In the latest ION Influences Fireside Chat, host Giovanni Amodeo sat down with Steven Millner, CEO and co-founder of Gen II Fund Services, to unpack the major trends shaping the private equity landscape. With over 30 years in the private markets, Millner brought deep insight into how the industry is transforming.

Key Discussion Topics:

Evolution of Private Equity: From LBOs to a Multiverse of Asset Classes

• Private equity has expanded far beyond traditional leveraged buyouts, now encompassing private credit, infrastructure, real estate, and fund-of-funds.

• There’s a clear shift from institutional-only capital to broader wealth management channels, also known as the “democratization of private equity.”

Changing Ecosystem & the Rise of Bespoke Solutions

• Growth of customized investment structures tailored to match liabilities, especially for insurance firms and family offices.

• Increasing importance of bespoke structuring in generating alpha, offering sponsors flexibility in tax, compliance, and performance optimization.

Creative Deal Structuring & Alpha Generation

• “Structure is the new alpha”: Creativity is key to unlocking value in a competitive deal environment.

• Gen II has been involved in pioneering structures like total return swaps on private portfolios.

Institutional vs. Retail and Emerging Managers

• Large funds rely on proven playbooks; smaller funds are more agile and often more creative.

• Collaboration between boutique sponsors and large firms is on the rise.

• Despite a tough fundraising market, emerging managers with strong theses and track records can still raise between $500M–$1B.

Fund Performance & Transparency Trends

• Increasing demand for unlevered vs. levered return disclosure, driven by groups like ILPA.

• Use of subscription lines and NAV-based fund-level leverage is growing.

Data-Driven Insights: Vintage Year as a Key Predictor

• Analysis shows vintage year (especially during or after recessions) is a surprisingly strong predictor of returns—more so than manager selection alone.

Family Offices: A Powerhouse in Growth

• Fastest-growing segment of Gen II’s client base.

• Family offices are evolving to resemble institutional PE firms, often launching side-by-side funds and writing large checks with strategic intent.

Conclusion: Private equity is undergoing a massive transformation—from product offerings to investor profiles. Fund administrators are at the center, facilitating this change through operational support, regulatory compliance, and deal structuring expertise. As creative structuring becomes a source of competitive edge, the space continues to attract both agile newcomers and scaled-up veterans.

Key timestamps:

00:08 Introduction to the Fireside Chat
01:42 Evolution of the Private Equity Industry
03:34 Understanding Client Needs in Private Equity
05:47 Key Differentiators in Private Equity Services
07:19 Bespoke Solutions vs. Mass Market in Private Equity
09:23 Long-Term Strategies in Private Equity
12:28 Behavioral Differences Between Small and Large Funds
14:31 The Rise of Emerging Managers in Private Equity
17:02 Defining Track Record in Private Equity
18:32 Insights from Data in Private Equity
19:49 Growth of Family Offices in the Investment Ecosystem
20:56 Skills and Future Hiring Trends at Gen2
21:51 The Impact of Technology and AI in Fund Administration
22:57 Utilizing Data Sets for Capital Deployment Insights
23:35 Conclusion and Acknowledgments