Executive Summary
Private markets are experiencing their iPhone moment. While Wall Street obsesses over AI and crypto, a quiet revolution is digitizing the world's largest asset class. Ryan Eisenman's Arch has cracked the code on private market operations - growing from 5 employees to 190 in two years while maintaining 98.8% client retention across 500+ clients managing $290 billion. The company just raised $50M to accelerate what Eisenman calls becoming 'the Schwab for private markets.' This isn't just another fintech play - it's infrastructure for a $100 trillion asset class still running on PDFs and manual processes. The contrarian opportunity lies in recognizing that private markets' operational pain creates a winner-take-all dynamic. Arch's fraud detection capabilities and API-first approach position it as the connective tissue between legacy systems and modern workflows. While Arch remains private, Bill.com (BILL) offers immediate exposure to the same workflow automation thesis in financial operations, trading at attractive levels after recent insider selling despite strong fundamentals and positive free cash flow generation.
Key Insights
what Ryan Eisenman said“We have 98.8% year-over-year client retention... it's much more expensive to go find new clients and repair relationships when they're broken, much easier to just invest on the front end”
what Ryan Eisenman said“We're able to provide this automation layer, but also fraud detection layer... verify that these instructions match the prior instructions for our fund and also match similar instructions for similar investors”
what Ryan Eisenman said“This is a crazy industry. It's like one of the only markets where as a customer, you pay millions and millions of dollars to your asset manager, and then you get a terrible customer interface”
This is a preview. Log in to see the full analysis including investment opportunities, risks, catalysts, and detailed insights.