Cloud-based tech provider Eleven has teamed up with alternative investment fund administrator Socium Fund Services in a beta release of a new offering that includes straight-through transaction processing, digitally connecting the fund administrator with fund managers and investors.
The new technology was built in collaboration with Socium and it moves the fund subscription process to a three-way digital workflow between the investor, fund administrator and fund manager that uses each fund’s existing subscription documentation.
“We partnered with Eleven because they were the only technology offering transformational solutions to this degree,” said Michael Von Bevern, CEO of Socium. “Eleven’s electronic investment workflows are going to scale private investing and disrupt traditional fund administration practices.”
These same workflows are integrated into a single all-in-one digital ecosystem general partners can use to securely service investors and drive engagement. According to Eleven, the system saves fund administrators the expense of having to build and maintain a separate investor servicing portal.
Socium Fund Services has been working with Eleven to make sure the technology can be adopted by fund administrators of all sizes in order to process NAVs, as well as ensuring AML and KYC compliance. Socium will be rolling out the technology to its clients this year.
Socium was founded in 2016 by two former investment professionals and veterans of the fund administration industry to fill a gap in the back-office support space with an institutional-grade offering for private equity, private credit, venture capital, and real estate strategies.
Some of the key benefits for fund managers are allowing them to view real-time subscription activity and allows for 24/7 straight-through digital processing of subscriptions. For investors, the Eleven offering allows them to transact digitally, just like a digital wallet.