Frequently asked questions

Passthrough is a tool that your fund admin can use to make the process more efficient for everyone involved. Automating your investor onboarding will help reduce the time required from your fund admin because your investor data is already structured and in one place, rather than across multiple email threads. We also make it simple to collect KYC/AML information and for your admin to request additional info and download investor data in whatever format they require.

Passthrough is a tool that your fund admin uses to make the process more efficient for everyone involved. Same with your legal counsel: they can answer your investors’ questions and request changes directly on the platform and directly on the relevant part of the sub doc, instead of over email.

All your internal and external teams — fund admin, legal counsel, tax, compliance, and anyone else you rely on — can use Passthrough with the level of access you choose to give them. It’s a single place for everyone to coordinate and track your raise without relying on multiple email threads and pdf attachments.

We just solve one thing: investor onboarding. There are a lot of great LP portals and data rooms (and CRMs) out there, and we can integrate with any of them. So you can choose the best solution for each problem without being trapped into an all-in-one package or the fear of constantly being upsold. And when it comes time to upgrade your other platforms, Passthrough plugs into them too, so your investors enjoy a consistent experience.

We’re different in a few key ways: first, we use your custom sub docs, never a template or a standard doc. 

Second, because we’ve designed our sub doc digitization process to be used by non-engineers, we can onboard your docs in 7 days rather than relying on an offshore technical team to do it in 30 days or more. It also means your Customer Success Manager can make updates to your workflow quickly, even while on a call with you. 

Third, we only do e sub docs and KYC/AML. We can integrate with any data room, LP portal, or CRM, but because we’ll never create those products, we’ll never lock you into features you don’t need, ask you to rip and replace your current systems, or try to upsell you. 

Finally, we take data security and privacy seriously. We’ll never use your LPs’ data without your express permission or request, and we’ll never sell their information. We’re SOC II Type 2, GDPR, and CCPA compliant plus we undergo regular pen testing. Read more on our Trust Center.

For subscription documents: the exact fee is based on your firm’s AUM, the number of sub docs you need to onboard, and the number of investors you need to complete your sub docs. We generally have a per raise fee structure, unless an annual platform fee makes more sense for your size or structure.

For KYC/AML: it’s an annual fee based on the number of investors you’re screening.

Yes. Talk to one of our expert sales team members and they’ll refer you to a current customer that is a similar size and structure to your firm. You can also read case studies and testimonials from our customers.

Many funds still opt to use Passthrough mid raise as they realize having a better process for investors allows you to close faster. We can also upload prior signed sub docs so you can track everything in Passthrough.

Your investors can print filled-out subscription agreements, sign them using their preferred method, and upload the executed agreements to Passthrough. We fit their process and you still get structured data.

No. When you invite an investor to complete their sub docs on Passthrough, we send them a magic link that securely signs them in. They’ll never need to create an account and remember a password. Authentication works more like DocuSign than an investor portal.

We have a 96% satisfaction rate with investors, both institutional and individuals.

Yes. We have dozens of institutional investors on the platform and features created especially for the way they work, like the ability to download completed sub docs and sign in ink or request a review before signing.

No. Investors can start and stop whenever they want, and their information will be saved for when they return. They can also request a review from their legal counsel before signing, if they wish.

Yes. If an investor wants to delegate completion to their financial advisor or back office, for example, they can invite them to Passthrough to complete the sub doc on their behalf.

No. Passthrough has a powerful investor commenting feature that allows investors to ask questions directly on the part of the sub doc they need clarification on. You can customize alerts so the right people on your fundraising team get notified to answer the question.

With self-serve KYC/AML, we build document collection workflows based on your jurisdiction’s KYC requirements and provide tools for you to verify the investors’ identity. Passthrough’s software screens those investors against sanctions lists and highlights results that you can review to determine investor risk.

With fully managed KYC/AML, we review the documentation, sanctions matches, and provide recommendations on risk. Fully managed service is only available in the US today.

With either service, you ultimately have the information to intelligently choose who to let into your fund.

Financial security is an issue across the economy. Private capital markets are not immune—as you build and scale your firm, you need to commit to the highest standards of due diligence and transparency. Ensuring your fund’s KYC and AML compliance is essential to safeguard the integrity of your fund—and mitigate the risk of fraud, money laundering, and terrorist financing. Read more about your responsibilities as a fund manager on our blog.

We onboard your sub docs into a custom workflow in 7 days, less if it’s a doc we’ve seen before (for example, from a law firm we work with regularly).

We have pre-made, custom integrations for Salesforce, Snowflake, and AIM CRM (Altvia), with more being built. If you use another CRM, we can connect to it via our API. Read more about integrations here.

In essence, conditional logic refers to executing different actions in a program or process based on whether certain conditions are met. It’s like the brain's decision-making process: if ‘this’ happens, do ‘that.’

In Passthrough, it means that we set rules based on how your LPs answer questions. For example, if your LP checks the box to say they’re a natural person and not an entity, the questions that relate to entities will automatically be filtered out and that particular LP will only see questions related to being a natural person.

This is the key to streamlining the investor onboarding process and means your investors are more likely to complete their sub docs completely and accurately the first time without getting confused by questions that aren’t relevant to them.

Yes. You can export data in whatever format you or your teams need, and export documents by investor across multiple investors, and even across closes.

No. We use the sub doc your legal counsel has prepared for you and we use the legal language they’ve specified for each question, as written.

We don’t charge per seat so you can have as many admin users as you need. Anyone you want to invite from internal or external teams can be added and their access and permissions controlled by you.

We’re SOC II Type 2, GDPR, and CCPA compliant plus we undergo regular pen testing. Read more on our Trust Center.

We take data security and privacy seriously. We’ll never use your LPs’ data without express permission or request, and we’ll never sell their information.

No. We’ll never use your LPs’ data without express permission or request, and we’ll never sell their information.