NEW YORK--(BUSINESS WIRE)--Gen II Fund Services, LLC (“Gen II”), a leading independent private capital fund administrator, announces today the successful completion of the 2022 System and Organization Controls (SOC 2), Type 2 Compliance Report.
A SOC 2 Type 2 report is a comprehensive attestation report that evaluates the effectiveness of a service organization's controls and how sensitive information is handled. This report provides assurance that the service organization has implemented controls to safeguard the confidentiality, integrity, and availability of customer data and other sensitive information. It covers both the suitability of a company’s controls and its operating effectiveness.
A leading international accounting firm conducted an independent audit to examine the design and operating effectiveness of Gen II’s systems and controls for the period from March 1, 2022 to October 31, 2022. The report demonstrates the suitability of the design and operating effectiveness of Gen II’s controls based on the five trust services criteria developed by the American Institute of CPAs (AICPA): security, availability, processing integrity, confidentiality, and privacy.
“This achievement reflects our commitment to operational excellence and adherence to the highest standards of security, quality, and compliance,” said Steven Millner, CEO of Gen II. “We’re thankful for our clients’ trust and for our dedicated and world-class team that made this possible.”
“We place the utmost importance on data security and privacy, evidenced by our continual investment in our people and technologies,” said Nikolaos Perros, COO of Gen II. “This achievement illustrates the robustness of Gen II’s data security and complements the firm’s successful SOC 1 Type II report, which addresses financial controls. Together, these reports provide peace of mind to our clients and their partners.”
About Gen II
Gen II is a leading fund administration provider focused entirely on serving private capital asset managers and investors. Since its inception in 2009, the company has become one of the largest independent private capital fund administrators, with more than $900 billion of private fund capital under administration. Gen II offers private fund sponsors a best-in-class combination of people, process, and technology, enabling GPs to manage their operational infrastructure, financial reporting, and investor communications most effectively. For more information, please visit www.gen2fund.com.
