With existing clients totaling $2 trillion in AUM, 73 Strings will continue to fuel geographic expansion and product innovation
12/07/2023 — PARIS — (BUSINESS WIRE)
73 Strings, the pioneering provider of valuation and portfolio monitoring solutions for the private capital industry, has completed its Series A funding round. The investment was led by Blackstone Innovations Investments, Blackstone’s early-stage strategic investment arm, and Fidelity International Strategic Ventures (“FISV”), with participation from Broadhaven Ventures.
73 Strings is trusted by some of the world’s largest multi-strategy alternative investment firms across North America, Europe, and the Middle East with a client base that spans pension funds, sovereign wealth funds, limited partners (LPs), and general partners (GPs), including Eurazeo in France (€35B AUM), and Sofina in Belgium (€9B+ AUM). Today, the company’s platform is leveraged by clients with a combined AUM of over $2 trillion across Private Equity, Growth Equity, Venture Capital, and Private Credit strategies. 73 Strings will use the capital to continue to invest in building the product, engineering, and go-to-market teams.
“In a complex and volatile environment, it’s increasingly critical to alternative asset managers and their investors to deliver fast, frequent, and efficient valuations. This process is critical to keeping stakeholders well-informed. We’re enabling our customers to extract more information, intelligence, and value out of the portfolio monitoring and valuations process. We are thrilled to have the support of prestigious investors including Blackstone, FISV, and Broadhaven Ventures,” said Yann Magnan, co-founder and Chief Executive Officer at 73 Strings.
“With this funding, we are well-positioned to continue providing best-in-class technology solutions to the private capital industry. Our diverse skill sets and global footprint enable us to deliver products that shape the future of the industry,” said Abhishek Pandey, co-founder of 73 Strings.
The rapid growth and complexity of the alternatives industry increasingly requires scalable middle-office technology that can support the rise in the number of private investments within LP and GP portfolios. 73 Strings allows funds to move away from error-prone spreadsheets into a scalable software solution that streamlines the collection of portfolio company data and allows users to run automated valuations processes for private assets. The company’s integrated solution introduces efficiency, better risk management, and enhanced quality control to the portfolio monitoring and valuations processes.
“Blackstone knows firsthand that the growth of the alternatives industry and the innovation around new investment products requires scalable technology solutions. Valuations and portfolio monitoring are two of the most critical workflows in the private capital industry, and we believe there is a significant opportunity to introduce automation and efficiency into these areas. We’re thrilled to partner with Yann, Abhishek, and the 73 Strings team to further the platform’s growth and product development,” said Stevi Petrelli, Head of Blackstone Innovations Investments.
“Software has not kept pace with the dramatic increase in demand for private assets over the last decade. With 73 Strings’ unique combination of technology and private assets expertise, managers can scale efficiently and transform the drudgery of manual data entry into automated digital workflows. Digitizing private assets operations will unlock productivity, transparency, and ultimately enable greater liquidity. We are excited to partner with the team and support their mission to transform the alternative investment industry,” said Alokik Advani, Managing Partner, FISV.
About 73 Strings
73 Strings is a modern, integrated and holistic data collection, monitoring and valuation platform powering the private capital industry. The company has developed a next generation AI-powered platform to assist alternative investment funds in streamlining their middle-office processes. The platform enables funds to collect and seamlessly structure portfolio company data, monitor these companies and estimate their fair value at the click of a button. 73 Strings supports clients globally across multiple strategies including Private Equity, Growth Equity, Venture Capital and Private Credit.
Since inception, 73 Strings has added clients with combined assets under management of more than USD 2 trillion. The company is headquartered in Paris and has a global presence across New York, London, Paris, Toronto, and Bengaluru to support its growing customer base. The current leadership of 73 Strings has extensive professional expertise in private assets and the team is supported by a global network of highly seasoned advisors with a combined 300+ years of financial advisory and private markets experience.
For more information, please visit 73strings.com.