FOTechHub Bulletin #17 - Family Office Technology News Roundup

Company News 

Addepar Seeks $250M in Late-Stage Funding at $3.25B Valuation

Addepar is seeking to raise $250 million in new funding at a pre-money valuation of $3.25 billion. This follows its Series F round in June 2021, which raised $150 million at a valuation of $2.17 billion. Since its founding in 2009, Addepar has raised $500 million. Details:

• The company is expected to become cash-flow positive in 2025. There's been speculation about a potential IPO, although no official announcements have been made.
• This funding round includes investments from co-founder Joe Lonsdale's 8VC, and existing backers Valor Equity Partners and WestCap, founded by Laurence Tosi. Other early investors include D1 Capital Partners, Blumberg Capital, and David Sacks.
• Addepar's platform is used by over 1,000 firms, managing more than $7 trillion in assets across 45 countries. The company continues to expand its offerings, recently launching Addepar Trading for trading and rebalancing client portfolios.

WealthHub Secures $1.4M Series Seed Funding

WealthHub, a client and asset management software platform for trust companies and family offices, has raised $1.4M in Series Seed funding led by Rittenhouse Ventures, with participation from Ben Franklin Technology Partners and CEO Jim Marks. Why It Matters:

• The company says it has grown its client base from 12 to over 75 trust companies and family offices in the last three years, partly driven by significant intergenerational wealth transfers.
• This funding will support WealthHub’s mission to modernize fiduciary services for UHNW clients and its plans to capitalize on market opportunities.
• WealthHub replaces outdated and paper-based manual workflows with an integrated CRM solution that supports compliance and scalable growth.

Allvue Systems Acquires PFA Solutions

Allvue Systems, a tech platform for alternative investment solutions formed from the merger of Black Mountain & AltaReturn, has acquired PFA Solutions, a provider of compensation and carried interest software for private equity, private debt, and venture capital firms. Key details:

• PFA's flagship product, FirmView®, will be integrated into Allvue's platform to enhance fund operations and accounting workflows.
• PFA Co-founder Richard Change, with over 20 years of experience in private capital markets, will join Allvue, adding expertise to the team.
• The acquisition consolidates Allvue’s offerings, enabling more efficient management of compensation structures and fund operations.

SEI Acquires LifeYield to Enhance Tax-Efficient Wealth Management

SEI Investments Company (SEIC) has acquired LifeYield, a Boston-based provider of tax-smart technology solutions. This strengthens SEI's ability to deliver automated unified managed household (UMH) solutions via integrated overlay technology. Details: 

• Key features of LifeYield’s platform include: Tax-loss harvesting, Tax-efficient rebalancing, Withdrawal optimization, Social Security strategies
• LifeYield’s APIs will be incorporated into SEI’s Wealth Platform, enhancing multi-account portfolio management and tax efficiency.
• This deal builds on the strategic partnership formed between SEI and LifeYield in 2022.

iCapital to Acquire Parallel Markets

iCapital plans to acquire Parallel Markets, a provider of reusable financial identity solutions. Key details:

• The deal introduces a reusable KYC/AML passport to streamline digital identity verification, onboarding, and compliance processes.
• The "digital identity" will securely store, manage, and share personal information for private fund subscriptions.
• This integration aims to eliminate redundant investor profiles, simplify compliance, and improve efficiency for advisors, investors, and fund managers.

Product Updates, Integrations & Partnerships

SUBSCRIBE Unveils Universal Investor Passport

SUBSCRIBE has launched the Universal Alts Investor Passport, streamlining private fund subscriptions by enabling users to manage, update, and reuse investor data, AML/KYC documents, and tax information across funds. Key features include centralized profile management, real-time compliance validation, and simplified digital onboarding.

Chronograph has partnered with Carta to integrate Carta's capitalization table data into the Chronograph for General Partners (GP) platform. This integration allows mutual clients to synchronize portfolio equity data in real-time, providing a comprehensive view of private equity portfolios and streamlining reporting processes. By centralizing equity ownership data alongside portfolio company key performance indicators (KPIs), investors can have better visibility across their investments.

SS&C Technologies Rolls Out Updates for Alternatives

SS&C Technologies has announced updates to its alternative investment SaaS platforms, including Geneva, OEMS, and Eclipse. Enhancements feature a Loan Servicing Workspace for streamlined loan management, an Investor Fee Builder for customizable fee configurations, expanded fixed income trading with connectivity to platforms like Tradeweb and Bloomberg, and improved support for various asset classes such as MBS, ABS, and CDS.

Opto Unveils 'Planner' Tool for Tailored Private Market Strategie

Opto Investments has launched "Planner," a tool for advisors to tailor target allocations and pacing strategies to each client - using their firm’s model portfolios - and then share with clients through Opto’s proposal tool. Planner integrates with Opto’s platform to streamline investment selection, due diligence, and portfolio construction. 

Vanilla Labs: New Tools for Streamlined Estate Planning

Vanilla has launched Vanilla Labs, a hub for developing innovative tools to simplify estate planning, designed with minimal data input requirements. Tools include prospecting features, quick liquidity assessments, and calculators for GRATs, CLATs, and more. Advisors can access these features via the Vanilla app and provide feedback to refine them further.

ProTrustee Partners with Pinion

ProTrustee announced Pinion, a Delaware-based professional individual trustee service, as one of its newest clients. As Pinion's technology partner, ProTrustee will deliver trust accounting, administration, and compliance solutions to support their operations. 

Latest Luminary Updates

In January 2025, Luminary enhanced its estate planning platform with custom growth projections by asset class, Word export for document summaries, offshore entity support, and improved gift proposals with scenario toggles and cash flow attribution.

Entrilia Chosen by Svalner to Power Nordic Fund Administration Expansion

Svalner, a Swedish tax advisory firm with expertise in real estate, M&A and private equity, has partnered with Entrilia to adopt its fund accounting, reporting, and investor relations technology as the foundation for its new fund administration services. This integration will provide Svalner with an integrated system to support its operations in the Nordic private capital market. 

Moving & Grooving 

Jay McNamara Appointed CEO of Masttro

Jay McNamara has been appointed CEO of Masttro, succeeding Padman Perumal, who served as CEO for several years and is transitioning to a board advisor role. McNamara brings over 25 years of experience in financial services, including leadership roles at MSCI and Burgiss. As President of Burgiss between 2020 and 2023, McNamara drove the company’s expansion culminating in its acquisition by MSCI in 2023. According to Masttro, its recent growth includes expanding its client portfolio with over 75 additions in 2024.

LemonEdge Appoints Michelle Kiernan as HR Director

LemonEdge, a fund accounting solution for private markets, has named Michelle Kiernan as HR Director to drive its rapid growth and global expansion. Founded in 2020, LemonEdge manages $1.7 trillion in assets and now has a team of 80 across 12 countries. The company is headquartered in London, with teams in New York, Miami, Austin, Amsterdam, and Delhi.

• Gareth Hewitt, CEO of LemonEdge, will be interviewed on Tech-NEW-logy on 25 February - register here.

Orion Appoints Arun Anur as Chief Operating Officer

Orion has appointed Arun Anur as Chief Operating Officer, effective December 9, 2024. Anur will oversee client experience delivery, including service, operations, and onboarding. With over 30 years in financial services and SaaS, he brings experience from roles at Envestnet | Yodlee and Oracle. 

P.S. 

Here’s an interesting perspective on Sandbox—a company we’ve been keeping an eye on—from Michael Thrasher at Modus.