Fund administrator Gen II Fund Services has acquired Update Capital, which provides investment management technology solutions for the real estate asset class.

Financial terms of the deal were not disclosed.

Founded by Ran Kohavi and Itamar David, Vancouver-based Update Capital’s cloud-based solution enables real estate sponsors to manage their assets, engage their investors, and connect with new prospects.

This solution provides asset-level data and financial and transactional data that offer visibility to both the manager and investors.

As part of the deal, Update Capital co-founder and CEO Ran Kohavi will join Gen II as chief product technology officer.

Gen II managing principal and co-founder Steven Millner said: “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.”

Gen II managing principal and co-founder Steven Millner said: “We are confident that expanding our platform by investing in proven technology solutions, like those of Update Capital, will enable a more robust client experience.

“And it will allow Update Capital’s clients to seamlessly tap into Gen II’s broad range of fund administration and related technology services.”

Founded by Steven Millner, Steven Alecia and Norman Leben in 2009, Gen II has collaborated with over 250 sponsors in the private equity industry.

The company’s customer base is said to comprise emerging managers as well as global PE fund sponsors.