Long-term themes driving activity in the financial services sector include:

  • Digitization of financial services – both internal and customer-facing – is a competitive necessity.
  • Retirement demographics are causing increased demand for consumer-friendly, low-cost asset management solutions and services.
  • Opportunity for technology-enabled origination, distribution and underwriting businesses to catalyze innovation in financial services.
  • The “race to the bottom” in financial transaction fees is creating demand for innovative financial instruments that generate market share and revenue for financial services firms.
  • Growing market opportunity for independent banking and capital markets businesses as global financial financial institutions retrench.
  • Consumerization of financial services, including banking, insurance and wealth management, is driving further innovation.

300%+

AGGREGATE REVENUE GROWTH

from investment to exit for financial services investments

$990B+

ASSETS UNDER CONTRACT (9/30/16)

at our very first company, Financial Engines

Apex Fund Services
  • Investment Date: 2011
  • Status: Private
  • Headquarters: Hamilton, Bermuda
  • Website: apexfundservices.com
  • FTV Contacts: Brad Bernstein, Kyle Griswold

Apex Fund Services

Provides fund administration, fund start-up and structuring, corporate secretarial, independent directorships, and investor communication services to asset managers in regulated, emerging and under-served markets.

Investment Theme

Growth of asset management (hedge funds) in emerging markets and lack of infrastructure.

$80B
in assets under administration
2017
European Hedge Fund Service award winner
ASPire Financial Services
  • Investment Date: 2012
  • Status: Private
  • Headquarters: Tampa, FL
  • Website: aspireonline.com
  • FTV Contacts: Kyle Griswold

ASPire Financial Services

Turnkey provider of retirement plan solutions to small/micro businesses, organizations and government entities.

Investment Theme

Need for independent open architecture retirement plan platform targeting SMB market with flexibility to address fee transparency issues.

25K+
defined benefit plan investment options
300K+
plan participants
$13B+
in assets
Cedar Capital
  • Investment Date: 2013
  • Status: Private
  • Headquarters: Chicago, IL
  • Website: cedarcapital.com
  • FTV Contacts: Richard Garman, Kyle Griswold, Robert Anderson

Cedar Capital

Asset manager that provides tactical investment strategies built with ETFs.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

eBaoTech
  • Investment Date: 2010
  • Status: Private
  • Headquarters: Shanghai, China
  • Website: www.ebaotech.com
  • FTV Contacts: Brad Bernstein, Abhay Puskoor

eBaoTech

Global insurance technology provider – offers end-to-end core system software and IT services to life, P&C, and reinsurance carriers.

Investment Theme

Outdated legacy technology in insurance industry creates huge opportunity for new platform, especially in emerging markets.

150+
installations of eBaoTech
30+
countries
Edgewater Markets
  • Investment Date: 2016
  • Status: Private
  • Headquarters: New York, NY
  • Website: www.edgewatermarkets.com/
  • FTV Contacts: Brad Bernstein, Kyle Griswold

Edgewater Markets

Industry leader in electronic foreign exchange aggregation and distribution to global institutional clients.

Investment Theme

Need for efficient and low cost FX electronic execution on a customized, flexible technology platform that easily integrates with front and back-office systems.

 

250+
worldwide clients
99%+
global FX liquidity pool access
35+
currencies in deals
Enfusion Systems
  • Investment Date: 2016
  • Status: Private
  • Headquarters: Chicago, IL
  • Website: enfusionsystems.net
  • FTV Contacts: Brad Bernstein, Robert Anderson

Enfusion Systems

Provider of fully hosted portfolio and risk management solutions for hedge funds and traditional asset managers.

Investment Theme

Alternative investment firms continue to shift away from legacy on-premises systems to cloud-based front-to-back office integrated portfolio systems.

$100B+
assets under management
100+
executing brokers
ETF Securities
  • Investment Date: 2006
  • Status: Private
  • Headquarters: Jersey, Channel Islands
  • Website: etfsecurities.com
  • FTV Contacts: Richard Garman, Kyle Griswold

ETF Securities

Develops and distributes specialized exchange-traded commodities.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

$17.5B
commodity assets under management
$246M
in inflows
InvestCloud
  • Investment Date: 2015
  • Status: Private
  • Headquarters: Beverly Hills, CA
  • Website: investcloud.com
  • FTV Contacts: Richard Garman, Robert Anderson

InvestCloud

Provider of cloud-based front and middle-office solutions focused on digitizing customer experiences and internal operations for global investment advisors.

Investment Theme

Need for flexible technology to digitize financial services industry burdened by legacy technology and disparate data systems.

670
platform clients
$1.7T+
in assets
Riskalyze
  • Investment Date: 2016
  • Status: Private
  • Headquarters: Auburn, CA
  • Website: riskalyze.com
  • FTV Contacts: Brad Bernstein, Abhay Puskoor

Riskalyze

Software platform for financial advisors that enables advisors to upload and build client portfolios and identify the portfolio’s Risk Number.

Investment Theme

Long‐term trend toward adoption of roboadvisors and automation tools.

95%
mathematical confidence for expectations
Swan Global Investments
  • Investment Date: 2014
  • Status: Private
  • Headquarters: Durango, CO
  • Website: swanglobalinvestments.com
  • FTV Contacts: Kyle Griswold, Richard Garman

Swan Global Investments

Asset manager providing hedged investment strategies to individuals, institutions and advisors.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

True Potential
  • Investment Date: 2016
  • Status: Private
  • Headquarters: Newcastle upon Tyne, UK
  • Website: tpllp.com
  • FTV Contacts: Brad Bernstein, Kyle Griswold

True Potential

Integrated investor and wealth management technology platform for UK financial advisers and retail clients

Investment Theme

Leverage technology to streamline the entire wealth management investment process

700+
directly authorized firms
2017
European Business of the Year Award
World First
  • Investment Date: 2013
  • Status: Private
  • Headquarters: London, UK
  • Website: worldfirst.com
  • FTV Contacts: Brad Bernstein, Kyle Griswold

World First

International payment platform offering FX and hedging solutions to SMBs, marketplaces, banks, asset/wealth managers and individuals globally.

Investment Theme

Rapid growth in cross border commerce.

23K
new customers in 2017
48
active states
Castle Pines Capital
  • Investment Date: 2009
  • Status: Acquired by Wells Fargo in 2011
  • Headquarters: Englewood, CO
  • FTV Contacts: Brad Bernstein

Castle Pines Capital

Provides channel finance solutions- billing, payments, reconciliation and short term financing for technology vendors and their reseller customers.

Investment Theme

Lack of technology-enabled seamless end-to-end sector focused financing solutions.

E-Loan
  • Investment Date: 2000
  • Status: Sold public stock (PIPE)
  • Headquarters: Dublin, CA

E-Loan

Provides credit products and services such as mortgages, auto loans, credit cards and small business loans over the Internet.

Investment Theme

Digitization and consumerization of financial services.

Financial Engines

Financial Engines

Offers online investment analysis and advice through financial institutions and company 401k plans based on models developed by Nobel prize-winning economist William Sharpe.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

$100B+
in AUM
640+
employers use services
IndexIQ
  • Investment Date: 2008
  • Status: Acquired by NYLife Investment Management in 2015
  • Headquarters: Rye Brook, NY
  • Website: indexiq.com
  • FTV Contacts: Kyle Griswold

IndexIQ

Provides innovative index-based alternative investment products.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

$1.7B
AUM added to acquirer NYLIM
13
ETFs and 1 mutual fund at time of exit
PowerShares
  • Investment Date: 2005
  • Status: Acquired by Invesco in 2006
  • Headquarters: Wheaton, IL
  • Website: invescopowershares.com
  • FTV Contacts: Brad Bernstein

PowerShares

Develops and manages specialized exchange traded funds (ETFS).

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

$3.5B
AUM at exit
36
different ETFs at exit
Presidio Reinsurance Group
  • Investment Date: 2007
  • Status: Acquired by PartnerRe in 2012
  • Headquarters: San Francisco, CA
  • FTV Contacts: Richard Garman

Presidio Reinsurance Group

Offers medical reinsurance products and services to insurance companies, HMOs, managed care organizations, healthcare systems, hospitals, medical groups and employers.

Investment Theme

Government efforts to continue to shift risk to private sector; Lack of pure play accident & health reinsurers.

$250M
premiums underwritten at exit
Velocity Shares
  • Investment Date: 2009
  • Status: Acquired by Janus Capital in 2014
  • Headquarters: New Canaan, CT
  • Website: velocityshares.com
  • FTV Contacts: Kyle Griswold

Velocity Shares

Provider of unique institutionally-focused exchange-traded products (ETPs), including exchange-traded funds (ETFs), for portfolio and trading risk management.

Investment Theme

The massive wave of retiring baby boomers is driving demand for consumer-friendly, low-cost asset management solutions and services.

$2B
AUM at exit
21
different investment products at exit

Current

  • Apex Fund Services
  • ASPire Financial Services
  • Cedar Capital
  • eBaoTech
  • Edgewater Markets
  • Enfusion Systems
  • ETF Securities
  • InvestCloud
  • Riskalyze
  • Swan Global Investments
  • True Potential
  • World First

Select Realized

  • Castle Pines Capital
  • E-Loan
  • Financial Engines
  • IndexIQ
  • PowerShares
  • Presidio Reinsurance Group
  • Velocity Shares