Ascensus to Be Sold by Private Equity Consortium to Stone Point Capital and GIC

Willkie represented Ascensus, owned by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital, in the transaction.

On April 26, Ascensus announced that funds managed by Stone Point Capital, a private equity firm specializing in financial services, along with GIC, Singapore's sovereign wealth fund, have entered into a definitive agreement to acquire Ascensus from its current private equity ownership group led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus.

Ascensus is a technology-enabled services company that helps people save for retirement, education, and healthcare. It is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. Through the company's network of institutional, financial advisor, and state partners, Ascensus supports more than 12 million savers through a variety of tax-advantaged retirement, education, and consumer-directed health savings accounts.

Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York and London investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. The firm had $6.1 billion in assets under management as of December 31, 2020.

Genstar Capital is a leading private equity firm based in San Francisco. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials and software industries.

Based in New York and London, Atlas Merchant Capital is a global investment firm with operating and investing expertise across the financial services landscape.

Stone Point is an investment firm based in Greenwich, CT, with approximately $30 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. Headquartered in Singapore, GIC is a leading global investment firm managing its foreign reserves, engaging across a wide range of asset classes in over 40 countries.

The Willkie team was led by partners Jeffrey Poss and Manuel Miranda, and included associates Halie Klein and Thomas Sharkey.