Cloud-based technology company Eleven has announced the beta release of new technology that transforms how investments in private equity funds and hedge funds are made.The technology was built in collaboration with Socium Fund Services, a leading provider of fund administration services for alternative investment funds, and moves the fund subscription process to a three-way digital workflow between the investor, fund administrator and fund manager that using each fund’s existing subscription documentation.
Importantly, the electronic transaction workflows are integrated in the same, all-in-one digital ecosystem General Partners use to securely and compliantly service investors and drive engagement with them throughout the entire lifecycle of the relationship from inception. It also saves fund administrators the expense of having to build or maintain a separate, standalone investor servicing portal.
Socium Fund Services has been working with Eleven to ensure that the technology can be adopted by fund administrators of all sizes, no matter what technology they use to process NAVs, as well as ensuring AML and KYC compliance. Socium will be rolling out the technology to its clients this year.
“We partnered with Eleven because they were the only technology offering transformational solutions to this degree,” says Michael Von Bevern, CEO of Socium. “Eleven’s electronic investment workflows are going to scale private investing and disrupt traditional fund administration practices.”
With this new release, Eleven is turning investor portals from cost centers to differentiating infrastructure fund administrators can deploy that helps their fund manager clients grow and drive continuous engagement with investors after they subscribe.
Eleven’s new capabilities mean fund administrators can:
• Receive digital fund subscriptions submissions submitted from the GP’s portal and access user-generated activity logs
• Distribute NAVs, documents and data to fund investors in the GP’s online ecosystem
• Build, update and maintain GP-branded dashboards with fund-level and investment-specific data
• Launch funds and set up fund investors with do-it-yourself, easy-to-use workflows
In addition, fund managers can:
• Move investors from engagement to transaction by enabling investors to make fund subscriptions digitally, in your investor servicing centre and with your existing subscription agreements
• Offer straight-through, online 24/7 subscription processing with your fund administrator overseeing the entire process
• Enable fund investors to receive information from the administrator in the same environment
• View real-time subscription activity
Fund investors meanwhile, can:
• Maintain secure Investor Profiles to transact digitally, just like a digital wallet
• Receive information from the fund administrator, such as NAVs, monthly statements, tax documents and digital dashboards, and the fund manager, such as performance, analytics, communications and newsletters
• Access information across your private investments with a single login