Ultimus Fund Solutions, a mutual fund servicing firm based in Springdale, Greater Cincinnati, is set to welcome a second private equity owner. GTCR, its current private equity owner, has agreed to sell a partial stake in the company to Stone Point Capital. This partnership will allow both firms to jointly control Ultimus once the deal closes, expected in the fourth quarter of 2025.

The financial terms of the transaction have not been disclosed. Ultimus CEO Gary Tenkman, along with the leadership team, will continue to manage the company while retaining significant equity ownership. Tenkman believes that the new partnership will accelerate Ultimus’ growth and enhance its service offerings, reinforcing its position as a leading fund administration provider in both public and private markets.

Ultimus specializes in fund administration services for various investment companies, including traditional public funds, alternative publicly available funds, and private funds. It claims to be the only independent fund administrator capable of servicing both public and private funds, positioning itself well for growth in the increasingly popular alternatives segment of investment management.

Founded in 1999 by veterans from Cincinnati-based Leshner Financial, Ultimus has grown significantly and now employs 1,100 people, managing 2,100 funds with over $600 billion in combined assets for more than 450 clients. Bob Dorsey, one of the co-founders, served as CEO until 2019 when he transitioned to vice chairman following GTCR's acquisition. Tenkman, who had been president, took over as CEO and has led the company since.

Under GTCR's ownership, Ultimus has expanded its capabilities, making two acquisitions and enhancing its services in the private funds and retail wealth management sectors. Collin Roche, co-CEO and managing director at GTCR, expressed confidence that the collaboration with Stone Point’s financial services experts, along with Ultimus’ management team, will drive further growth. He highlighted the potential for scaling the business through strategic acquisitions and organic initiatives, particularly in the rapidly growing retail alternatives market.

Stone Point co-CEO Jim Carey also emphasized the growth opportunities available, especially in catering to retail alternative funds. The partnership is expected to leverage the strengths of both private equity firms to enhance Ultimus’ market position and service offerings.