The Investment Company Institute (ICI) has released a proposed industry data standard designed to address the lack of communication standards and governance that support subscription processing and client onboarding for alternative investment products. This data standard will help overcome a critical operational barrier to expanding retail investor access to private markets.
Today’s retail alternative investment processes are often customized and fragmented, limiting scalability, increasing operational risk and creating inefficiencies across asset managers, intermediaries and service providers, with subscription processing still largely manual.
The paper, Subscription Data Framework for Retail Alternative Investments, establishes common data elements, definitions and structures for subscription documentation, beginning with products such as business development companies (BDCs), tender offer funds and real estate investment trusts (REITs). By standardizing h
