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Gen II carves out Quilvest’s admin business for Europe push

The private equity and real estate fund admin business – which counts 55 employees – will be renamed Gen II Luxembourg Services.

Fund administrator Gen II Fund Services will acquire Quilvest Luxembourg Services, an affiliate of European wealth manager and private equity investor Quilvest Private Equity. The Luxembourg-based private equity and real estate administration service provider, which has a headount of 55, will rebrand as Gen II Luxembourg Services.

Norman Leben, managing principal and co-founder of Gen II, said: “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.”

Alexis Meffre, executive chairman of Quilvest Private Equity, said: “Our investment management team is excited to be working closely with Gen II. We believe that Gen II’s reputation of being a trusted partner and delivering best-in-class services is what sets them apart. Our existing QLS professional team will be provided with the unique ability to further develop their careers with a world class organization.”

Quilvest was reportedly “approached by other potential buyers” before committing the Luxembourg based business to Gen II.

The fund administration sector has experienced significant consolidation as players in the market seek the benefits of scale. This deal follows the recent consolidation of Vistra and Radius, IQ-EQ’s acquisition of Augentius, as well as Apex’s acquisition of IPES.