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A curated alts marketplace, built for Wavvest's advisor network.
Aqua can help turn Wavvest's curated set of opportunities from PRH Private Capital into a working alternatives program that is ready to extend to the broader RIA market.
Prepared for
James Langer · Wavvest
Date
May 2026
Aqua lead
David Coyle · Head of Growth
Section 1What we are proposing
A curated set, one operational layer.
PRH sources a curated set of unique investment opportunities — directs, co-invests, and SPVs across private credit and private equity. Aqua structures, registers, and operates each one so Wavvest advisors place clients into them with the same friction as a traditional fund.
Sourcing partner
PRH
Directs, co-invests, and SPVs across the risk spectrum, sourced by PRH Private Capital.
Distribution paths
3
James's clients first, then Wavvest advisors, then the broader Aqua RIA network.
Time to first fund live
~6–10w
Initial PRH-sourced fund as proof, before scaling the curated set.
Built on the Aqua platformSEC-registered series trustIndependent auditSOC 2 Type II200+ RIAs already on platform$1.4T+ fund-manager AUM serviced
Section 2Who Aqua is
The TAMP, for alternatives.
Aqua is the operating layer between fund sponsors, RIAs, and end investors in alternatives. We do soup-to-nuts fund creation, third-party fund onboarding, and the unified portal each persona needs to transact and report.
Founded
2021
Five years in. Acquired AIX (the Alternative Investment Exchange) in Sept 2025.
Team
35–40
Offices in NY and Philly. Y Combinator, Google Ventures, Arthur Investments backed.
RIAs on platform
200+
Plus enterprise relationships including IFG and Dai Securities.
Fund-manager AUM serviced
$1.4T+
Aggregate AUM across fund managers operating on the Aqua + AIX platform.
Backed byY CombinatorGoogle VenturesArthur InvestmentsSeries A · August 2025
Section 3Answering the question James asked
Tech integrator, or full admin.
"Are you a tech integrator or full admin?" Both — pick whichever fits the deal. Most Wavvest × PRH opportunities will start full-stack with Aqua to compress time-to-launch. As the program scales, individual deals can keep their own admin if the structure calls for it.
Default · Faster to launch
Soup-to-nuts
Aqua handles every operational layer under one bundled fee. You bring the deal and the relationship; we handle everything between origination and first NAV.
SEC-registered series trust + Board of Trustees
Fund counsel, insurance counsel, CCO
Independent audit and tax
Custody, transfer agency, fund administration
NAV, capital calls, K-1s, drawdowns
Branded investor + advisor + home-office portals
~6–10 weeks from kickoff to first investor subscription. Each subsequent fund under the same trust ships materially faster.
Optional · Bring your own
Tech-and-portal layer only
For deals where PRH already has admin relationships in place — Inspira, Ultimus, or the sponsor's chosen administrator — Aqua sits on top as the unified investor experience and data layer.
Aqua portal for advisors, investors, home office
Sub-doc orchestration + e-sign
Capital activity tracking + statements
Document vault (K-1s, capital calls, fund docs)
Reporting + reconciliation against existing admin
For mature structures or when a sponsor relationship is already in place. Reduced bundled fee; scope-sized per fund.
Section 4How a PRH deal becomes a Wavvest fund
From PRH to first NAV, in seven moves.
A working illustration of the operational sequence for a Jasper-sourced direct or SPV. The blue cells are PRH-led; the dark cells are Aqua-led; everything below is included in the bundled fee.
E-signed sub-docs, KYC/AML, capital flow, allocations, reconciliation.
07
Ongoing service
Capital calls, drawdowns, K-1s, statements, performance reporting.
PRH-led (sourcing & deal terms)Aqua-led (operational stack)Wavvest advisors interact at steps 05–07 via portal
Working example. PRH sources a $25M private-credit co-invest. Aqua wraps it in an SPV under the existing Wavvest series trust (no new trust needed for deal #2+), files within 4 weeks, opens the investor portal, and begins accepting subs in week 6. Wavvest advisors place clients with the same workflow they use for any traditional position.
Section 5Three portals, one platform
One platform, three views.
Each persona — Wavvest's home office, the advisor (Wavvest Wealth and distributed RIAs), and the end investor — gets a purpose-built portal. All three sit on the same data layer, so reporting, compliance, and reconciliation happen once.
Home office
Wavvest, as the program operator.
A unified view across every deal in the curated set. Track AUM, subscriptions, capital activity, and which advisors are placing into which opportunities.
Cross-deal AUM and flow dashboards
Advisor- and firm-level reporting
Compliance trail + audit-ready exports
Communications: launch new deals to advisor base
Advisor
Wavvest Wealth + distributed RIAs.
Browse the curated set, place client subscriptions, monitor positions. The same surface whether the advisor sits inside Wavvest Wealth or a third-party RIA reached via the Aqua marketplace.
Curated deal browser with tear sheets
One-click sub-doc orchestration
Client position view + capital activity
Document vault (K-1s, capital calls, performance)
End investor
HNW client + family office.
A clean investor view, branded under Wavvest. End clients see their holdings, performance, capital activity, and documents — without needing to email the advisor for a statement.
Holdings + performance across all PRH deals
Capital activity + scheduled call letters
K-1s, statements, fund docs in one vault
Wavvest-branded experience end-to-end
Section 6How we get to live
A phased path, paced together.
Three phases, no fixed dates — the cadence between phases is set jointly based on Wavvest's repapering, PRH's deal pipeline, and how the initial fund lands. Aqua scales the operational lift up or down to match.
Phase 1 · Initial fund
The initial fund, end-to-end.
Select the highest-conviction PRH opportunity. Aqua structures, registers, and operates it under a new Wavvest series trust. Wavvest advisors place into it. We learn what works and refine.
Trust and initial SPV stood up
Branded portal live for Wavvest
Sub-docs, capital flow, NAV cadence proven
Internal playbook captured
Phase 2 · Subsequent funds
Subsequent funds, at cadence.
Roll out subsequent funds under the existing trust. Each one ships materially faster than the first. Wavvest advisors receive a steady cadence of new opportunities.
Materially faster turn from kickoff to first NAV
Cross-fund reporting in the home-office portal
Curation rhythm established with PRH
Phase 3 · Marketplace
Opt-in distribution beyond Wavvest.
Selected funds are exposed to Aqua's broader RIA network. Wavvest controls inclusion fund-by-fund. The platform fans the curated set out to RIAs that match each fund's investor profile.
Per-fund opt-in to the Aqua RIA network
Aqua handles outbound on Wavvest's behalf
Allocation hierarchy: Wavvest first
No fixed dates in this proposal — by design. Once the initial fund is selected and Wavvest's repapering is complete, the kickoff date is locked in and Phase 1 walks backwards from there. Each subsequent fund under the same trust ships faster than the last.
Section 7How pricing works
What's included — and what it costs.
Aqua wraps each PRH-sourced SPV end-to-end under one relationship — just 25 bps annually on committed capital. No setup fee, no minimums, no floor. Drag to size any vehicle.
Aqua handles end-to-end · per SPV
Pricing model · per SPV
Annual fee · one line, on committed capital
$25,000/yr
at $10M committed
25 bps × committed capital. Nothing else.
What's not charged
✓ No setup fee — at any size
✓ No annual maintenance floor
✓ No vehicle-size minimums
Drag to size
Vehicle size
committed capital — drag →
$10M
Illustrative per-SPV economics. The final fee schedule is confirmed in the refined proposal and term sheet.
ClosingLet's build this together
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Let's build this together.
Aqua is ready to serve as Wavvest's operating partner across the set of PRH deals, and any other alternatives opportunities. Let us know how we can help.
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