
Modern Capital: The Private Markets Podcast Alex Robinson: What "Done" Looks Like in Private Markets
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Jan 23, 2026 Alex Robinson, founder and CEO of Juniper Square, who built infrastructure used by thousands of private markets managers. He recounts a FedEx moment that launched the company. He maps where private markets infrastructure is headed, from AI and retail-driven change to next-gen fund administration. He outlines signs of maturity like factorized products, ETFs for private assets, manager FICO scores, and near-zero trading costs.
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FedEx Paperwork Sparked Juniper Square
- Alex Robinson recounts receiving a FedEx truck with a two-inch stack of paperwork when he invested in a private fund in 2013.
- Multiple trips, notaries, and handwriting rejections convinced him private markets lacked digital infrastructure.
Pricing Reveals Hidden Market Size
- Private markets looked small to software firms because per-seat pricing made the TAM appear tiny compared with horizontal markets.
- Juniper Square adopted AUM-based pricing to align value with manager economics and unlock a viable market.
What Next‑Gen Fund Admin Really Means
- Next-gen fund administration blends high-expertise human service with integrated technology powering a common system of record.
- Connecting data, service providers, and investor experiences is the defining feature of modern fund admin.
