EFSI, a leading alternative investment fund administrator, and Cascata Solutions, the leading automated waterfall fund administration software provider, are pleased to announce a strategic partnership that will deliver an advanced digital experience for back-office carried interest, management fee and expense accounting and administration for EFSI’s clients spanning private equity, private credit, real estate, hedge funds and hybrid funds.
The continued pace of growth of the private equity industry brings added risk for fund administrators because their ‘modus operandi’ is based on key-personnel, manual data and processes, and Excel-based work. This is making it difficult for them to scale and keep pace with new fund launches and client growth, increasing investor demands and changing regulatory landscape. Likewise, with the blurring of open- and closed-end funds and hedge funds making inroads into the private equity space, many are out of their “swimming lane” with limited private equity operations and accounting experience, technology, and best practices.
Consequently, waterfall administration has become a high value area for digitalization with increasing commercial acceptance.
“While waterfall innovation has been around for a while, we have delivered the critical “last several miles” of functionality that addresses the major product shortcomings of other vendor offerings. As a result, we have been privileged to partner with fund administrators like EFSI that are taking a leadership position to deliver greater client value through digital-enabled services leveraging the Cascata platform”, says Chuck Dooley, Cascata CEO and co-founder.
“Our partnership with Cascata highlights our continued commitment to innovation. We are raising the bar with Cascata to achieve operational scale and service-level gains and deliver an enhanced fund accounting and administration service with standardized ‘system-level’ waterfall and accounting best practices, digitization of all pertinent fund information and a full-fledged Excel model output with formula transparency, that makes it much easier for my team’s reporting to our clients and auditors without having to manage our own individual spreadsheets”, added Anthony Mascia, EFSI Managing Member.
Cascata Solutions is dedicated to delivering advanced digital cloud solutions for private equity, asset managers and fund administrators to modernize their back office operation for distribution waterfall administration and more.
The founding team brings 30+ years of experience delivering technology and business transformation programs for leading financial services institutions and aims to replicate its success to help the private equity market redefine its operating model and create competitive advantage amid market uncertainty, increased competition and investor and regulatory scrutiny.
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