fund-administration
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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.
Ren does the paperwork. Generosity gets the credit.
Behind more than $200 billion in charitable assets sits a company many donors never meet. Ren turns the awkward business of giving into technology, accounting and payments that other institutions can call their own.
The tax return that became a data company
Libra began with an awkward question about Bitcoin taxes. The answer grew into Lukka, a business that helps institutions turn unruly crypto transactions into numbers an auditor can live with.
The Money Moved First. The Software Followed.
Covercy discovered its next business in its own transaction data: real estate investors were already using its payment rails. The company followed the money into a platform that now connects fundraising, banking, and the investor ledger.
Raj Gidvani and the quiet arithmetic of AI
At Gen II Fund Services, Raj Gidvani brings an engineer’s discipline to private markets technology. His case for AI pairs measured gains with formal governance, enterprise security and human oversight — commitments reflected in Gen II’s Verifii quality control platform.
How SS&C Turned a $20,000 Bet Into Wall Street’s $6 Billion Back Office
Bill Stone nearly watched his software company disappear. Then he stopped selling tools alone, started taking on the work, and assembled a financial-infrastructure empire one unglamorous workflow at a time.
Allvue Tried to Go Public. Then It Found a Bigger Prize in Private-Market Data
The private-markets software company withdrew a $275 million IPO, stayed private and kept building. Now its advantage may be the data exhaust of 21,000 funds - if it can turn old workflows into trusted AI.
Bill Ward Spent a Decade Making Private Capital Less Allergic to Good Software
He saw venture firms backing the future while reporting to investors with PDFs and email. Ark was his practical answer - software built around the people who actually run the funds.
Steven Millner Built the Machinery Behind Private Equity
Before private equity had portals, dashboards and a trillion-dollar back office, Steven Millner was fixing lawnmowers and learning that durable systems begin with patient hands.
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.
Nik Talreja Is Turning Venture Capital’s Paper Trail Into Rails
A lawyer became an investor, discovered the paperwork was the product, and built Sydecar to make private-market deals feel less like bespoke legal projects and more like dependable infrastructure.
Benefit Plans Administrative Services, Inc. (BPAS)
BPAS has built a sizable business around a quiet corporate headache: the pile of rules, records, vendors and deadlines behind employee benefits. Its answer is to put more of that machinery under one roof - while keeping a human expert on the phone.
Northern Trust
Northern Trust is the 137-year-old Chicago institution most people never see. Behind the quiet name sits a global machine safeguarding, administering or managing trillions for pensions, fund managers and wealthy families.
State Street
State Street is the quiet machinery behind modern investing - guarding assets, settling trades and stitching together data for institutions across more than 100 markets. Its next act is to make that machinery work for private markets, wealth platforms and tokenized finance.
Opto Investments
Opto is building the operating system behind bespoke private-market programs - turning fund formation, diligence, subscriptions, capital calls and reporting into one continuous workflow for wealth managers.
1Token
1Token builds institutional back-to-front office software for crypto funds and financial institutions. Founded in 2018 and led by Damon Xu, the company runs a portfolio management system (PMS), risk management system (RMS), trade reconciliation, and T+0 shadow NAV accounting that stitch together fragmented CeFi exchanges, DeFi protocols and TradFi accounts into one book. Today it connects 80+ CeFi venues and thousands of DeFi protocols, serving 100+ institutional clients that monitor more than $20B in assets across APAC, North America and Europe.
Qapita
Qapita is a Singapore-headquartered equity management platform that helps private and public companies, startups and investment funds run their cap tables, employee stock ownership plans (ESOPs), valuations, fundraising, liquidity events and fund administration in one system. Founded in 2019 by a banker-investor-technologist trio, it serves over 2,400 private companies and 100+ listed companies across India, Southeast Asia and now the US, managing more than $55B in equity for over 500,000 stakeholders.
Ark
Ark is a Boston-based software company that builds a cloud platform for running private capital funds. Founded in 2017, it combines fund accounting, an investor portal, LP reporting, and fundraising tools into one system used by venture capital, private equity, fund-of-funds, and real estate managers as well as the fund administrators who service them. By 2026 the platform supported more than 500 GPs and administrators overseeing roughly $185 billion in assets. In July 2026, AngelList acquired Ark to fold its fund-administration software into AngelList's banking, payments, and cap-table infrastructure.
Asset Class
Asset Class is a fintech company building an AI-powered operating system for private capital firms. Founded in 2020 by Ferdinand Roberts, its Fund Operating System connects fundraising, investor relations, fund administration, deal flow and portfolio management in a single platform, with a white-label LP portal for accredited investors. The company services more than 300 funds totalling roughly $33 billion in assets under management and a network of over 15,000 accredited investors, and has raised $14.6M to date, including an $11.6M Series A led by Canapi Ventures.
Canoe Intelligence
Canoe Intelligence is a New York-based financial technology company that uses AI and machine learning to automate the collection, extraction and management of data from alternative investment documents. Its cloud platform turns the unstructured PDFs, capital calls, statements and tax forms that flood back offices into standardized, verified data that institutional investors, capital allocators, wealth managers and asset servicers can trust. Serving more than 325 clients - including firms such as Blackstone and Hamilton Lane - Canoe processes tens of millions of documents a year and raised a $36M Series C in 2024 led by Growth Equity at Goldman Sachs Alternatives.
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.
Siepe
Siepe is a Dallas-based financial technology company that builds cloud software and tech-enabled services for private credit, CLO, and alternative investment managers. Founded in 2012 by former hedge-fund CTO Michael Pusateri, Siepe helps front, middle, and back-office teams turn scattered loan, borrower, and investor data into a single, transparent asset - reducing operational risk and letting managers scale without adding proportional headcount. In August 2024 the company raised a $30M Series B led by WestCap.
Ferdinand Roberts
Ferdinand Roberts is the founder and CEO of Asset Class, a fintech company building an end-to-end software platform for private capital firms - covering fundraising, investor relations, investor portals, deal flow, portfolio management and fund administration. A technology executive with more than 25 years in the sector and senior roles at Yahoo!, Cisco and Ariba, he launched Asset Class in 2020 after seeing firsthand how disjointed private-market operations were while running capital markets for a private equity firm. In 2024 the company raised an $11.6M Series A led by Canapi Ventures, serving 300+ funds and around $33 billion in serviced assets across offices in Dublin, New York, London and Atlanta.
Allocate
Allocate is a Palo Alto-based financial technology company building an intelligent operating system for private market investing. Its platform equips wealth advisory firms and institutional family offices with modern infrastructure to source, diligence, build, and manage private portfolios - spanning venture capital, private equity, and private credit - through a single interface. Founded in 2021 by longtime venture bankers Samir Kaji and Hana Yang, Allocate automates subscriptions, capital flows, and portfolio operations, and has scaled to billions of dollars on platform serving over 1,200 advisory firms and family offices.
HireAthena
HireAthena is a San Francisco back-office-as-a-service company that pairs a remote, mostly work-from-home workforce with workflow software to handle accounting, bookkeeping, payroll, HR, benefits, tax, and fund administration for startups, non-profits, and small and medium businesses. Founded by Kristen Koh Goldstein in 2010 as BackOps, it merged with her workflow-automation company Scalus and relaunched as HireAthena in 2016, carrying a social mission to bring stay-at-home talent - especially mothers - back into the workforce.
Sydecar
Sydecar is a deal execution platform that automates the back office for venture investors. It lets fund managers, syndicate leads, and emerging VCs spin up Special Purpose Vehicles (SPVs) and funds with banking, compliance, contracts, tax, and reporting handled in one place - turning what used to take weeks of legal and administrative work into a next-business-day process. Founded in 2021 and based in San Francisco, the company has supported thousands of investment vehicles and administers more than $1 billion in assets.
Mark Hurley
Mark Hurley is the co-founder and CEO of Caruso, an AI-native fund administration and registry platform for private markets that spun out of a property fund business in 2023 and now administers roughly $80 billion in assets across 900-plus funds. A serial New Zealand entrepreneur, he earlier built the digital agency Little Giant (sold to Dentsu Aegis Network in 2017) and co-founded the fractional commercial real estate firm Jasper in 2019. He splits his time between Auckland and Dallas and is an active early-stage investor in companies including Tracksuit, Sharesies and First AML.
Nth Round
Nth Round is a Philadelphia-based fintech that builds equity-management software for private companies, family businesses, and funds. Its white-labeled platform combines cap table management, shareholder communications, proxy voting, document distribution, and internal liquidity windows into a single secure portal - so companies with hundreds of shareholders across multiple stock classes and generations can keep records accurate, keep owners engaged, and let shares change hands without a public market.
Graham McConnell
Graham McConnell is the CEO and co-founder of Nth Round, a Philadelphia fintech that helps private companies, family enterprises and funds manage equity, run investor portals, distribute reports and create shareholder liquidity. A Dartmouth cognitive science graduate who oversaw software at the $25B quant firm AJO Partners before launching the company with his father in 2018, he is a self-described saver and Bogle-style passive investor on a mission to simplify and democratize private investing.
Adam Hyder
Adam Hyder is the Chief Development Officer and EVP of Engineering at Juniper Square, the private-markets technology company building the operating system for fund administration, investor relations, and partnership enablement. A technology leader with more than two decades of experience, he has run engineering and product at Malwarebytes, BlueJeans Network, Jobvite, and Yahoo HotJobs, and started his career working on Java in its earliest days at Sun Microsystems. He is known for scaling distributed global teams, shipping large-scale SaaS, consumer, and enterprise products, and turning sprawling roadmaps into shipped software.