FTV Capital invests in FundApps

FTV Capital made a growth equity investment in FundApps in July 2025, with Scottish Equity Partners exiting in full after four years. The transaction valued the London company at an enterprise value of £300–700M, an EV/revenue multiple of Above 6x on revenue of £25–50M for 2025E. Brad Bernstein, Richard Earnshaw and Max Weber joined the board. Founded in 2010, FundApps automates the regulatory reporting that financial institutions must file when their holdings cross certain thresholds. An asset manager holding more than a set percentage of a listed company must disclose it, and the thresholds, deadlines and calculation methods differ in every jurisdiction and change constantly. Its platform applies rules coded by former regulators and lawyers to clients’ positions each day, flags the disclosures due and generates the filings. It also monitors position limits on commodities and holdings in sensitive industries, where ownership is restricted. Its clients are hedge funds, asset managers, pension funds, banks and capital allocators, on both the buy and sell side, a combination few competitors cover. It served more than 160 of them at the time of the deal, monitoring over 29 trillion dollars of assets across more than 100 jurisdictions, around 19% of assets under management worldwide. It employed over 130 people in London, New York and Singapore, against 68 when Scottish Equity Partners invested in May 2021, having doubled its client base and assets monitored over that period. FTV invested to fund the widening of the product range, organically and through acquisitions of other regulatory compliance platforms, beyond the disclosure and position monitoring on which the company had built its business. Arma Partners advised FundApps, while Raymond James advised FTV Capital.