eFront: How tech can unlock private markets
eFront’s Tarek Choum …
eFront, the world’s leading technology solution for alternative investment management, announced today that Andera Partners, a leader in investments in unlisted companies, has successfully gone live after consolidating its eFront solutions to a new version of eFront Invest.
Andera Partners has been utilizing eFront solutions for 18 years, initially operating on an older version of eFront Invest before additionally implementing an updated version of the platform to manage a newly acquired asset class. Today, it has consolidated both systems into the newer version of eFront Invest to allow Andera Partners to manage all asset classes through one single platform. The migration consisted of 10 funds, over 150 investments, more than 580 investors, as well as various software modules.
We caught up with Pierre Barruet, Financial Controller at Andera Partners, to hear about the outcome of this project.
We chose eFront 18 years ago to optimize both our operational process management and administration of our portfolios’ positions. eFront is used by all Andera staff – including front, back and middle offices – for our four asset classes: Winch Capital, Cabestan Capital, BioDiscovery, and ActoMezz. We use the software to manage our portfolio transactions, create specific reporting with analytical dashboards, handle capital calls and distributions for our LPs, and manage deal flow and fundraising pipelines.
We decided to implement the newer version of eFront Invest in 2016 when Andera acquired ActoMezz (an investment team specialized in debt mezzanine). Thanks to the eFront Loan module, we could configure amortizations schedules for our bonds, and generate automated PIK and cash interests calculations. This module helps us to mitigate the operational risk linked to this specific asset class.
We recently decided to migrate all of our other asset classes to the newer version to better manage our operations through only one platform.
The cooperation with eFront on a personal and professional level, especially with the Belgrade crew, has always been outstanding. They were very supportive during the implementation and production phases, and it was never an issue to reach someone on short notice in critical situations. The general technical knowledge of the system is also at a very high level for all eFront team members that we’ve worked with so far.
Everything was in line with Andera’s expectations. There was a high commitment from the implementation team, and in the end, we completed the project faster than planned in only 47 days. We received constant communication from the consultants and project manager at all stages of the project, as well as rigorous and reliable support during the test phase.
Overall, we are satisfied with the migration project: we now have a tool that meets our expectations. We succeeded in improving our operational processes in terms of monitoring transactions, making capital calls and drawdowns, and supporting internal and investor reporting.
We have experienced an improvement in both the efficiency and productivity of our operational processes. Through the newer version, we now have access to robust reporting functionalities, while we also benefit from a solution that meets regulatory requirements, including FATCA/CRS and AIFMD.
Created in 2001 as part of the Edmond de Rothschild Group and wholly owned by its staff since March 2018, Andera Partners is a leader in investments in unlisted companies in France and internationally. It manages €2.3 billion in investments in life sciences (BioDiscovery), growth capital and buyout capital (Winch Capital in mid-cap and Cabestan Capital in small-cap) and sponsorless mezzanine debt (ActoMezz).
Based in Paris, Andera Partners is an AMF-authorised asset management company that employs 62 people, 45 of whom are investment professionals. Thanks to the performance of its funds, the diversity of its services and its organisational model, Andera Partners stands apart from other companies in its markets, where it is recognised as a major player.