Gen II Fund Services acquires Update Capital

Gen II Fund Services has acquired Update Capital, an investment management technology company for the real estate asset class.

Vancouver-based Update Capital provides an automated, cloud-based solution for real estate sponsors to manage their assets.

The company was founded by Itamar David and current CEO Ran Kohavi in 2015. The Update Capital product offers asset-level data as well as financial and transactional data providing visibility to both the manager and investors.

As part of the acquisition, Kohavi will join Gen II as chief product technology officer.

Gen II was established in 2009 by Steven Millner, Steven Alecia and Norman Leben.

Commenting on the acquisition, Millner says: "We are thrilled to bring Update Capital on board and to add their expertise and technology capabilities to the Gen II platform. Given the amount of capital in the alternative investments space, automation, accuracy and transparency have never been more critical, and Gen II is committed to delivering leading-edge technology and solutions to our clients."

Kohavi adds: "Like Gen II, Update Capital prides itself on unparalleled client service, and we are excited to join a true global industry leader with a forward-thinking mindset. We are looking forward to working together to help sponsors efficiently and effectively respond to the growing demands of the industry and increase client satisfaction."