Isthmus Meridian runs the analytical, operational and reporting work behind a private-markets firm — one standing layer, not a seat license bolted onto a team that still does the work itself.
Global private-capital AUM roughly tripled from 2015 to 2023. The way the work behind it gets done did not — every fund still runs it by hand.
Preqin, cited in Pensions & Investments (2016) and Preqin Alternatives in North America (2024).
Twenty capabilities across the fund lifecycle — from sourcing to LP reporting — grouped to eight, so every one appears in exactly one place below.
Point-solutions read documents from the outside on public and user-supplied data — a cancellable seat license, exposed to whichever platform ships next. We run the work from the inside, on proprietary end-to-end execution data no lab can see.
Qualitative scoring, 0–10 — our own comparative framework, not a benchmarked index.
Those companies sell tools from the outside. We own the operating layer from the inside — and thousands of GPs run the same manual back office AND Capital does.
One of the richest-funded categories in the market.
Rogo: $75M raised Jan 2026 — Sequoia, Henry Kravis, Wells Fargo, J.P. Morgan. Hebbia claims ~⅓ of top global asset managers by AUM.
Comps stamped early 2026 — re-verify before sending.
Each function crosses from manual to automated on its own clock. Gross margin is the running total of those crossings — labour cost converting into software margin, one workflow at a time.
Target operating model — modeled from the automation cadence in the roadmap, not AND Capital's actual revenue or delivery cost. Updates once those are supplied.
Isthmus Meridian already operates AND Capital's back office in Calgary — institutional decks, deal models, diligence and portfolio materials, with proprietary CIS deal flow running through it. This is the funnel from scope to production.
The eight in scope are defined; pilot and production counts are AND Capital's current status, pending confirmation for the signed version of this deck.
A US parent matches the near-term counterparty and the standard instruments. The Gulf entity follows for the corridor, the client-facing lane and proximity to the capital — structure follows the work.
Schematic. Node placement is geographic; route curvature is not.
Two workflows automate inside a quarter. The Gulf entity opens at month six. By month eighteen the model is proven on a second fund.
Proposed roadmap — target dates, subject to signing and counsel.
Risk precedes the ask. Five things could break this — each with the exposure we're carrying today and the mitigation already in motion.
The hard part is already done — a paying customer, a working product, a proprietary dataset. What's left is who owns what comes next, split evenly because the risk from here is shared evenly.
One class of equity, one board, reserved matters agreed at signing — neither side gets diluted out of the layer they helped build. The capital figure, the vehicle and the close date are yours to set — we won't presume them.
The crossing, and the line you cross it by.