Ultimus Fund Solutions Secures Backing From GTCR and Stone Point Capital
Private equity firms Stone Point Capital LLC and GTCR have signed a definitive agreement to invest in Ultimus Fund Solutions – an independent provider of fund administration services to investment advisers, fund managers, and institutional investors – led by Gary Tenkman.
In conjunction with funds managed by Stone Point, GTCR Fund XIV will reinvest in the business, providing full liquidity to GTCR Fund XII. Tenkman will continue to operate the business and maintain substantial equity ownership.
“This milestone represents the result of years of dedication and hard work by the entire Ultimus team, and we are thrilled about the opportunities that lie ahead,” said Tenkman. “With the support of both Stone Point and GTCR, Ultimus is uniquely positioned to further accelerate our growth trajectory while continuing to deliver industry-leading capabilities and tailored solutions to our clients.”
Following closing, GTCR and Stone Point will jointly control the company with equal governance. Terms of the transaction were not disclosed.
Since its 1980 inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. Stone Point is an investment firm with more than $60 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors.
“Ultimus has established itself as the preferred partner for fund managers across asset classes and vehicle structures looking for a high-quality, independent provider with excellent technology and service quality,” said Collin Roche, co-chief executive officer and managing director at GTCR. “We look forward to partnering with the well-recognized financial services specialists at Stone Point and continuing to work with Gary and the Ultimus management team to execute on the Company’s next phase of growth.”
Ultimus operates in three growing segments: traditional public funds, complex and alternative public funds, including retail alternatives, and private funds. According to the company, it is well-positioned to serve as a market leader in the rapidly growing retail alternatives space.
“We believe there is significant opportunity to further scale the business through strategic acquisitions and additional organic initiatives, including capitalizing on our unique ability to serve the rapidly growing retail alternatives market,” added Roche.
Ultimus provides more than 450 clients with various fund accounting, fund administration, legal administration, transfer agency, and compliance services across more than 2,100 funds holding over $600 billion in assets. It touts its “industry leading technology, highly automated processes, and high-quality, bespoke customer service.”
Jim Carey, co-CEO of Stone Point, added: “We are excited to join GTCR in this partnership with Ultimus. … Ultimus is well-positioned to capitalize on the increasing demand for fund administration services, particularly in complex, high growth areas such as retail alternatives, where we believe the company’s expertise and capabilities are unmatched. We look forward to supporting Ultimus’s continued success.”
In February 2019, GTCR partnered with industry veteran Tenkman to simultaneously acquire Ultimus and Gemini and build an independent fund administrator servicing public and private markets. Under Tenkman’s leadership, Ultimus completed two additional acquisitions, expanding its private funds capabilities and extending its footprint in the retail wealth channel, laying the foundation for expanded retail alternatives capabilities.
The transaction is expected to close in the fourth quarter of 2025.
“I am confident that this partnership will enable us to further enhance our offerings and solidify our position as the premier fund administration provider across both public and private markets,” concluded Tenkman.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as financial advisers to Ultimus and Ardea Partners LP and Broadhaven Capital Partners acted as financial advisers to GTCR. Latham & Watkins LLP provided legal counsel to GTCR. Simpson Thacher & Bartlett LLP provided legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided debt financing counsel to Stone Point.
Last fall, Ultimus announced the addition of four senior professionals to its management team. And in July 2024, AltsWire reported that the company launched Ultimus Registered Alternatives Gateway, a scalable platform to launch registered alternative funds and a way to assist asset managers with launching interval funds and tender offer funds.
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