Escaping the PDF graveyard: why we invested in Tetrix

By Christophe Bourque, General Partner, & Manon Saldmann, Analyst

The private markets are booming, but the infrastructure running them is stuck in the 1990s.

Limited Partners (LPs) are pouring capital into alternative assets, yet they are forced to manage these massive portfolios using fragmented legacy stacks, scattered data, and manual spreadsheets. It’s a high-stakes environment running on painfully low-tech workflows.

Today, we are thrilled to announce that White Star Capital is co-leading Tetrix’s $15m Series A, with continued support from Innovation Endeavors, who led the prior $5m Seed round.

The LP data nightmare

Currently, LPs receive data scattered across hundreds of GP portals, delivered in inconsistent formats, and locked in static reports.

The industry standard for portfolio monitoring has effectively been brute-force human labor and legacy software. Investment teams spend significant time each quarter just collecting, cleaning, and reconciling data simply to maintain basic portfolio visibility.

To make this issue even more pressing, LPs plan to increase allocations to private markets, managing exposure across a growing number of GPs without a corresponding evolution in internal tooling.

Enter Tetrix, the AI-native system of record

Tetrix is an AI-native platform that uses reasoning AI agents to automatically extract and structure this fragmented LP data directly from documents and complex fund portals. These capabilities allow LPs to uncover the biggest opportunities and risks both in their portfolio and when analysin new investments.

Here is where it’s technology stands out.

• Adaptive automation: The platform uses AI web agents capable of navigating secure GP portals to completely eliminate manual document retrieval.
• Accurate and traceable data: Unstructured financial documents are converted into normalised datasets with 99.9% extraction accuracy and traceability, supported by automated financial rule checks and human-in-the-loop validation.
• Real-time analytics: Tetrix turns raw data into real-time dashboards and queryable insights that enable LP teams to monitor exposures, benchmark performance, and identify valuation discrepancies instantly.

Beyond the tech, Tetrix delivers white glove customer support and a smooth onboarding experience that provides LPs with instant ROI.

Tetrix’s early momentum has been incredibly impressive. They have secured adoption from major endowments, foundations, pension funds, sovereign wealth funds, fund of funds, and family offices, and over $100bn is now managed on the platform.

Bloomberg for the Private Markets

Tetrix isn’t just building a better data scraper; they are building the future core infrastructure for private markets. By aggregating, structuring, and normalising GP reporting data, they have the opportunity to build a proprietary dataset that becomes increasingly valuable and difficult to replicate over time.

Their ambition is to become the single source of truth data platform for LPs. Over time, their roadmap expands into higher-value workflows like benchmarking, due diligence automation, and secondary market intelligence. Simply put, they are building the “Bloomberg for private markets”.

We have known Olivier Babin, CEO and co-founder of Tetrix, for years. Our relationship actually started back in 2019 during his time at SoftBank. When he and his Stanford MBA classmate, former JP Morgan software engineer, Naunidh Singh Bhalla, teamed up to solve this massive operational headache, we were paying close attention.

During our reference calls, former colleagues described Olivier as a “diamond in the rough”. We couldn’t agree more. He combines deep domain expertise and strategic judgment with the credibility to build trust with sophisticated institutional customers.

Co-founder and CTO Naunidh Singh Bhalla brings a highly complementary profile, combining software engineering experience at JP Morgan with an MBA from Stanford University. He and Olivier Babin met during their MBA studies, where peers already viewed them as a highly compatible and ambitious founding team.

We are incredibly proud to partner with Olivier, Naunidh, and the entire New York-based and Montreal-based team on this journey.

Check out what the team is building here!