Fund administration remains a hot sub-segment of asset servicing, boosted by tailwinds in the alternative asset management industry. KKR agreed to acquire Gen II Fund Services from Hg, General Atlantic and other minority investors for a total enterprise value of $5.1 billion. The investment is through KKR's Core Private Equity strategy. Gen II provides fund administration services to more than 275 investment managers representing over $2 trillion in assets. It also offers tax, compliance, treasury and technology-enabled services. Founded in 2009 by Steven Millner, Steven Alecia and Norman Leben, Millner is CEO and the current leadership team will stay in place. KKR plans to support Gen II's expansion in the US and internationally, widen its capabilities across asset classes and services, and invest further in proprietary technology and AI. KKR will also help set up a broad-based employee ownership program, giving all Gen II employees the chance to take part in the company's future growth.
Main Capital Partners has announced the acquisition of Raynet, a provider of IT visibility, IT asset management and security software, from Pinova Capital. Meanwhile, Ambienta-backed engineering and environmental protection company Officine Maccaferri made two add-on acquisitions. Before continuing, a clarification: the enterprise value of OCU Group is in sterling, about £2 billion. Growth rates remain attractive relative to many other areas of asset servicing, Antoine Dupont-Madinier, managing director in Lincoln International's Financial Services Group, noted the relative scarcity of scaled, high-quality independent platforms available for investment.
Source: PE Hub · Summarized by HeadlinesBriefing