TurboTax for Private Fund Investing

The real bottleneck in private investing is not demand for funds, it is the paperwork and compliance machinery that sits between interest and a completed wire. Passthrough is building around that choke point. Instead of asking an investor or an RIA ops team to wrestle with a 100 to 200 question subscription packet over email, it turns the process into a guided workflow, then reuses that identity and diligence data across future investments, which is the private market equivalent of account setup, order entry, and checkout becoming one smooth flow.

• This matters because the pain is operational, not just educational. Passthrough describes investors abandoning allocations because the subscription process is so slow and error prone. The product wedge is taking a law firm PDF, showing only the relevant questions, and getting subscriptions completed in minutes instead of days or weeks.
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• The closest comparables attack adjacent friction points. Parallel Markets starts with portable accreditation and KYC. Jarsy packages private company exposure for eligible investors. Carta built issuer side liquidity tools. Passthrough sits underneath them as onboarding infrastructure for funds, wealth managers, admins, and marketplaces that want private investments without building the compliance workflow themselves.
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• The regulatory backdrop supports a broader buyer base, but through controlled pipes. In August 2020, the SEC expanded accredited investor eligibility to include people holding Series 7, 65, and 82 licenses. In June 2020, the Department of Labor said private equity could be included inside professionally managed 401(k) asset allocation funds, though not as a standalone direct option.
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The next phase is private market investing becoming less like a bespoke legal project and more like embedded fintech. As more wealth platforms, RIAs, alt IRA providers, and fund marketplaces add private assets, the winners will be the infrastructure layers that hide accreditation, KYC, tax forms, and document logic in the background, and let distribution platforms focus on sourcing investors and products.