Robert Caporale, founder of JPMorgan’s Private Equity Funds Services, has been appointed chief executive of Exchangelodge, a data-reporting platform for private fund managers.
Caporale, the firm’s inaugural CEO, has more than 25 years’ experience in financial and technology services. He has held senior positions at Deutsche Bank, Fiserve and IBM.
Founded in 2015, Exchangelodge is a platform through which private fund managers can produce automated investor and regulatory reports.
It is one of a number of data-reporting platforms to have launched over the past year. Most recently, eVestment unveiled its Private Markets Alliance platform, which allows general partners to analyse their fund performance data and distribute it to investors and consultants.
First Avenue also released an app which allows clients to review the status of a fundraise, and a breakdown of fund activity.
The new technology responds to growing demands from LPs for extensive and robust financial reporting. Almost half, 45 percent, of participants in a recent EY survey said they now rank a private equity firm’s ability to handle these requirements as the most important when selecting a firm. This is up from 11 percent in 2014.
“To survive and win in the new regulatory environment, firms need to embrace a data-centered strategy that enables them to effectively source, manage and process data,” EY said.