The AltExchange Alliance, which aims to implement a data standard for the private equity industry, reports the addition of four new members.
They are the Institutional Limited Partners Association (ILPA), technology and service provider SunGard, private equity investor AlpInvest and PricewaterhouseCoopers, the multinational professional services firm that is one of the Big Four auditors.
In a statement, AltExchange calls the additions a “real coup” that will “go a long way to realizing the industry-wide implementation of the group one data standard, which went live in December 2013.”
The Alliance, formed last year, now counts 50 member firms. Its group-one standard is the alternative-investment industry’s “first ever detailed template for the exchange of data related to capital accounts, schedules of investments, and cash flow activity,” according to a statement.
At this juncture, AltExchange’s focus will shift from formulating standards to promoting their adoption, the alliance observes, calling ILPA’s own best-practices guidelines “in many ways the forerunner of the AltExchange project. Similarly, the inclusion of SunGard alongside founding member eFront means that two of the biggest tech providers in the private equity industry now stand behind the initiative, highlighting the neutral and genuinely cross-industry nature of the Alliance.”
The AltExchange project will have “transformational value for the alternative investment industry,” Doug Morgan, president of institutional asset management at SunGard, predicted in a prepared statement. “Many of AltExchange’s current members use our Investran private equity platform, and ultimately these standards will enable technology solutions to help increase efficiency and provide more insightful data and analytics.”
To learn about becoming an AltExchange member, go to www.altexchange.com.
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