Stone Point Capital Joins GTCR as an Investor in Ultimus Fund Solutions

CHICAGO and GREENWICH, Conn., April 23, 2025 /PRNewswire/ -- GTCR and Stone Point Capital LLC ("Stone Point"), both leading private equity firms, today announced that Stone Point has signed a definitive agreement to join GTCR as an investor in Ultimus Fund Solutions ("Ultimus" or the "Company"). Ultimus is a leading independent provider of fund administration services and solutions to investment advisors. In conjunction with funds managed by Stone Point, GTCR Fund XIV will reinvest in the business, providing full liquidity to GTCR Fund XII. Current leadership, led by Gary Tenkman, will continue to operate the business and maintain substantial equity ownership. Following closing, GTCR and Stone Point will jointly control the Company with equal governance. Terms of the transaction were not disclosed.

Ultimus operates in three growing segments: traditional public funds, complex and alternative public funds, including retail alternatives, and private funds. As the only independent fund administrator with scaled capabilities across both public and private funds, Ultimus is well positioned to serve as a market leader in the rapidly growing retail alternatives space. This area is one of the fastest growing within asset management and is a significant growth driver for Ultimus. The Company 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. The Company has a long history of differentiating itself through its award-winning industry leading technology, highly automated processes, and high quality, bespoke customer service.

In February 2019, GTCR partnered with industry veteran Gary Tenkman to simultaneously acquire Ultimus and Gemini, in a transformational merger, to build a broad independent fund administrator servicing public and private markets. Under Mr. 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.

"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-CEO 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 Tenkman and the Ultimus management team to execute on the Company's next phase of growth. 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."

"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 Mr. 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. 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."

Jim Carey, Co-CEO of Stone Point, added, "We are excited to join GTCR in this partnership with Ultimus. The Company's leadership team has built an exceptional business with a strong track record of growth. 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."

Michael Hollander, Managing Director at GTCR, commented, "The asset management sector is currently experiencing a period of rapid innovation and expansion, especially within private markets, alternatives, and active ETFs. At the same time, managers are constantly seeking ways to improve investor experience with best-in-class operational infrastructure, while enhancing efficiency. Ultimus's unique platform and technology stack, coupled with its experienced team and commitment to client service, enable the Company to address all these needs for asset managers, including private equity, private credit and retail alternative fund administration."

The transaction is expected to close in the fourth quarter of 2025.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as financial advisors to Ultimus and Ardea Partners LP and Broadhaven Capital Partners acted as financial advisors 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.

About Ultimus Fund Solutions
Ultimus Fund Solutions is a leading independent provider of fund administration services, offering a comprehensive suite of solutions for investment advisers. With over $600 billion in assets under administration, Ultimus serves more than 450 clients and 2,100 funds. For more information, please visit www.ultimusfundsolutions.com.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

About Stone Point Capital
Stone Point is an investment firm based in Greenwich, CT, with more than $60 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. In addition, Stone Point Capital Markets supports its firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit www.stonepoint.com.

For further information, please contact:

GTCR Media Contact:
Prosek Partners
Josh Clarkson / Ryan Smith
212-279-3115
Pro-GTCR@prosek.com

Stone Point Capital Media Contact:
Mary Manin
mmanin@stonepoint.com

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SOURCE GTCR