AngelList has acquired Ark PES, a provider of fund management software for private markets.
Ark works with more than 500 general partners and fund administrators in venture capital and private equity, supporting over $185bn in assets.
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Financial details of the deal were not revealed.
The deal brings together Ark’s fund administration software and AngelList’s banking and payments infrastructure, investor services and AI-related product development.
The enlarged platform will be available to fund administrators across private markets.
The companies will co-invest in new capabilities to enable fund managers, limited partners and administrators to automate and expand their operations.
Ark CEO Bill Ward said: “For almost a decade, Ark has been built around the belief that fund administrators and GPs deserve software that works the way they do.
“Joining AngelList allows us to accelerate that mission. Our customers will gain access to a broader platform, deeper product investment and integrated banking and payments capabilities that can meaningfully improve how funds are administered and serviced. Together, Ark and AngelList will offer a more complete set of features that weren’t possible within a single platform.”
Besides, AngelList will back Ark’s rollout of AI in fund accounting, investor reporting and fundraising processes to cut manual tasks, improve accuracy and widen access to data for Ark users.
The combined product set is set to cover cap table management, portfolio monitoring, fund administration and investor relations, including fundraising, CRM and electronic subscription documents.
Ark’s administrator clients and their customers will gain access to payment rails through its banking network, allowing capital calls, distributions and subscriptions to be processed in minutes rather than days.
AngelList CEO Avlok Kohli said: “Ark’s outstanding team has built a highly respected platform for fund administrators and private fund managers.
“Bringing these companies together will create significant benefits to customers, enhancing our AI capabilities and driving innovation and product development. By combining Ark’s software with AngelList’s infrastructure, cap table software and payments capabilities, we are creating a comprehensive suite of solutions for the private markets.”
