This deck is private. Enter the password your Aqua contact shared to view it.
×
Phase 1 marketplace. Phase 2 Brinker model API. Live within two months of partnership signing.
On April 21, Michael saw the platform. Two days later at Tiburon, Ron told David he'd already evaluated the alternatives. This section recaps the moment — and why the wave is here.
CAIS and iCapital were not an option.
Paraphrased from David Coyle's recap email. Ron sat down with David at Tiburon, explained that Orion's alts initiative had already evaluated CAIS and iCapital, and named Aqua as the partner to launch with. This deck recaps what Michael saw on April 21 — and what we'd ship next.
Orion is the largest advisor platform in wealth tech and is rallying its 2026 roadmap around alternatives at the household level. The advisor demand is in. So is the supply gap.
Orion already has marketplace surfaces. What's missing is the layer underneath that runs the actual alts function.
Solve advisor discovery and reporting
Everything that has to happen after discovery
Three capabilities that together give Orion an alts function: a white-labeled marketplace, a Brinker model API, and a co-built education layer. Browse-to-rebalance, with everything in between.
Aqua already powers full-lifecycle alts processing across the wealth-tech ecosystem — covering ~80% of the active DST market and the complete transaction stack for fund admins, broker-dealers, and RIAs.
Orion-branded portal where advisors browse, allocate, and run the full transaction lifecycle. Starts with 10–20 interval funds, expands to BDCs, DSTs, private credit.
Portfolio-mix changes propagate from Brinker across all underlying SMAs and UMAs in alts. Single-action change for the advisor; Aqua handles the propagation behind the scenes.
Macro alts education for advisors — not sponsor marketing. Embedded in the advisor portal. Built jointly with Orion's content team.
The marketplace is configurable today. Orion-branded, 30–50 approved products, full transaction lifecycle, Pershing-style account binding, KYC, accreditation, conditional document logic — all in one workflow.
Day 1. Orion brand on the portal. Approved product list constrained to what Orion's diligence team has cleared. SSO from Orion's investment portal.
Per transaction. Subscribe → docs auto-populated from CRM → conditional logic prevents NIGOs → e-sign at the end → routing to fund admin / TA built-in.
After the trade. Maintenance, redemption, tender, and account monitoring all live in the same workflow. No off-platform spreadsheets.
"This is robust. Very clean, very simple to implement."
Marketplace surfaces don't do this. Operating layers do. Phase 2 connects Brinker's model engine to Aqua's transaction layer — one model change cascades to every affected account.
"Shift 5% from Fund A to Fund B."
Computed across every affected SMA and UMA in alts.
Document workflows triggered. Counterparties notified. Trade blotters updated.
Sequenced after Phase 1, scoped during Phase 1. The advisor sees one button. Aqua does the rest. This is the layer that puts Orion ahead of every TAMP that's stuck at marketplace surfaces.
Two months to Phase 1 live. Three commercial structures on the table. Three things we need from your side to start the clock.
Same two-month bar Michael set with Natalie on April 21 — anchored to partnership signing so Aqua's clock starts when work can actually begin.
VRA cleared. Commercial terms aligned.
Marketplace MVP — Orion-branded, full transaction lifecycle, interval funds first.
Brinker model API across SMAs / UMAs.
Aqua's typical platform deployment is 30–45 days from kickoff. The two-month commitment is the ceiling, not the target. Education layer co-built throughout.
Final terms calibrated in our commercial conversation — David's channel with Ron is open. We're optimizing for partnership alignment, not for a specific fee model.
Michael floated 10–60 bps on April 21. We'll calibrate to whatever drives the most commercial impact for Orion — happy to flex on structure.
Background spans wealth management, fintech, alternative assets, FIG M&A, and post-merger integration.
×
Phase 1 timer starts at signing. Three things to clear from your side, three contacts on ours.
Aqua ready when your security and compliance team is. SOC 2 and standard documentation in hand. Michael flagged the process is much more streamlined now — we'll move with whatever pace your side can.
10–20 funds your due diligence team is approving. Most of what you'll send is already on the platform. Anything new, we'll onboard during Phase 1 build.
David and Ron's channel is already open. Three structures on the table — we'll pick the one that fits Orion and move it to paper.