Passthrough

𝑷𝒂𝒔𝒔𝒕𝒉𝒓𝒐𝒖𝒈𝒉 𝒊𝒔 𝒋𝒐𝒊𝒏𝒊𝒏𝒈 𝒊𝑪𝒂𝒑𝒊𝒕𝒂𝒍. Five years ago, we set out to build an investor onboarding solution and financial compliance infrastructure that works differently. Fast, flexible workflows that handle any sub doc complexity. Expert managed services that combine platform technology with specialist oversight. Today, thousands of funds and 50,000+ investors use Passthrough. And we're excited to take this next step with iCapital, the leading global fintech platform serving alternative investments. iCapital has built an end-to-end fundraising and lifecycle management platform that connects GPs to the wealth management channel at scale. By bringing our capabilities together, we're creating a unified infrastructure that spans identity verification, subscription processing, and KYC/AML compliance across institutional, private wealth, and family office LP segments. This is a major milestone for Passthrough and for the future of investor onboarding in private markets. To everyone who got us here: our team (past and present), our customers, our technology and fund administration partners, the law firms who trusted us early, and our investors. Thank you. This wouldn't be possible without you. More details to come as integration planning continues. Read the full announcement: https://lnkd.in/gYtdmx7e

Financial crime compliance shouldn't be a box-checking exercise—it should protect your firm and investors while enabling business growth. We sat down with Pietro Odorisio, Business Development at Cube Finance SA, and one of LinkedIn's leading voices on AML/CTF, for a transatlantic Q&A on what it takes to build compliance programs that actually work. Key takeaways: 🤖 AI needs human judgment. Machine learning dramatically improves data analysis, but expertise remains essential to interpret results, adjust models, and maintain accountability. Broad governance across compliance teams works better than concentrating AI oversight on just a few individuals. 🦺 AML is protection, not friction. Reputational damage from weak AML controls extends far beyond financial penalties. "Compliance design" can help investors understand why these processes exist and feel more reassured, not burdened. 🖊️ Quality over quantity. With FinCEN's recent FAQs for investment advisers, what matters isn't filing more SARs—it's filing relevant ones. The crypto sector isn't resistant to compliance; it's still maturing rapidly. 🚫 De-risking needs nuance. Terminating relationships should only happen for genuinely serious reasons, not out of fear or excessive caution. Read the full conversation: https://lnkd.in/eH56FmSx

We joined the Allvue Systems sales team at their SKO this week to discuss how our partnership continues to deliver value for mutual clients. What makes this partnership work: Our pre-built integration embeds Passthrough subscription workflows directly into the Allvue LP Portal. LPs complete their sub docs without leaving the portal they already use, while all data flows seamlessly into Allvue's platform—no duplicate data entry, no manual reconciliation, just clean structured data where it needs to be. This is exactly how we think integrations should work: specialized tools excelling at what they do best, connected through purpose-built infrastructure that eliminates friction for both fund managers and their investors. Snow kept our team from attending in person, but virtual collaboration worked just fine. Here's to another successful year together. 🥂 Thanks to the Allvue team, especially Eric Evans, CTPRP Shannon Russell Jared Kreutzer, for the partnership. Looking forward to supporting more mutual clients together in 2026!

IRA investors represent untapped capital for private funds. But accepting retirement assets creates operational complexity many managers haven't solved. Join us Thursday 1/29 at 11:00 AM ET for a practical discussion on raising IRA capital, streamlining onboarding, and differentiating your fund. 💻 Register: https://lnkd.in/eXzEgvc5

In 2022, Passthrough made a decision that seemed risky: we built financial crime compliance directly into our investor onboarding platform. Not as a partnership. Not as a separate product. As a unified platform where fund managers and their service providers handle sub docs and KYC/AML—backed by our in-house team of financial crime compliance experts—in one workflow. Three years and hundreds of fund closings later, here's what we've learned: 💡𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝘄𝗮𝗻𝘁 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗶𝗼𝗻, 𝗻𝗼𝘁 𝗰𝗼𝗼𝗿𝗱𝗶𝗻𝗮𝘁𝗶𝗼𝗻. When given the option, investors complete both sub docs and KYC/AML in a single sitting. They don't want to toggle between platforms or wait for multiple emails telling them what to do next. 💡𝗙𝘂𝗻𝗱 𝗮𝗱𝗺𝗶𝗻𝗶𝘀𝘁𝗿𝗮𝘁𝗼𝗿𝘀 𝗻𝗲𝗲𝗱 𝗱𝗮𝘁𝗮 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗻𝗲𝘀𝘀. Our unified approach delivers 100% data completeness because investors can't close until both workflows are complete. No manual follow-up. No offline documents. No gaps. 💡𝗙𝘂𝗻𝗱 𝗰𝗹𝗼𝘀𝗶𝗻𝗴𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲 𝗰𝗵𝗼𝗿𝗲𝗼𝗴𝗿𝗮𝗽𝗵𝘆, 𝗻𝗼𝘁 𝗵𝗮𝗻𝗱𝗼𝗳𝗳𝘀. Legal counsel, compliance specialists, fund admins, and internal teams all need visibility into the same status. When workflows live in separate systems, the GP becomes the glue between vendors—manually tracking who's blocking the close and mediating between platforms. We're strong believers in partnerships—our API connects with CRMs, LP portals, and more. But investor onboarding and KYC/AML is different. These workflows share so much data and so many touchpoints that splitting them across vendors creates more problems than it solves. The market is validating this approach. Competitors are now exploring partnerships to offer combined solutions, confirming what we've believed since 2022. Here's the difference: three years of operational refinement. Hundreds of fund closings. Real implementation, not integration planning. We were early. We're still leading. Read the full post: https://lnkd.in/ek6VBcDw

Alto is excited to partner with Passthrough to expand access to IRA capital for private fund managers. By combining Alto’s self-directed IRA platform with Passthrough’s investor onboarding and KYC/AML workflows, we’re helping fund managers alleviate friction and confidently engage IRA investors. To kick off the partnership, we’re hosting a joint webinar with Passthrough on January 29th at 11:00 AM ET to share best practices for raising IRA capital and navigating operational considerations. Register for the webinar here: https://lnkd.in/eXzEgvc5

𝑬𝒙𝒑𝒂𝒏𝒅𝒊𝒏𝒈 𝒂𝒄𝒄𝒆𝒔𝒔 𝒕𝒐 𝑰𝑹𝑨 𝒄𝒂𝒑𝒊𝒕𝒂𝒍 𝒇𝒐𝒓 𝒑𝒓𝒊𝒗𝒂𝒕𝒆 𝒇𝒖𝒏𝒅 𝒎𝒂𝒏𝒂𝒈𝒆𝒓𝒔. We're partnering with Alto, the leading self-directed IRA platform, to help fund managers tap into a growing capital source that many overlook: retirement accounts. The challenge? Individual investors increasingly want to deploy IRA funds into private markets, but the process has traditionally been complicated for both GPs and LPs. Our partnership with Alto changes that. Together, we're working to make raising IRA capital straightforward and efficient, bringing Alto's expertise in self-directed IRA investing together with Passthrough's seamless investor onboarding and KYC/AML workflows. 💻 Join Passthrough CEO Tim Flannery and Alto CEO Eric Satz on January 29 at 11 a.m. ET to discuss: ➡️ How IRA capital fits into your fundraising strategy ➡️ Operational considerations when raising from IRA investors ➡️ Best practices for creating seamless LP experiences ➡️ The broader opportunity for retirement investors in private markets Whether you're actively raising or planning your next fund, you'll walk away with practical insights into accessing this substantial capital source. 📹 Register: https://lnkd.in/eXzEgvc5 🟢 Learn More: https://lnkd.in/e_Dp_w64

Our latest Pipeline newsletter covers what's separating winners from the rest heading into 2026: → Why 80% of LPs say exits are their top concern (and what that means for fundraising) → How top performers are turning investor onboarding into competitive advantage → Where venture capital is really flowing → New integration eliminating hours of manual work between close and first capital call Plus: We're recognizing the teams setting new standards with our 2025 Pioneer Awards, and hosting fund managers in Miami Beach during Global Alts Week. Full newsletter below 👇

𝑴𝒐𝒔𝒕 𝒇𝒖𝒏𝒅 𝒎𝒂𝒏𝒂𝒈𝒆𝒓𝒔 𝒕𝒉𝒊𝒏𝒌 𝒕𝒉𝒆𝒚 𝒌𝒏𝒐𝒘 𝒕𝒉𝒆𝒊𝒓 𝒊𝒏𝒗𝒆𝒔𝒕𝒐𝒓𝒔. The data tell a different story. 🤔 We analyzed 10,000+ investors across 120+ private market funds and found something critical: 63% of capital comes through entities, not individuals. Here's why that matters for financial crime compliance: 👉 𝗧𝗵𝗲 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗜𝗰𝗲𝗯𝗲𝗿𝗴: When an LLC or trust invests in your fund, you're not dealing with one investor—you're dealing with an average of 3-5+ beneficial owners per entity. Each one must be identified, verified, and screened. 👉 𝗧𝗵𝗲 𝗛𝗶𝗱𝗱𝗲𝗻 𝗥𝗶𝘀𝗸: While entities dominate at the investor level, the chart below reveals the real story: the majority of beneficial owners are individuals—often buried several layers deep in complex ownership structures. This is where sanctioned parties, PEPs, and high-risk individuals hide. 👉 𝗧𝗵𝗲 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗥𝗲𝗮𝗹𝗶𝘁𝘆: For every 1,000 investors, firms can expect: → 1,800 beneficial owners to review → 4,700+ documents to collect → 6,700+ data points to verify → ~5,000 screening alerts to disposition 🟢 Entity-level onboarding isn't enough. True control often resides several layers deeper. Learn more about Passthrough's financial crime compliance services and how we help fund managers automate KYC/AML at scale: https://lnkd.in/eY98NFAz

Our partners Allvue Systems and Petra Funds Group highlight a key principle in this article on co-sourcing partnerships: the best operational models work within shared tech environments, not as bolt-on solutions. 👏 When fund admins work natively within platforms like Allvue, data flows seamlessly and teams operate from a shared source of truth. The same principle applies to investor onboarding and KYC/AML. Passthrough's pre-built Allvue integration ensures sub doc data and investor info sync automatically into other fund workflows—no manual handoffs, no reconciliation headaches. 🌟