Modern Capital: The Private Markets Podcast

Alex Robinson: What "Done" Looks Like in Private Markets

11 snips
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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ANECDOTE

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.
INSIGHT

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.
INSIGHT

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.
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