iLevel Solutions is reengineering its data and reporting software built for GPs to create a bespoke web platform for institutional investors.
To help make it happen the software provider is teaming up with fund of funds and investment advisory firm Hamilton Lane, whose chief investment officer Erik Hirsch will become an iLevel board member.
Historically GPs have used iLevel to electronically send investors fund reports and monitor data uploaded by portfolio companies. LPs however would still need to transplant that information into their own reporting systems. iLevel hopes to eliminate that middle step by having both LPs and GPs use their software, thereby creating an industry-wide data collection and reporting platform.
“The company vision was always to be the software solution for the private equity industry on whole, and not just the GP side of the equation,” said Hirsch in an interview with PE Manager. As a LP himself, Hirsch will speak to the needs of investors in reporting software. “LPs have multiple streams of data coming in from their fund managers, all with their own reporting styles. A shared system could help standardise the way they organise that information,” said Hirsch.
iLevel has also received financial backing from The Carlyle Group and The Blackstone Group, the latter of which originally developed iLevel software for internal reporting purposes and then later commercialised the product in a spin-out.
iLevel is currently in the process of drafting templates for capital call notices, distribution letters and other reports used by LPs and GPs, according to Hirsch.
The industry has long hoped for a standardised reporting template that could help streamline the exchange of information between GPs and their investors.To that end both the Institutional Limited Partners Association and the International Private Equity and Venture Capital Valuation (IPEV) board have offered reporting standards, however the funds industry has proven too diversified to create one common reporting language.