Acquisition of Ultimus Fund Solutions: A Major Leap in Fund Administration Services

Expansion in Fund Administration: The GTCR and Stone Point Partnership

In a significant move within the financial services sector, GTCR and Stone Point Capital LLC have announced their new partnership as investors in Ultimus Fund Solutions. This collaboration marks a new chapter for Ultimus, a leader in fund administration services and a key player for investment advisers.

A Definitive Agreement

Stone Point has signed a definitive agreement to co-invest with GTCR, which has been a longstanding player in private equity. With this agreement, both firms aim to leverage their strengths to drive further growth for Ultimus. Stone Point’s financial backing will complement the already robust support from GTCR, indicating a strong commitment to enhance Ultimus's operational capabilities and service offerings.

GTCR’s Fund XIV will not only provide liquidity to its previous investments through Fund XII but will also allow the company to scale further strategically. The leadership team at Ultimus, spearheaded by Gary Tenkman, will continue to operate within the organization, maintaining significant equity stakes and ensuring continuity in strategic direction.

A Growing Industry Segment

Ultimus specializes in three key areas: traditional public funds, complex and alternative public funds, which notably include retail alternatives, and private funds. In the rapidly evolving landscape of fund management, these segments present lucrative opportunities. Ultimus stands out as the only independent fund administrator with fully scaled capabilities across both public and private funds, which positions it ideally to lead in the growing market of retail alternatives. This segment is recognized as one of the fastest growing within asset management, driving significant growth for Ultimus.

Currently, Ultimus provides a range of services to over 450 clients, encompassing varied functions such as fund accounting, administration, legal administration, transfer agency, and compliance across more than 2,100 funds, collectively managing assets exceeding $600 billion. The company's reputation is built upon its award-winning technology and highly automated processes tailored to enhance the customer experience.

Key Statements from Leaders

During the announcement, Collin Roche, co-CEO and managing director at GTCR, emphasized Ultimus’s position as a preferred partner for fund managers seeking top-tier independence and quality. Roche reflected enthusiasm about the future prospects stemming from this partnership, highlighting the potential for both strategic acquisitions and organic growth initiatives, particularly in the retail alternatives space.

Gary Tenkman, leading Ultimus, shared his excitement regarding this milestone, attributing it to the hard work of the Ultimus team. He expressed confidence that with the support of GTCR and Stone Point, the company is poised to accelerate its growth trajectory and enhance client offerings. Tenkman acknowledged that this partnership would solidify Ultimus’s standing as a premier solution provider in fund administration, covering both public and private markets.

Jim Carey, co-CEO of Stone Point, added his perspective, indicating that Ultimus’s strong track record and the growing demand for fund administration services, especially in complex areas like retail alternatives, create a robust foundation for future success.

Market Dynamics

As the asset management industry witnesses rapid evolution, especially within private markets and alternative investments, the demand for high-quality operational infrastructure is surging. Ultimus, with its unique platform and commitment to client service, is ideally positioned to meet the needs of asset managers across various investment vehicles, including private equity and credit.

This partnership announcement sets the stage for significant transitions in the fund administration landscape. Expected to finalize in the fourth quarter of 2025, it builds upon a unique foundation established in previous corporate maneuvers such as the transformational merger between Ultimus and Gemini in 2019, which integrated capabilities to serve both the public and private markets effectively.

The co-investment strategy employed by GTCR and Stone Point aims to capitalize on both existing and emerging opportunities within the growing fund management sector. As the asset management industry expands and diversifies, partnerships like this one are critical for fostering innovation and enhancing service offerings for clients.

For further details, the foundation and future vision of Ultimus Fund Solutions can be explored through their official website at Ultimus Fund Solutions.