Passthrough exists to make investing in the private markets as easy as Robinhood made investing in public stocks. More and more people invest in private equity and venture capital funds every day. Even though this asset class has been around for decades, it wasn't built to handle this volume of investors. Signing up for Robinhood? It takes two minutes. Investing in a private equity or venture capital fund? You need to fill out 200+ page legal questionnaire every time you make an investment. These forms aren't standardized, and not every question applies to every investor. Investors often miss questions or answer the wrong ones, and then have to start over and redo the entire thing.
We've built a TurboTax-style workflow that makes the investor onboarding and fund closing process (ie, the process of investing in, and then closing, a private fund), significantly easier and more streamlined. Investors see all the questions that matter to them, and only the questions that matter to them. It may sound boring, but since 2020 we've processed billions of dollars for thousands of investors with a record document completion time of less than 2 minutes. And, when investors run through our workflow, we capture their identity information so they can repurpose it for future investments. We call this an "investor profile" and it's the whole reason we built this business.