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Gen II revamps senior leadership following growth surge

The fund administrator is changing its leadership structure due its growth in recent years, chief executive Steven Millner said in an interview.

Gen II Fund Services has made several changes to its top leadership, with familiar faces taking on different roles and outside hires coming onboard.

The independent private equity fund administrator announced on Wednesday that co-founders Steven Millner and Steven Alecia have been appointed chief executive officer and president, respectively. Millner was a managing principal and Alecia was previously chief client officer. Gen II’s third co-founder, Norman Leben, will relinquish his role as a managing principal but will maintain ties with the firm as a board member and senior adviser.

In an interview, Millner said that Gen II is changing its leadership structure due to the company’s growth, taking on a more conventional arrangement. Millner said that he, Alecia and Leben ran Gen II as a partnership, with the trio serving on an executive committee.

Gen II has had steady growth over time, but it has accelerated since the start of the covid pandemic, Millner said, noting the firm has benefited from private equity firms’ own successes.

“The growth has accelerated over the last few years,” the co-founder said.

Gen II’s momentum is from both organic growth and two acquisitions it made within the past year, Millner said. The combinations were with Stone Pine Accounting Services in August 2021 and with technology solutions provider Update Capital in March.

Gen II, founded in 2009, said its private fund capital under administration is over $850 billion; Millner noted its headcount is above 900.

Additionally, the firm said it hired Michael Pollack as head of client delivery and innovation and Matthew Luongo as chief administrative officer. Millner said that Pollack and Luongo were also brought on board to help Gen II due to its growth, noting that the former will oversee Gen II’s client service deliverables while the latter will be tasked with ensuring “operational excellence on the corporate side of the business.”

Pollack and Luongo joined after founding management consulting firms Pollack Consulting Group and MJ Management Solutions, respectively.