Jeff Kauflin is a senior editor who leads Forbes’ fintech coverage, covering everything from digital banking and investing to payments and insurtech. He co-edits Forbes’ annual Fintech 50 and also writes about crypto. Jeff joined Forbes in 2016 and works in New Jersey.
Despite having amassed more than $10 trillion in capital, private equity and private credit firms suffer from Byzantine, legacy accounting infrastructure. Fintech startup Maybern makes software that automates tens of thousands of complex calculations, ensuring that partners’ paychecks are accurate and on time. Maybern cofounders Ashwin Raghu and Ross Mechanic started the company in 2021 to automate the highly complex accounting calculations that plague investment firms.
There’s a growing need for software serving this space. The private capital market has nearly doubled in size over the past five years, but the technical infrastructure supporting it hasn’t kept up. “Software tools exist for them, but they’re monumentally behind,” says Emily Man, a partner at Primary Ventures who led the firm’s recent Maybern investment. And a, was working at fintech company Cadre in 2020 when he stumbled on the thorny accounting issues in private capital.
As a calculation tool, Excel is extremely flexible, but when multiple people work in the same large spreadsheets, it’s nearly impossible to track who has made what changes, and when. Maybern’s software is a more controlled environment that tracks those changes and tries to introduce better quality control. The startup’s target customer is an investment fund with $2 billion to $20 billion in assets under management, and its typical end-user is a fund’s controller or chief financial officer.
For investment firms, getting started with Maybern is a time-intensive process. Gauge started sending its investment contracts and Excel files to the startup in July 2024, and Clarke thinks she’ll finally be able to use the software to run calculations for the first quarter of 2025. She expects Maybern will save her accounting staff about three days’ worth of work for each capital call .
Once firms have their data set up in Maybern and have automated accounting calculations, Mechanic wants to help them run more advanced analyses and make projections for different scenarios, such as what would happen to investor returns and cash holdings if a private equity firm sold an asset today versus holding it for two years.
PE Accounting Maybern Fund Administration Software PE PE Accounting Software Private Equity Accounting Software Fund Accounting Software Maybern Fintech Startup Fintech Accounting Software Private Equity Accounting
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