This deck is a private working draft. Enter the password your Aqua contact shared to view it.
×
Be the preferred SubDoc and redemption partner inside the UMA chassis your customers already trust. Power the products you lean on partners for today — natively, with an economic component for Vestmark.
Three things from the Nov 21 call shaped this proposal. Everything that follows is built around them.
The general priority is streamlining the advisor experience.
When we're factoring in privates, there's no way to handle that besides bringing the advisor back into the fold.
If there's an experience that is simpler, easier to operate, with an economic component for us, we'd love to understand that — that would be interesting.
Aqua + AIX is a single platform that solves the SubDoc-heavy alts surface end-to-end. Wealth advisors transact through Aqua; asset managers and sponsors deliver through AIX. Both feed VestmarkONE.
Your customers can stand up their own private fund-of-funds, SPVs, or feeder structures inside VestmarkONE — Aqua handles the operational backend, you handle the chassis and the relationship.
~100 fund managers on the platform — Blackstone, Apollo, JLL, and the rest of the usual suspects, plus boutique offerings. Extend Vestmark's manager marketplace into SubDoc-heavy product without lifting your team.
The piece you outsource today. Best-in-class SubDoc processing, redemption operations, capital calls, distributions, K1s, transfer agent and fund admin coordination. 0% NIGO target, fully embedded in the advisor experience.
You've run alts on VestmarkONE for fifteen years. We're not here to retell that story. We're here to take one specific operational headache off your plate.
The surface where Vestmark explicitly leans on partners today. We handle every operational step, advisor never leaves VestmarkONE.
You handle these natively today and they work. We don't need to touch them, and we won't pretend otherwise.
We sit on top of VestmarkONE for SubDoc-heavy products. Your stack stays in place — Aqua is an addition that unlocks a new lane of product without your customers ever leaving the platform.
No rip-and-replace. Your UMA chassis, iBoard, custody reconciliation, and overlay management all stay in place. Aqua wraps the SubDoc + lifecycle surface and routes everything back into your existing systems.
The typical SubDoc-heavy flow for a Vestmark customer today — the advisor hits a wall and the work routes to another provider, with email-driven coordination back to your iBoard.
Aqua becomes the SubDoc + lifecycle layer inside VestmarkONE. The advisor doesn't leave. Your iBoard sees positions in real time. No new vendors for the customer, no rip-and-replace for you.
A representative VestmarkONE advisor dashboard with Aqua-powered SubDoc-heavy products sitting alongside the model portfolios and alts already on platform. One menu, one workflow, one place to transact.
Vestmark
Apollo and KKR shown here as illustrative — drawdown structures previously routed externally now sit on the same shelf as your model portfolios and evergreen alts.
Rob's conviction product path — models, and models of models — is where Aqua matters most. The moment a model portfolio includes a SubDoc-heavy sleeve, the advisor is back in the fold. Unless we're underneath it.
Public equities and fixed income run through your overlay manager. The alts sleeve is half evergreen (you handle natively) and half drawdown (powered by Aqua).
Three specific questions from the Nov 21 call. Direct answers — including where the answer is "not today."
What's in your data model — redemption windows, fund-level data, post-trade events?
We integrate directly with fund administrators and transfer agents via signed service agreements — data comes from canonical sources, not derived from custodian feeds. Redemption windows, capital call schedules, distribution events, K1 timing all flow into the platform live. Your iBoard can pull from us in whatever shape works best for your reconciliation flow.
For interval funds — do you maintain redemption windows there?
Honest answer: not our focus today. Interval funds are a consideration but not a priority. Our wedge is SubDoc-heavy product, which interval funds aren't. You already handle interval funds natively on VestmarkONE — we'd extend coverage there only if it becomes a Vestmark priority, and only because the partnership warrants it. We won't pretend interval funds are core for us when they aren't.
Secondaries for these investments — what's your perspective?
Genuinely hard problem. The information asymmetry between buyer and seller means most "secondary platforms" offer offensively low prices and don't get used. We're seeing new entrants try to be backup liquidity providers with real-time valuation partners — but the BREIT/tender-offer dynamic Mike flagged is the real risk surface for evergreens, not drawdowns. We're not building secondaries ourselves. We are positioned to plug in whoever wins that lane.
You already integrate with other providers for SubDoc-heavy product — and you've told us you're agnostic between platforms. Here's where we'd land as the preferred default when the client is ambivalent.
Proposed partner
We're not asking to replace your current providers overnight — they're real platforms serving real volume. We're asking to be the preferred default for the SubDoc-heavy products where Vestmark, the advisor, and the economics all benefit from a partner that operates as a layer rather than a platform.
Three integration flavors, a clear economic framework, and a concrete first move — designed around the "economic component" you asked for on the Nov 21 call.
Three ways Aqua can plug into Vestmark, ordered from lowest commitment to deepest. Each carries an economic component — we'd shape the specifics with Rob and the team.
Aqua appears inside Vestmark's manager marketplace as a preferred SubDoc + redemption partner. Advisors who reach SubDoc-heavy product can choose Aqua. When client is ambivalent, you steer.
Vestmark-branded SubDoc + lifecycle experience, deeply integrated into VestmarkONE. Aqua disappears underneath the brand. Customers and advisors experience it as native Vestmark capability — because it operationally is.
Joint roadmap on alts-inside-models, shared product cycles, mutual exclusivity on defined surfaces. Aqua and Vestmark engineering teams operate against a coordinated backlog. Strategic, not transactional.
A concrete first move. One Vestmark BD client, one fund family, one SubDoc-heavy product line — proven end-to-end before we widen scope. IFG, already on Pershing (which we integrate with), is a natural candidate.
Rob, Corey, Mike + Rohan, Joe, Sara. A working session at Wakefield or Philly — pick a candidate BD client, pick a candidate fund family, pick the integration flavor. You leave with an MOU shape.
Joint scoping with the chosen BD client. Aqua handles the customer onboarding. Vestmark handles platform integration on your end. Specific success metrics defined — NIGO rate, time-to-funded, advisor satisfaction.
API integration between Aqua and VestmarkONE. SubDoc workflow embedded in advisor experience. iBoard reconciliation tested with live data. Compliance and ops walkthroughs with both teams. First product wired end-to-end.
First Aqua-powered SubDoc-heavy product live inside VestmarkONE at one BD client. Real volume, real NIGO data, real economics. Decision point: which other BD clients next, which integration flavor to standardize on.
×
Joe sent a "let's set time for a deeper dive" note on November 24. The offer still stands — and the proposal in this deck is the shape we'd bring to that conversation. Pick a date, pick a flavor, and we go from there.
