clients and their auditors with an independent assessment of the design and operation of its control environment," said Gen II Chief Operating Officer Steven Alecia. "This is a vital part of our firm infrastructure as investors, fund managers and regulators intensify their focus on independent, transparent and quality operational procedures."
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 focused exclusively on providing superior fund administration services to private equity fund sponsors and investors around the world. Gen II offers private equity firms the best-in-class combination of people, process and technology, enabling GPs to most effectively manage their operational infrastructure, financial reporting and investor communications.
Gen II administers more than $75B of private capital covering more than 750 fund entities and reports to more than 6,500 LPs on behalf of our clients. The Gen II team is the most experienced and longest tenured team in the private equity fund administration industry, and has received the highest levels of customer satisfaction of any fund administrator. In Global Custodian's most recent Annual Survey of Private Equity Fund Administrators, Gen II received the highest scores among leading Global Private Equity Fund Administrators. For more information, please visit www.gen2fund.com.
Jeff Gendel Managing Director Gen II Fund Services, LLC 212-408-0501