Enfusion, a provider of cloud-based investment management software, has secured a $150m minority investment from ICONIQ Growth.

The funding values the company at $1.5bn, which is said to be over double its valuation in 2019.

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Chicago-based Enfusion provides integrated front-to-back office software and services to traditional and alternative asset managers.

According to the company, ICONIQ Growth’s investment underlines the value of its cloud-native SaaS-based approach to breaking technological barriers and eliminating informational and operational constraints for its investment management clients.

ICONIQ Growth principal Roy Luo said: “We believe Enfusion has developed a highly differentiated and groundbreaking platform that is creating a new standard for native-cloud asset management solutions and modernising a historically outdated approach to the front, middle, and back-office experience.

He added: “Our investment in Enfusion is representative of our commitment to invest in best-in-class, long-view technology businesses – and we are excited to collaborate with their experienced management team during their next phase of strategic growth.”

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Enfusion was established in 1997 as a hedge fund technology advisory firm. The company rolled out its software system in 2006. It currently serves over 550 clients from nine global offices.

Enfusion CEO Thomas Kim said: “Our job is to empower and support investment managers wherever they are in their operational journey. As we continue to better position ourselves to meet the needs of our clients, we have worked to remove the silos traditionally associated with portfolio management, order management, trading, operations, accounting, IR, and many other services.

Kim further said: “ICONIQ shares this vision and we are humbled to have their support in this journey, advancing our commitment to helping our clients transform their businesses and grow.”

With the investment, ICONIQ Growth has now joined existing backers FTV Capital and Hillhouse Capital as institutional investors in the company.

In October last year, Enfusion named Michel Finzi as its senior managing director of product management.