GTCR and Stone Point Capital, two prominent private equity firms, have announced a partnership in Ultimus Fund Solutions, a leading independent provider of fund administration services. Stone Point has signed a definitive agreement to invest alongside GTCR, which will reinvest in Ultimus through its GTCR Fund XIV, providing liquidity to GTCR Fund XII. The current leadership, led by Gary Tenkman, will continue to manage the company and retain significant equity ownership. Both firms will share equal governance of Ultimus post-transaction, although financial terms were not disclosed.

Ultimus operates in three key segments: traditional public funds, complex and alternative public funds, and private funds. As the only independent fund administrator with extensive capabilities across both public and private sectors, Ultimus is well-positioned to lead in the rapidly expanding retail alternatives market. The company serves over 450 clients, managing more than 2,100 funds with assets exceeding $600 billion, offering services such as fund accounting, administration, legal support, transfer agency, and compliance.

GTCR initially partnered with Gary Tenkman in 2019 to acquire Ultimus and Gemini, creating a comprehensive independent fund administrator. Under Tenkman's leadership, Ultimus has made two additional acquisitions, enhancing its private fund capabilities and expanding its presence in the retail wealth channel, which supports its growth in retail alternatives.

Collin Roche, Co-CEO of GTCR, expressed enthusiasm about the partnership with Stone Point and the potential for growth in the retail alternatives market. He highlighted the opportunity for strategic acquisitions and organic initiatives to scale the business further. Tenkman echoed this sentiment, noting that the partnership will accelerate Ultimus's growth while maintaining its commitment to high-quality service and technology.

Jim Carey, Co-CEO of Stone Point, praised Ultimus's leadership and its strong growth track record. He emphasized the company's readiness to meet the increasing demand for fund administration services, particularly in complex areas like retail alternatives. Michael Hollander, Managing Director at GTCR, added that the asset management sector is undergoing rapid innovation, and Ultimus's platform and technology are well-equipped to address the evolving needs of asset managers.

The transaction is anticipated to close in the fourth quarter of 2025. Financial advisors for Ultimus included Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, while GTCR was advised by Ardea Partners LP and Broadhaven Capital Partners. Legal counsel for GTCR was provided by Latham & Watkins LLP.