Strata Fund Solutions, a Salt Lake City, UT-based fund service administrator for venture capital, private equity and other alternative asset managers and allocators, received a growth equity investment of undisclosed amount.
The round was led by FTV Capital, with participation from StepStone Group, a global private markets firm, via investment funds it manages. As part of the transaction, FTV Capital managing partner Brad Bernstein and partner Kyle Griswold will join the company’s board of directors.
The company will use the funds to continue to invest in technology, product and client-centric service enhancements to deliver customized client solutions.
Co-founded in 2008 by managing partners Jared Broadbent, Darren Benson and Nathan Rees, Strata Fund Solutions is a provider of middle- and back-office services to venture capital funds, private equity funds, other asset managers and asset allocators.
Strata’s investment fund administration solutions include services such as portfolio and fund accounting, cash reconciliation reporting, financial and performance reporting, net asset value (NAV) calculation, investor services, treasury services, tax and regulatory compliance services, audit report preparation and auditor coordination. Portfolio administration solutions include portfolio maintenance, reconciliation and reporting for investors with large allocations to alternative investment asset classes looking to scale and enhance their back office capabilities.