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SUBSCRIBE found the bottleneck in private markets. It was the paperwork.
Private funds learned to reach more investors. SUBSCRIBE built the machinery to handle them: reusable investor profiles, digital subscriptions, and a shared workflow for everyone who has to say yes.
Babel Street Built an AI Analyst for People Who Can't Afford a Bad Guess
The Washington intelligence-software company spent years helping analysts search a noisy world. Now it is asking AI agents to do the legwork - while humans keep the last word.
The $2 Trillion Business of Making Private Equity Boring
Gen II began as a boutique for managers who wanted their fund accountant to answer the phone. Seventeen years later, it has turned capital calls, compliance checks and investor PDFs into a $2 trillion infrastructure business - and a useful playbook for founders building in unglamorous markets.
Caruso
Caruso is an AI-native fund administration and registry platform for private markets, built to replace the spreadsheets, manual workflows and fragmented tools that fund managers have long relied on. Founded in 2023 and headquartered in Sydney with offices in Dallas and Auckland, Caruso unifies investor onboarding, capital raising, fund accounting, registry operations and investor reporting into a single system, offered as software, outsourced services, or a hybrid of both. More than 80 fund managers running 900+ funds and $55B+ in assets under administration use the platform, including enterprise clients such as Centuria Capital Group.
Vertalo
Vertalo is an Austin-based fintech that operates an SEC-registered digital transfer agent and tokenization platform connecting the digital asset ecosystem. Since 2018 it has helped issuers, fund managers, broker-dealers and custodians move private securities on-chain - handling digital cap tables, investor onboarding, compliance and settlement across multiple blockchains. More recently it has pivoted toward 'agentic' infrastructure, exposing its regulated transfer-agency operations through APIs and an MCP server so AI agents can issue, record and transfer securities.
Interlace
Interlace is a Singapore-based fintech that lets companies issue branded physical and virtual cards through a single API, connecting to 30+ card BINs and bridging stablecoins with traditional banking rails. As a Visa Hong Kong Principal Member, it offers card-as-a-service, multi-currency business accounts, banking-as-a-service and crypto on/off ramps to over 12,000 enterprise clients across 180+ countries, having issued more than 6 million cards.
Anduin Transactions
Anduin is a private-markets fintech that digitizes the messy back office of alternative investing - turning paper-heavy fund subscriptions, data rooms, and investor onboarding into a single software workflow used by GPs and LPs around the world.