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 developers 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 created in 2009 by Steven Millner, Steven Alecia and Norman Leben.
Commenting on the acquisition, Millner said, “We are excited to onboard Update Capital and add its expertise and technology capabilities to the Gen II platform. Given the amount of capital in the alternative investment space, automation, accuracy, and transparency have never been more critical, and Gen II is committed to delivering industry-leading technology and solutions to our clients. .”
Adds Kohavi, “As Gen II, Update Capital prides itself on unparalleled customer service, and we are thrilled to join a truly global industry leader with a forward-thinking mindset. We look forward to working together to help sponsors to respond effectively and efficiently to meet growing industry demands and increase customer satisfaction.”