Chris Hladczuk, co-founder and CEO of US AI-native fund administration platform Hanover Park, revealed that the company signed a $1 billion institutional client in just 7 days. He described that this new client called two existing Hanover Park clients for background checks before making a decision, and the feedback was that "switching to Hanover Park is practically an IQ test."

Hanover Park was founded by Chris Hladczuk and Nick Puljic in early 2024 and officially launched its product in early 2025. It aims to provide "AI-native" fund administration services for venture capital, private equity, and private credit funds, integrating general ledger systems, waterfall engines, investor portals, and portfolio management into a unified platform. AI agents automatically handle emails and entries, which are then reviewed by certified public accountants (CPAs).

The assets under management by the company grew from $0 at the project's launch to $7 billion by the end of 2024, and then surpassed $15 billion by early 2026, taking 21 months. In just the past 12 months, the management scale increased from $1 billion to $15 billion. The company has over 10 clients, including venture capital firms like Susa Ventures, GoAhead Ventures, and Steel Atlas, with Susa Ventures being the first client.

In March 2026, Hanover Park announced the completion of a $27 million Series A financing round, led by Emergence Capital, with Lux Capital and Susa Ventures participating. The company positions itself to replace outdated fund administration infrastructure managing over $100 trillion in global assets, directly competing with traditional industry giants like SS&C and Apex.

Hladczuk previously revealed in an interview that the company has no dedicated sales team; all major clients were personally secured by him. In the early days, he even flew to Florida without an appointment to meet potential clients for 5 hours. He summarizes this approach as "always getting on that plane," relying on repeated phone calls, emails, texts, and LinkedIn outreach for "polite but persistent" follow-ups. The 7-day signing reflects the same strategy of relying on customer referrals and the founder's direct involvement.

The core capital logic reflected in this tweet is that the traditionally brand and trust-driven B2B fund administration sector, characterized by long decision cycles, is being reshaped by a "customer referral equals sales" model: new clients actively verify experiences with existing Hanover Park clients before signing, indicating that their purchasing decisions rely more on peer reputation than traditional sales pitches or long POC tests. This explains why the decision cycle can be compressed to 7 days. Beneficiaries are new entrants like Hanover Park, which rapidly grow through product reputation, significantly lowering their growth costs due to referrals. In contrast, traditional fund administration service providers like SS&C and Apex, which rely on long-term client relationships and complex sales processes, will find their information asymmetry advantage weakened once new clients can complete due diligence decisions with just a few phone calls.

Source: Public Information