Transparent Thinking


Finding the best private equity software

Finding the best private equity software

It’s easy to spend a lot of time investigating private equity software. Avoid that trap by following this five-step approach to finding the one with the best fit for your firm.

  1. Determine what you need most. Think carefully about your requirements. For example:
  • Improve investor communications with
    • ILPA call & distribution letters
    • Detailed quarterly reports
    • An investor portal with your firm’s branding
  • Drive efficiency in your back office by eliminating spreadsheets to reduce burdensome quarter-end reconciliations
  • Meet your compliance obligations

These are just a few potential needs. Carefully document yours before you start so you aren’t sold functionality you don’t need and miss getting some you really do.

  1. Start your search, but keep it simple. It may seem obvious, but start with a simple Google search for “private equity software.” Established vendors should be easy to find. Augment that with conversations with your peers in the business. An end-user’s experience can speak volumes.
  2. Understand the approach. Refer to your list of priorities and then compare how each of the vendors you’re considering addresses them. Remember, you are looking for the best fit with the needs you’ve identified. Ask for a demo and be cautious of those who are hesitant to demonstrate their products. That could be a sign of stagnant R&D.
  3. Narrow it down. From there, pick your top two potential vendors and ask them to model some of your data. Be sure to always maintain control of the conversations. Don’t get roped into hard sells. If their product is right for you, they should not have to work so hard.
  4. Build consensus. Arrange a group demo for your colleagues in order to make certain everyone can envision how their workdays will improve with each solution.

Once you have gone through these five steps, you should have the private equity software that’s the best fit for your organization.