Today we are launching a new website. It is the clearest expression yet of who Anduin is and where we are taking private markets. Here is the story behind it.
Private markets have become one of the most important engines of global capital. The infrastructure underneath them has not kept up. Some of the highest-stakes transactions in finance, the ones that move billions between managers and their investors, still run on a patchwork of PDFs, email chains, spreadsheets, and manual review. And as private markets open to a wider range of investors, from institutions to family offices to individuals, the strain on that infrastructure only grows.
We started Anduin to change how private markets operate. The insight that shaped everything was simple: the firms that define this industry, the largest and most sophisticated managers in the world, were running their most important and most sensitive transactions without infrastructure built for scale or consistency. The bigger and more established the firm, the more acute the gap. That unmet need became a gravitational pull, and it pulled us into the enterprise.
We did not start there. The first version of the product did one thing. It took the subscription process that managers were running by hand, one clause at a time and late into the night, and made it fast and accurate. But solving that well kept leading us toward larger and harder problems, and toward the firms that felt them most. Earning one earned us the next, until the most demanding asset managers in the world were building on Anduin.
Today Carlyle, Blackstone, KKR, and close to half of the 50 largest asset managers on the planet rely on us as critical infrastructure. More than $265 billion has been raised on the platform, across hundreds of funds and more than 75,000 investors. This is not technology at the edges of their operations. It sits at the center, in the moments where trust, precision, and security are not negotiable.
Being the standard is table stakes. What makes Anduin different is how the standard gets built.
Nearly every product, service, and workflow on our platform began as a conversation with an established firm that had a real pain or saw a real opportunity. A transformation this deep cannot be shipped as software alone, so we bring everything to bear on it: platform, products, services, and people. Our specialists deploy next to our clients' own teams and do the operational work with them, so the platform is shaped by how the best firms in the world actually run, not by how we imagine they do.
That produces an advantage no competitor can copy.
Every firm that joins makes the platform sharper for every firm already on it. Workflows improve, the single source of truth underneath them gets cleaner, and the network of clients and partners compounds, the way returns do. The value builds on itself, and it grows with each new participant.
The next decade of private markets will be defined by AI, and its value will be decided by the quality and structure of the data it runs on. This is where years of building a single source of truth pay off. Because the industry's most sensitive transactions already flow through Anduin in structured, connected form, we can put AI to work where it actually matters: catching errors before they happen, compressing manual review from days to minutes, and answering questions across a firm's entire investor base in seconds.
We are not bolting AI onto legacy software. We are applying it to clean, connected data that most of the industry simply does not have. That is a very different starting line, and it is the one we intend to run from.
We are just getting started, and we are built to keep going. Anduin is cash-flow positive and growing quickly, which means our roadmap answers to our clients and our mission rather than to anyone else's timeline. Our team is deeply mission-driven, and every day it pushes this standard forward alongside our clients and partners across the industry.
The reward for doing this work well is the right of first refusal on our clients' hardest problems, and there is always a next one. It is why the work at Anduin never stops.
The new site brings all of this into one place, and I hope it shows both the company we have become and the one we intend to be.
Thank you to the clients and partners building it with us.
Onwards and upwards.
Eliot