How does Passthrough aim to solve the challenges with investing in private funds?

There are two kinds of approaches here. 

One is that you can build a standardized document where people fill it out once, and it's really easy, but then you need to force the parties at the edges to adoption. 

The other approach is taking the existing documents and building them into a workflow. That’s been our approach because we've worked with lawyers and we’ve worked with all these other parties before in our prior careers, so we know that's just generally how they work. 

What we do is go out, take their documents, and turn them into a workflow that looks like TurboTax. Investors get one question at a time, and they only get the questions that are relevant to them. 

There are three big problems we’re solving here. 

One is that the investors have a very difficult time understanding how to actually answer these questions, so we can provide them with a guided tour.

Two is that it’s very difficult to coordinate the raise.

Three is that all the data that goes into this is unstructured, so getting it out and pulling it into your systems is a major challenge. There's this broad underlying issue where there are workflows throughout the private markets that investor identity is tied to. Because those isn't centralized, structured, and federated, then you just run into all of these inefficient processes wherever you go. Fixing that is the long-term goal of what we're doing.