Europe
United States
After nearly a decade of partnership, Cobepa announces the sale of its investment in Gen II to KKR
October 8, 2026 - New York, NY and Brussels, Belgium
Cobepa is pleased to announce that it has entered into an agreement to sell its investment in Gen II Fund Services to KKR in a transaction valued at $5.1 billion. The transaction marks the next chapter in a highly successful partnership between Cobepa and Gen II that began in 2017.
Founded in 2009, Gen II is a leading provider of tech-enabled fund administration for private capital asset managers and investors. The company provides a custom suite of services and robust technology tools for private capital firms to administrate their funds, raise capital, report to LPs, manage tax, compliance, treasury and other solutions. Gen II serves more than 275 investment managers representing over $2 trillion in assets.
Since its initial investment in June 2017 as Gen II’s first external investor, Cobepa has supported Gen II through several defining stages of its development. The partnership was designed to assist the company with expanding its team and capabilities to capitalize on the strong market opportunity both in the U.S. and in Europe. Cobepa supported Gen II’s expansion into Europe, including the establishment of its Luxembourg platform through the acquisition of Quilvest Luxembourg Services in 2019.
Cobepa also supported the lift-out of Aberdeen Standard Investments’ U.S. fund administration operations in 2019 as well as the development and expansion of Gen II’s differentiated digital solutions offering, which expanded the customer value proposition beyond its initial core in fund administration.
In 2020, Cobepa extended its partnership with Gen II through a significant reinvestment alongside new investors General Atlantic and Hg.
Peter Connolly, Group Managing Director of Cobepa, said: “We are highly impressed by the accomplishments of the Gen II team and are very grateful to have been involved in its remarkable journey. From the initial vision of co-founders Steven Millner (CEO), Norman Leben and Steven Alecia to their relentless pursuit of strengthening the customer value proposition, Steven Millner and the Gen II team have not only delivered exceptional results for clients but also greatly expanded their product offerings and entered new geographic markets. They have built the premier platform for private capital, globally. Their collective achievements are truly exceptional and set a standard for years to come.”
About Gen II
Gen II is a leading provider of tech-enabled fund administration for private capital asset managers and investors. Distinguished by its bespoke service offerings and robust technological infrastructure, the company has grown to become one of the largest independent private capital fund administrators since its inception in 2009, now overseeing $2 trillion+ of private fund capital. More information: KKR to Acquire Gen II Fund Services for More Than $5 Billion from Hg and General Atlantic.