Gen II Fund Services will acquire European fund administrator Crestbridge, in a deal that will enhance its overseas presence, including in the UK, Ireland and Jersey, according to the company.
The firms did not disclose the tie-up’s terms, but they noted that the combination will wrap up “in due course following customary regulatory approvals.”
By adding Crestbridge’s fund administration business, US-based Gen II said that its assets under administration will cross the $1 trillion mark. The combined firm will also have a headcount of more than 1,500.
The firms noted that Crestbridge is involved in several private market asset classes: private equity, venture capital, private credit, real estate and infrastructure. Aside from fund administration, Crestbridge offers support in compliance, accounting and corporate governance.