Addepar, a cloud-based software used by wirehouses like Morgan Stanley and registered investment advisers to track and analyze portfolios, announced Tuesday a new funding round that has propelled its valuation at $2.17 billion.
Addepar’s latest cash influx, a $150 million from New York City-based hedge fund D1 Capital Partners, has doubled the wealthtech’s valuation just seven months after its last $117 million funding round led by growth equity firm WestCap Group. Addepar's total funding to date clocks in at approximately $475 million.
The funding will be used to fuel expansion of the business and workforce into new geographies and drive development of Addepar’s platform that has been used by investment advisers, banks and family offices to track how investment portfolios perform across asset classes, according to the announcement.
Addepar claims its platform currently tracks about $2.7 trillion of assets and has added an average $15 billion in assets a week over the last year. Addepar’s client base spans roughly 600 users including family offices, registered investment advisers, private banks and large financial institutions across more than 25 countries.
“[Financial advisers] all use our open software platform to deliver lasting and differentiated value for their clients,” said Addepar CEO Eric Poirier in a statement. “We're able to unlock this value by enabling a more complete and meaningful financial picture at every level.”
Addepar has been busy rolling out new product offerings in the last year, according to company announcements. In January, Addepar acquired Real Capital Innovation to build and launch a tool called Navigator which helps clients codify cash flow, liquidity and tax projections, and refine pacing models.
Last fall, the company launched the Investor Sentiment Index, which uses aggregated data across more than 10,000 portfolios, each of which have at least $10 million, in order to surface "timely insights that had previously been unattainable," according to company announcements.
Given the growing pressure on financial advisers to provide access to a broad range of liquid, illiquid and alternative asset classes for their clients, Addepar also introduced a new feature in May 2020 called Marketplace that provides information about investment products such as hedge funds, real estate, private-equity funds, venture capital and shares in private companies.
The Mountain View, Calif.-based company has also designed a white-labeled mobile app and web-based portal so that investors can assess what's in their portfolio, how it's allocated and how their performance has changed over time.
Addepar was founded in 2009 by Palantir Technologies Inc. co-founder and serial entrepreneur Joe Lonsdale.
Addepar is one of the best portfolio management software for advisors. Read the list of the top 10 here.
“It’s time for an economic reset,” wrote the California governor, in a post on X.
Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.
One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.
Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.
Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
