November 12, 2020 — Eleven, an innovative cloud-based technology company moving the alternative investments industry online, announced today the beta release of new technology that transforms how investments in private equity funds and hedge funds are made.
The technology was built in collaboration with Socium Fund Services, a leading provider of fund administration services for alternative investment funds, to move 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.
Importantly, the electronic transaction workflows are integrated in the same, all-in-one digital ecosystem General Partners use to securely and compliantly service investors and drive engagement with them throughout the entire lifecycle of the relationship from inception. It also saves fund administrators the expense of having to build or maintain a separate, standalone investor servicing portal.
Socium Fund Services has been working with Eleven to ensure that the technology can be adopted by fund administrators of all sizes, no matter what technology they use to process NAVs, as well as ensuring AML and KYC compliance. Socium will be rolling out the technology to its clients this year.
"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."
With this new release, Eleven is turning investor portals from cost centers to differentiating infrastructure fund administrators can deploy that helps their fund manager clients grow and drive continuous engagement with investors after they subscribe. Eleven’s new capabilities include:
For fund administrators:
- Receive digital fund subscriptions submissions submitted from the GP's portal and access user-generated activity logs
- Distribute NAVs, documents and data to fund investors in the GP's online ecosystem
- Build, update and maintain GP-branded dashboards with fund-level and investment-specific data
- Launch funds and set up fund investors with do-it-yourself, easy-to-use workflows
For fund managers:
- Move investors from engagement to transaction by enabling investors to make fund subscriptions digitally, in your investor servicing center and with your existing subscription agreements
- Offer straight-through, online 24/7 subscription processing with your fund administrator overseeing the entire process
- Enable fund investors to receive information from the administrator in the same environment
- View real-time subscription activity
For fund investors:
- Maintain secure Investor Profiles to transact digitally, just like a digital wallet
- Receive information from the fund administrator, such as NAVs, monthly statements, tax documents and digital dashboards, and the fund manager, such as performance, analytics, communications and newsletters
- Access information across your private investments with a single login
Fund administrators interested in scaling their operations, reducing costs, facilitating digital transactions for clients and their investors, and becoming part of this integrated industry solution are invited to speak with us by visiting and registering at platformeleven.io/fund-administrators.
About Socium Fund Services
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. Socium's boutique approach and robust offering make it a natural choice for established managers, independent sponsors, and emerging managers focused on launching their first institutional fund. Socium’s advanced technology and SOC I Type II control environment position Socium to be a strong partner to managers seeking a quality product and high-touch service with robust reporting capabilities. Additional information about Socium is available at www.sociumllc.com.
Eleven is a disruptive technology company working to bring the alternative investments industry online to a connected, scalable future. Eleven enables participants throughout the private investment ecosystem to create engaged client communities, automate workflows and scale growth. Eleven is based in New York and has SOC II accredited security and compliance procedures. Fund administrators, fund managers, deal sponsors, wealth managers, RIAs and placements agents can learn more at platformeleven.io.