Shared Onboarding Infrastructure for Private Funds

This reveals that fundraising platforms win by owning demand and distribution, not by owning onboarding plumbing. iCapital, CartaX, and wealth managers get paid when assets move into funds or shares change hands. Passthrough sits one layer below, turning KYC, AML, subscription forms, signatures, and investor identity into reusable infrastructure, so every new marketplace or advisor network can move faster without rebuilding the paperwork stack.

• iCapital is not just software, it is a tollbooth on private wealth flows. It offers advisors a marketplace of 2,100 plus live funds, uses feeder funds to turn $5M to $10M minimums into $25,000 to $100,000 tickets, and bundles e subscription, reporting, and servicing around that distribution engine.
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• CartaX shows the difference between owning records and owning transactions. Carta had a strong system of record and automated transfer rails, but secondary brokering created trust conflicts with its core customers. That is exactly why a neutral onboarding layer can be more durable than a platform that tries to both host the market and work the deal.
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• Compound is a useful contrast. It helps clients decide what to buy or sell and can facilitate private transactions, but its value is advice and relationship management. Passthrough's wedge is the annoying work underneath, collecting investor data once, reusing it across funds and platforms, and making private investing feel closer to a checkout flow.
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The market is heading toward many specialized private market storefronts sitting on shared infrastructure. As more advisors, brokerages, and issuer controlled marketplaces enter alternatives, the valuable position will be the trusted identity and workflow layer that follows the investor across platforms, while distributors compete on access, curation, and capital formation.