Independent private equity fund administrator Gen II Fund Services LLC is giving harried investment managers on the go a dandy holiday gift a free iPad and iPhone application that computes IRR and exit multiples.
Clients were constantly calling Gen II because they were considering a portfolio company sale, they had what they thought the exit value should be and they wanted to know what the internal rate of return and multiple of costs would be, said Steven Millner, managing principal at New York-based Gen II Fund Services.
And, oh by the way, they would say, they were just about to get on a plane and it would be nice to know right away, Mr. Millner said.
So Mr. Millner, together with the firm's co-head Norman Leben, decided to launch an application. Unlike other applications Gen II Fund Services offers its clients, this one is free. The firm, which Mr. Millner and Mr. Leben started in the mid-1990s, now manages more than 300 funds and 4,000 limited partners representing $40 billion in capital under administration.
Since the application was launched two weeks ago, it has gotten close to 200 downloads, Mr. Millner said. The Gen II IRR Calculator is available for download on the iTunes App Store or at www.gen2fund.com/irr-calculator.