Fragmented Plumbing
Every manager, administrator and distributor connects bilaterally. Each stakeholder operates their own legacy systems, their own paperwork, and their own processing requirements for financial instructions.
CONNECTING MARKETS, DRIVING INVESTMENTS
Solving Today’s Problems
Private capital markets have scaled into the trillions on infrastructure built for a handful of bilateral relationships. Primexys is building the neutral, member-governed network that moves instructions, cash and data between every participant — securely, instantly and on one shared record.
- $0.0T
- Private-market transaction value in 2025
- $0.00T
- Dry powder awaiting deployment
- 0%
- Fund orders still manual or paper-based
The Problem
Private markets grew up. The utility remains trapped in 1960s-era infrastructure.
Capital sits idle
Today, legacy infrastructure is struggling to keep pace with the rise of semi-liquid funds and retail investors. Subscriptions and redemptions take days to process. Cash is trapped in transit between siloed systems, while markets move.
The Operational Wall
Today's paper-based infrastructure was never designed to serve 2,000+ clients investing $50K each. As volumes and complexity grow, legacy infrastructure creates operational risk and friction, making processes time-consuming and expensive.
Spotlight
Today's funds industry
Disconnected and fragmented
Six parties touch the same fund — while six systems maintain their own records. Fund managers, custodians, transfer agents, regulators, depositaries and fund administrators all connect bilaterally, reconciling the same data across IBOR, ABOR, CBOR, PBOR, TBOR, asset and unit registers that never quite agree.
Fund
Records
Records
Fund ManagerIBOR
Prime Broker or CustodianCBOR
Transfer AgentUnit Register
Regulator
DepositaryPBOR / Asset Register
Fund AdministratorABOR
Distribution / Wealth PlatformTBOR
Separate systems in between
The Shift
The rise of retail investors & semi-liquid funds
Capital is flowing to private markets, creating new opportunities and considerations for a wider range of investors and companies. This shift is changing not only who invests in private markets, but also how private funds are structured, distributed, transacted, serviced and settled. The priority is to build scalable infrastructure and distribution capabilities that enable asset managers to onboard more investors, expand distribution, grow assets under management and reduce the cost of servicing each investment — without a corresponding increase in operational headcount or complexity.
- Vehicle
UCI Part II
Flexible alternative fund
- Structure
Evergreen or Hybrid
Ongoing subscriptions and periodic liquidity
- Wrapper
ELTIF 2.0 & LTAF
UK and EU-wide marketing passport
- Outcome
Private Wealth Distribution
A scalable route to market
The Constraint
Lack of scalability
The smaller the ticket, the higher the cost to serve for each $1mn raised. In a manual environment, onboarding costs can eat into the management fee before capital is even deployed. Here’s the same $50mn raised two ways:
| Raised by | Institutional investors | Private wealth investors |
|---|---|---|
| Commitment amount | $50M | $50M |
| Ticket size | $10M-$50M | $10k-$50k |
| Investor count | 1-5 (pension fund) | 1,000+ (individual investors) |
| KYC checks needed | 1-5 (Low frequency) | 1,000+ (High volume) |
| Reporting | Periodic | Continuous, digital-first |
| Cost to serve | Fixed and manageable | Scales rapidly if manual |
Larger institutional commitments or smaller individual investments. The capital raised is identical; the onboarding work behind it is not.
Headcount-led operations rise with every investor added. Digital, automated rails hold the cost of servicing each one flat.
The Solution
One network. Every participant. Multiple rails.
Primexys provides a shared, standardized infrastructure layer for the post-investment lifecycle of alternative assets, replacing fragmented bilateral connectivity while reducing complexity and risk and mutualizing operational costs across participants.
Connectivity & Shared Network
Integrate once and connect to all counterparties across the network through multiple connectivity options — a single source of truth helps managers track onboarding, transactions, capital activity, reporting, and servicing across channels.
Evergreen Order Routing & Settlement Orchestration
Connect order routing and settlement orchestration processes, providing fund managers, transfer agents and distributors with real-time visibility of their fund orders and settlement positions.
Financial Standards
Every instruction is ISO 20022-native, enabling consistent, interoperable financial communication across markets and infrastructures.
Reporting
Provides transaction reporting, including standardized Statements of Holdings and Statements of Transactions across connected counterparties and market infrastructures.
FundStreamEcosystem
Market participants and market infrastructure connect to one platform core through standardized, ISO 20022 native messaging.
Market Participants
- Asset ManagersFund setupProduct information
- Distributors & Wealth PlatformsInvestor onboardingTransaction orders
- Fund AdministratorsProcessing & servicingNAV and records
- Transfer AgentsOrder processingAllocations & registers
- CustodiansSafekeepingSettlement coordination
- InvestorsSubscriptions & redemptionsAccount information
Fund Transaction Processing
- Subscriptions
- Redemptions
- Switches
- Capital calls
Fund Events & Asset Servicing
- Corporate events
- Distributions
- Class actions
- Lifecycle notifications
Data & Identifiers
- Alternative asset ID
- Fund / share class ID
- Reference data
- Data & analytics
Transaction Routing & Orchestration
- Multi-rail routing
- Workflow automation
- Exception management
- End-to-end visibility
Clearing & Settlement Coordination
- DvP coordination
- Cash & FX messaging
- Collateral management
- Settlement status
ISO 20022 native messaging
Market Infrastructure
- Payment InfrastructuresBanksPayment networks
- Cash & FX InfrastructureCash settlementFX & liquidity management
- Securities Market InfrastructuresCSDs / CCPsSecurities settlement
- Tokenized InfrastructuresDigital asset platformsTokenized settlement rails
- Market PlatformsExecution venuesTrading & liquidity platforms
- Regulatory & ReportingRegulatory reportingAudit & compliance
ONE NETWORK PLATFORM FLOW — CLICK A STAGE
Step 1 of 5
Order & eligibility
The investor's request is checked for suitability and KYC, then the distributor sends one standardized subscription instruction to FundStream, which validates and routes it to the transfer agent.
- Suitability & KYC
- Standardized instruction
- Validation & routing
T
Order captured and routed
Innovation / Infrastructure
Intelligent Network
Intelligent transaction validation, routing and lifecycle orchestration.
Market Opportunity
A market large enough to need a utility.
$0T
TAM — By year-end 2023, alternatives accounted for 21% of AUM (Source: Ernst & Young)
$0B
SAM — US Evergreen (Semi-Liquid) Funds Held in Private Markets (Source: Morningstar, PitchBook - Sept. 15, 2026)
$0B
SOM — Addressable Trailing 12-Month Net Inflow Volume (Source: Morningstar Direct, SEC Filings - March 31, 2026)
Opportunity
The US evergreen fund expansion
- Interval
- Tender offer
- REIT
- BDC
- Non-40-Act
U.S. evergreen funds reached a record $653 billion in Q2 2026, up from $205.5 billion three years ago, across 560+ U.S.-registered funds.
Direct lending and alternative credit funds dominate the space, while infrastructure funds delivered the strongest returns through April 2026.
¹ Sources: Morningstar & PitchBook · Geography: US. Data aggregated on June 10, 2026; disclosure documents range from September 30, 2025, to March 31, 2026.
² Source: Morningstar & PitchBook · Geography: US · As of June 1, 2026. Data excludes non-40-act funds.
Why We Win
The advantage comes from the network itself, not any single feature.
- Member-governed, not shareholder-owned — neutrality is structural, not a promise
- Open standards mean you integrate once and benefit from every network improvement
- Network effects: each new member increases the value of every existing connection
- Security and data residency designed in at the foundation, not retrofitted
Team
Operators who have run this infrastructure before.
Capital markets operators
Leadership from global custody, transfer agency and fund administration.
Network engineers
Builders of high-availability messaging infrastructure at institutional scale.
Standards and risk
Specialists in market standards, financial-crime controls and regulatory engagement.
Join us
Shaping the Future of Private Funds, Together.
FundStream is being built alongside the private fund community. Join us in shaping the future of private fund infrastructure. Help us to define common industry standards and shared post-investment network infrastructure.
Who joins the network
- Asset managersReach more investors without building the servicing infrastructure yourself.
- Distributors & wealth platformsOne connection to managers, administrators, transfer agents and custodians.
- Fund administratorsShared records and fewer manual reconciliations at each cycle.
- Transfer agentsRegistration and servicing events handled in one flow.
- Custodians & prime brokersCash and security instructions that settle on standard messages.
The community helps set the governance, standards, and capabilities.