Enfusion: A Cloud Framework for Investment Managers
Story by Roy Luo, Ryan Koh, Will Griffith and Evan Lintz | ICONIQ Growth
“The best way to predict the future is to invent it.” Alan Kay, Turing Award Laureate and hailing computer scientist, coined this adage that sparked numerous technology innovations.
At ICONIQ Growth, we have been fortunate to partner with visionaries who have pioneered markets and innovative products by seeing around corners, identifying latent demand, and doing just that — inventing the future. This core tenet in our investment philosophy underpins our excitement and gratitude to announce our latest addition to the ICONIQ Growth family: Enfusion.
Enfusion launched its first products in 2006 when founders Tarek Hammoud, Stephen Malherbe and Scott Werner, addressed foundational issues in the legacy technology stacks available for fund managers and designed a modern cloud platform for the investment management community. Asset managers had traditionally relied on systems built on monolithic, decades-old tech stacks, rife with heavily customized on-premise implementations that were costly to maintain, support and modify. In the earliest days of the cloud the Enfusion team envisioned a brighter future predicated on the industry’s first cloud-native end-to-end platform for investment managers.
Through extreme dedication, tedious attention to detail and devoted focus on the customer, Tarek, Stephen and Scott’s early vision has become a burgeoning reality and Enfusion has been adopted by asset managers around the globe.
Enfusion’s cloud-native portfolio of next-gen products includes a Portfolio Management System (“PMS”), Order/Execution Management Systems (“OEMS”), and a dual-sided general ledger (“GL”), that unifies an investment manager’s front, middle, and back-office in one integrated best in class system. Consistent with the best cloud platforms, Enfusion’s cloud framework has enabled continuous delivery of innovation at a cadence of once per week for the last 15 years.
Enfusion’s integrated solutions simplify workflows, reduce technology footprint and unify data across various disparate sources into a single-source system of record, providing real-time reconciliation and enabling portfolio managers to focus on delivering alpha for their clients. Such breadth of capabilities has enabled Enfusion to become, we believe, the go-to strategic technology partner for any investment manager.
The team’s tenacious drive in reimagining the operational framework for investment managers through a new, unique and cloud-native platform has been widely recognized by many in the investment community. Our conversations with market participants underscored the virtuous cycle and customer virality powering Enfusion’s “product led growth” — traders, brokers, portfolio managers, CFOs and CIOs all, in our opinion, consistently and organically refer customers to Enfusion, purely due to product strength, sterling brand, and relentless dedication to customer service.
Our first conversation with Enfusion’s CEO, Thomas Kim, highlighted that the company is in the early innings of an incredible journey, with opportunity across product development and customer reach. Thomas and the management team bring decades of experience from the financial services industry and we are humbled to partner with such a stellar group of pioneers.
As an investment management firm we keenly recognize the importance of digital transformation within our community, and we are grateful to announce a $150M investment by ICONIQ Growth to partner with Enfusion. After a turbulent 2020 where years of digital transformation have accelerated, we could not be more excited to support Enfusion on their journey to modernize technology infrastructure for the investment management community. We are also excited to be working with tremendous partners in FTV Capital and Hillhouse Capital to support Thomas and the team’s journey. Enfusion joins our broader portfolio of “best of” vertical software leaders in our portfolio, including businesses such as Procore, ServiceTitan, Komodo, QGenda, Relativity and Truckstop. For more information and a complete list of portfolio companies, please visit iconiqgrowth.com.
Together, we look forward to extending our path to inventing the future.
