Exclusive: Private markets software maker Tetrix raises $15M
Illustration: Natalie Peeples/Axios
Tetrix, which builds AI software to help limited partners manage private-market fund data, raised $15 million in Series A funding, CEO Olivier Babin tells Axios Pro exclusively.
Why it matters: Private-market investors are trying to use AI on data that still sits in PDFs, emails, spreadsheets and investor portals.
Follow the money: White Star Capital and Innovation Endeavors co-led the round, which brings Tetrix's total funding to $20 million.
- Innovation Endeavors also led Tetrix's seed round in 2024.
How it works: Tetrix collects fund documents from investor portals, emails and data rooms, and turns them into structured data that LPs can use to track portfolios and investment opportunities.
- The software uses AI agents and other models to extract and normalize data across fund managers.
- LPs use the product to monitor exposure, capital call pacing, valuation marks and other data across private equity, venture capital, private credit, real estate, infrastructure and hedge funds.
- Tetrix charges an annual SaaS subscription based on the number of funds in a client's portfolio, rather than AUM or usage.
Between the lines: Tetrix is trying to become the system of record for LP private-market data, positioning itself against legacy databases, internal analyst workflows and spreadsheets, as well as newer AI tools.
- Babin says Tetrix has to make extracted data traceable and auditable because LPs are using it to support investment decisions, not one-off research.
By the numbers: Tetrix says a few dozen clients use its software to manage more than $100 billion of client AUM.
- Its customers include endowments, foundations, funds of funds and family offices across the U.S., Canada, Europe and Southeast Asia.
- Portfolio monitoring deployments usually take two to five weeks, compared with three to six months for some legacy systems, Babin says.
