Gen II picks up Quilvest Luxembourg Services

Deal provides Gen II with Luxembourg capabilities
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Gen II Fund Services has purchased Quilvest Luxembourg Services (QLS) from Quilvest Private Equity.

QLS is a Lux-based Quilvest affiliate, offering private equity and real estate administration services. It has more than $5bn AUA. It employs 55 people

Following the deal, Quilvest will remain a client of Gen II, and QLS will be renamed Gen II Luxembourg Services.

“The QLS platform will enable Gen II to further develop its relationship with Quilvest, while also providing Gen II’s clients with capabilities to have a Luxembourg base of operations and trusted partner in Europe,” said Norman Leben, managing principal and co-founder of Gen II.

The deal marks yet another event in the ongoing fund administration M&A boom. For Gen II, this acquisition supports broader market trends of fund administrators boosting their geographical coverage through M&A.

According to eVestment’s 2019 Alternative Fund Administration Survey, for the year ended 2018, Gen II had combined PE and debt AUA of $251.4bn over 656 funds, making it one of the largest administrators. In terms of size, it shoulders Citco’s $250.4bn AUA and Apex’s $234bn AUA. However, SS&C, State Street and SEI sit at the top spots with $550.41bn, $383.68bn and $327.5bn AUA, respectively.

New York-based Gen II was set up in 2009 by Steve Millner and Norman Leben. The duo had previously worked together in the mid 1990s as co-head of PE admin business DML, which was bought by BISYS in 2002.

Gen II is somewhat of a rarity in today’s fund admin sphere, having grown seemingly organically up until yesterday’s acquisition.