Research · Due diligence · Portfolio construction
We help RIAs research private funds, evaluate their role in client portfolios, and build a documented alternatives investment process—from a single fund review to ongoing investment-team support.
Our advisory work is exclusively for financial advisors and their investment teams. You lead the client relationship. We provide the research, analysis, and ongoing support behind your investment decisions.
How we support your firm
Build an alternatives capability or strengthen the one you already have—with support across research, portfolio construction, and ongoing oversight.
Evaluate managers, strategies, fees, fund structures, liquidity, and material risks. Compare opportunities and identify the questions that need answers before an investment decision.
What you receiveFund comparisons, documented diligence findings, open issues, and investment committee materials.
Explore our researchAssess how an alternative investment fits alongside public assets. Explore allocation size, diversification, expected returns, downside risk, and liquidity requirements.
What you receiveAllocation comparisons, portfolio scenarios, and analysis of the trade-offs behind a proposed investment.
Explore portfolio analysisEstablish a repeatable process for evaluating, documenting, implementing, and monitoring alternatives. Add research capacity and coordination as your program develops.
What you receiveInvestment committee support, manager reviews, monitoring priorities, and implementation coordination.
Explore ongoing supportSupport for your fiduciary process. Clear assumptions, documented findings, and ongoing review help your team explain and substantiate its investment decisions.
ALTS Portfolio Modeling™
An investment’s value depends on the portfolio it joins. Connect fund research with scenario analysis to evaluate whether an allocation supports your client’s objectives, diversification, and risk–return trade-offs.
Modeling explores possible outcomes under stated assumptions. It does not guarantee returns or eliminate investment risk.
Examine return drivers, exposures, costs, and its potential contribution to portfolio diversification.
Compare allocation sizes against the existing public portfolio and the client’s objectives and constraints.
Explore downside scenarios, changing market conditions, capital needs, and delayed exits.
Consider liquidity, investment horizon, capital calls, and the timing of potential distributions.
The research behind the decisions
Explore published fund analysis and research on investment structure, return drivers, fees, liquidity, and portfolio fit.
Evergreen private equity
What does a client own through GROW? A look at its private companies, fees, liquidity terms, and a hypothetical 20% portfolio allocation.
Read the analysis
Private equity secondaries
Research on the investment case behind a secondaries allocation.
Read the fund analysis
Evergreen private equity
Navigating a more competitive evergreen private equity market.
Read the fund analysisFlexible ways to work together
Start with the decision in front of you, or add dedicated alternatives expertise to your team. We support firms introducing alternatives as well as those expanding an established program.
Project engagement
Bring us a specific opportunity, manager, or group of competing funds.
Program engagement
Establish a practical framework or evaluate the approach your firm uses today.
Ongoing engagement
Add continuing expertise and research capacity without building a full-time alternatives team.
You retain the client relationship and investment decision. Our role is to strengthen the work behind it.
Complementary implementation services
Support private investments through subscriptions, transfers, capital activity, recordkeeping, and reporting—with specialized custody alongside your firm’s existing custodial relationships.
You can engage our research and advisory services independently of custody.
Explore custody & administrationTaxable and retirement account support.
Subscriptions, onboarding, and transfers.
Capital calls and distributions.
Asset records, statements, and ongoing administration.
Alternative investment custody primarily revolves around asset protection through third-party custodianship. These custodians are responsible for safeguarding assets to prevent potential losses. They also offer vital controls to ensure compliance with anti-money laundering (AML) regulations, enhancing efficiency in cash management and streamlining investor onboarding processes. Additionally, custodians extend their support to alternative investment managers by assisting in the completion of subscription documents on the manager's behalf. This can encompass handling core offering documents and fulfilling Know Your Customer (KYC) requirements for each investor. Furthermore, alternative investment custodians often provide comprehensive support throughout the entire investment lifecycle. This includes offering traditional banking services, managing escrow accounts, providing investor services, and administering fund-related tasks.
IRAs and other tax-advantaged accounts require custodianship. However, alternative asset custodians also offer similar services for non-qualified plans.The need for a specialized alternative custodian often arises when traditional clearing firms are incapable of holding specific assets. This is particularly crucial for products that fall outside the scope of conventional custodians.These custodians offer consolidated billing and statements, streamlining processes for advisors and clients, particularly at larger firms. Additionally, they generate tax documents such as Form 1099, reducing the hassle of tracking multiple sources.Specializing in handling unique and unconventional assets, alternative custodians provide an indispensable service for assets that do not align with the traditional custodial model. Their adaptability in accommodating these assets makes them a valuable resource for advisors seeking support beyond what major clearing firms can provide.
Historically, providing custodial services for alternative assets has posed significant administrative challenges. It involves the assembly and maintenance of numerous documents, along with complex servicing requirements that vary across different types of alternative assets. Currently, there is a lack of standardization in the custody of alternative assets.The custodial services needed for alternative assets do not align well with the automated, standardized processes applied by major custodians to handle cash, stocks, and bonds.Traditional players in the custodial industry, such as Fidelity, Charles Schwab, Morgan Stanley, and TD Ameritrade, have shifted their focus toward becoming comprehensive fiduciary institutions. Their responsibilities now extend beyond recordkeeping and tax compliance. These traditional custodians vet and approve investment offerings, often facilitating their distribution through the networks of their affiliated advisers and intermediaries.
In the past, alternative asset investments were primarily accessible to institutional investors, high-net-worth individuals, and families. However, the landscape has evolved as more mass affluent investors recognize the diversification and return potential of alternative investments. This shift often termed the "democratization" of alternative assets, has increased demand among individual investors. Many individuals now invest in alternative assets through self-directed individual retirement accounts (IRAs), which require a qualified custodian.Presently, there are over 30 independent self-directed IRA custodians in the United States. The combined total assets under administration for all self-directed IRA custodians stand at $600 billion, serving approximately 3-3.5 million individual accounts.Among the prominent players in this space, Equity Trust and Millennium Trust stand out as the largest incumbents. These companies offer diversified services encompassing retail self-directed custody of tax-advantaged plans, institutional services, and traditional brokerage solutions.
Our custody-as-a-service solution for alternative assets prioritizes financial advisors and seamlessly integrates with the software suites used by broker-dealers. This integration has been proven to revolutionize their operational efficiency and significantly expand their market reach.
Enhanced Advisor Experience
Our unwavering focus is on enhancing the financial advisor experience. While many competitors primarily target retail markets, our commitment is to automate investments in alternative asset classes that are advisor-friendly. We place a premium on omnibus account administration capabilities.
Reduced Costs
Our fully automated platform for alternative investment custody is recognized for its ability to minimize manual work and associated costs. Our proven track record shows that we consistently cut custodial fees by half compared to current market rates.
Hassle-Free Integrations
Our solution has earned a reputation for seamless integration into existing advisor tools and frameworks. The adoption process has been streamlined, requiring no additional time or effort.
Let’s discuss an investment, a portfolio question, or the research and ongoing support your team needs.
Schedule a conversationPrivate market investments involve risk and may be illiquid. Published research is educational; engagement scope and responsibilities are established separately.
