Passthrough builds investor identity rail
Tim Flannery, co-founder of Passthrough, on building TurboTax for private fund investing
Passthrough is winning by fitting into how private funds already close, not by asking every lawyer, admin, and investor to learn a new document standard. The product starts with the law firm's existing subscription packet, then turns it into a guided flow where investors answer only the questions that apply, while fund managers, admins, and counsel track status in one place and pull clean data back into their own systems.
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This matters because fund closing is a coordination problem as much as a forms problem. A PDF over email creates missed fields, repeat revisions, and days or weeks of delay. Workflow software fixes the handoffs without forcing law firms to rewrite their templates or legal process.
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The tradeoff versus a standardized document model is adoption. A single universal form is simpler for repeat investors, but only if every party accepts it. Passthrough chose the lower resistance path, meeting each fund's jurisdiction, strategy, and counsel where they already work.
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That wedge can expand. Once subscription answers are structured, the same investor identity data can be reused for KYC, AML, tax, annual updates, and onboarding across other private market platforms. That is why adjacent players like Parallel Markets, Anduin, and Juniper Square touch nearby parts of the stack.
The next phase is a shift from workflow tool to identity rail for private markets. As more fund managers, wealth platforms, and admins connect to the same investor data, the company moves from helping one fund close faster to becoming the system that carries investor information from one private market transaction to the next.