The $2 Trillion Business of Making Private Equity Boring
Gen II began as a boutique for managers who wanted their fund accountant to answer the phone. Seventeen years later, it has turned capital calls, compliance checks and investor PDFs into a $2 trillion infrastructure business - and a useful playbook for founders building in unglamorous markets.
People
On the Gen II Fund Services team
Steven Millner
Steven C. Millner is the CEO and co-founder of Gen II Fund Services, a New York-based private capital fund administrator. An accountant with a long-standing interest in technology, he co-founded DML Fund Services and DMLT, helped create the Investment Café LP reporting portal, led through DML's acquisition by BISYS, and reunited with Norman Leben to launch Gen II in 2009. Gen II now reports more than $2 trillion in assets under administration, 1,800-plus employees, 13-plus offices, and more than 300 private capital clients. Millner has also served on Bentley University's board of trustees since 2019.
Raj Gidvani
Raj Gidvani is chief technology officer at Gen II Fund Services, where he has worked since 2015. An electronic engineering graduate of the University of Bombay with a master’s in computer science from the University of Bridgeport, he previously held senior roles at Citigroup, BISYS, Siemens and GTE. His published writing focuses on practical uses of AI in private fund administration and the data and security work required to support them. In a client letter supplied for this profile, he outlines Gen II’s ISO 42001-based AI governance, executive approval and impact assessments, approved-tool access controls, secure development, continuous security monitoring, vendor oversight and employee training. The letter reports 98% QC accuracy to date for Verifii, Gen II’s proprietary AI quality control engine, live with select clients and regions with a phased global rollout extending into early 2027. External certification was scheduled for September 2026 in the letter; completion is not confirmed.
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Company historySteven Millner, Norman Leben and Steven Alecia founded Gen II in New York to provide high-touch private-equity fund administration.
Gen II added anti-money-laundering support as investor and regulatory expectations increased.
Cobepa invested in Gen II, beginning a period of acquisitions and geographic expansion.
Gen II lifted out Aberdeen Standard Investments' US administration operation and acquired Quilvest Luxembourg Services.
General Atlantic and Hg led an undisclosed recapitalization with IHS Markit while founders, management and Cobepa retained stakes.
The Denver acquisition lifted Gen II above 750 employees and $600 billion in assets under administration.
Gen II acquired Vancouver-based Update Capital and selected NTT to support its cloud transformation.
Gen II established its Strategic and Digital Solutions Group and agreed to acquire Crestbridge's institutional business.
The Crestbridge acquisition added European jurisdictions and pushed AUA above $1 trillion; Gen II also acquired the Funded subscription platform.
Gen II made Funded generally available and began a global Fenergo rollout for AML/KYC onboarding.
Gen II reported major Funded milestones, expanded private-credit analytics and displayed more than $2 trillion in AUA on its website.
Product History
What shipped, and whenFund Administration
End-to-end fund accounting, financial statements, capital accounts, waterfall calculations, capital calls, distributions and investor reporting for private equity, credit, real assets and fund-of-funds structures.
Tax, Compliance and Regulatory Services
US and European tax compliance, FATCA/CRS, AML/KYC, regulatory filings, management company, AIFM, depositary and corporate services.
Funded®
A digital subscription and investor-onboarding platform for sponsors, investors and fund-formation attorneys, with integrated document execution and AML/KYC workflows.
Sensr® Investor Portal
A secure investor and manager portal for fundraising, data rooms, documents, reporting, communications, dashboards and AI-assisted access to fund information.
Sensr® Analytics
Configurable fund and portfolio performance analytics, including dedicated private-credit views for yield, maturity and exposure.
Sensr® DataBridge
Automated, configurable delivery of fund-administration data into a client's own systems and preferred formats.
GenVū™ and Verifii™
A unified client workflow interface and an AI-powered quality-control platform that applies repeatable checks to reporting deliverables.
FAQs
Frequently askedWhat does Gen II Fund Services do?
It administers private-capital funds, handling accounting, capital activity, investor onboarding and reporting, tax and compliance support, and fund-data technology.
Who uses Gen II?
Private-equity, private-credit, real-assets, infrastructure and fund-of-funds managers, from emerging firms to large multinational sponsors, plus their investors and advisers.
Is Gen II a software company?
It is primarily a tech-enabled services company. Its proprietary products include Funded and the Sensr suite, but experienced client teams remain central to delivery.
How large is Gen II Fund Services?
Its current website reports more than $2 trillion in assets under administration, 12,000+ fund entities, 300+ clients and 1,800+ employees.
How is Gen II different from other fund administrators?
It focuses on private capital, pairs dedicated principal-led teams with proprietary workflow and reporting tools, and offers regulated services across the US and key European jurisdictions.