Ultimus Fund Solutions' Gary Tenkman - building the core fund administration infrastructure to make private markets go mainstream

I think our culture is one where people like solving problems, and it's fun. They enjoy it. The teams had three calls about opcodes this week with firms that are not currently clients, and everybody's excited about it. Like, they're sending me emails. We had a really cool conversation about this today with prospect x, and we feel like we might be able to help them out. So it's pretty cool. Everybody gets Welcome back to the Alcos Mainstream Podcast. Today's episode features a pioneer who has been building a core infrastructure that is making private markets go mainstream. We talk with Gary Tenkan, a thirty year veteran of the fund administration world, who is the CEO of Ultimus Fund Solutions. Ultimus serves over four fifty clients, 2,300 funds, representing 725,000,000,000 of assets under administration, all handled by a team of over 1,100 professionals. Ultimus, which is backed by private equity firms GTCR and more recently Stonepoint, is able to help investment managers navigate the growing array of challenges that include elaborate fund structures and evolving compliance requirements. Gary has built a business that combines the best of technology and human experts in fund administration to serve many of the industry's largest funds. Ultimus has also been a big part of the ability for private markets to innovate with evergreen and interval fund structures since they have the necessary infrastructure and services to help managers launch, run, and administer evergreen structures. Prior to joining Ultimus as CEO, Gary was head of North American operations at another large fund service provider where he was responsible for service delivery for all clients in the region. During his sixteen years there, he held leadership positions in alternative investment fund services, European fund services, and US fund services. Gary and I had a a fascinating conversation about the evolution of fund administration and how fund administration in private markets has changed with the growing interest in evergreen and interval funds. We discussed how fund administration has changed over the thirty years that Gary has been in the industry. Will the evergreen fund industry mirror the growth and evolution of the mutual fund industry? The gap that Gary and Ultimus saw in private markets fund administration. Why fund services for evergreen structures is very complex and hard to do well. How technology can provide leverage to fund administration. Whether or not and how AI will impact fund administration, and why fund services are a compelling investment category, private equity. Thanks Gary, for coming on the show to share your wisdom and experience, and thanks for your support of Allco's mainstream. The work you're doing at Ultimus is making a big impact on evolving the industry, so it's an honor to have you partner with AGM. We hope you enjoy. Gary, welcome to the Allco's mainstream podcast. Great to be here, Michael. Pleasure to have you. There's so much going on in private markets, in product innovation that relates to fund administration and all the work …