Ultimus Fund Solutions acquired by STONE POINT CAPITAL / GTCR

Financed via equity commitments from Stone Point Capital alongside a major reinvestment by GTCR, the joint acquisition of Ultimus Fund Solutions establishes an equal-governance partnership between two prominent private equity sponsors. Announced in April 2025 and officially completed ahead of schedule in July 2025, the recapitalization transaction secures full liquidity for exiting vehicle GTCR Fund XII while GTCR Fund XIV rolls over into the newly structured capital base. Under the definitive agreement, Stone Point Capital and GTCR assume joint control of the fund administration platform, each holding equal board representation and shared corporate governance rights. Chief Executive Officer Gary Tenkman and the existing executive management team execute a significant rollover reinvestment, maintaining substantial equity ownership while continuing to guide daily operations. On financial performance metrics preceding the transaction, the business generated in adjusted EBITDA. Strategically, the entry of the new co-controlling sponsor provides fresh institutional resources to capitalize on rapid structural growth across the alternative asset management industry, particularly within retail alternatives, private equity, private credit, and active ETF administration. The post-acquisition value-creation framework prioritizes accelerating programmatic buy-and-build acquisitions to expand specialized servicing capabilities, while funding proprietary software engineering to broaden automated middle-office workflows. The transaction was executed through an extensive advisory consortium. On the target and sell-side, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as financial advisors to Ultimus Fund Solutions, while Ardea Partners LP and Broadhaven Capital Partners served as financial advisors to GTCR, with Latham & Watkins LLP providing legal counsel. On the buy-side, Stone Point Capital engaged Simpson Thacher & Bartlett LLP as corporate legal counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP as debt financing counsel.