23 October 2023 - The Citco group of companies (Citco) has released a significant upgrade to its online service, CitcoConnectTM, by introducing innovative features designed to streamline the capital raising and subscription process and enhance clients’ user experience.
The CitcoConnect platform, which initially launched in 2018, has undergone a number of key enhancements aimed at optimizing the experience for fund managers and prospective investors alike.
Prospective investors can now kick-start their AML/KYC pre-review online, well in advance of completing their initial subscription form through CitcoConnect’s online smart form technology. In addition, the platform's new data pre-population function enhances online initial subscription form completion by providing users with the option to pre-fill their form with previously provided data. Upon form completion, users can now seamlessly submit these forms for digital signing to their authorised signatories, including any necessary third-party witness verifications, all within the CitcoConnect ecosystem.
These upgrades not only save valuable time for prospective investors but also elevate data accuracy and consistency for Investment Managers. The platform's intelligent form wizard tailors questions specifically to each prospective investor, eliminating unnecessary queries. Real-time data validations and mandatory question controls ensure the submission of accurate, complete subscription forms, reducing communication hurdles between investors, fund managers, and Citco.
Together, these enhancements empower fund managers to expedite the onboarding process for new investors and streamline operations for existing investors.
CitcoConnect has proved to be a valuable tool for closed-ended funds, such as Private Equity and Real Estate funds. By facilitating AML completion beforehand and ensuring document readiness, CitcoConnect smoothes the path to fund closure. The countersigning feature allows GPs and Directors to concurrently review and countersign all capital commitments, all without disrupting the investor onboarding and order booking process by Citco’s Investor Relations teams. In a recent private equity fund closing, more than 600 online capital commitments were processed seamlessly within just ten days, setting a new standard for efficiency.
These enhancements are a testament to Citco's ongoing commitment to excellence, as it continually invests in its product suite to better serve clients as true partners.
In addition to these upgrades, CitcoConnect now provides fund managers with unprecedented access to granular data room activity, including document-level and individual user usage. This feature empowers fund managers to tailor their engagement with users based on their specific product interests.
Emer McGuckin, Managing Director, Citco Investor Relations, Citco (Canada) Inc., said: "CitcoConnect’s 2018 launch marked a pivotal step towards modernizing the investor subscription and capital raising process. We are now excited to introduce these latest enhancements, including pre-populated forms and digital signing initiatives, which encompass GP countersign and investor witness signatures. These advancements epitomize our commitment to expediting the investor on-boarding process and we hope users enjoy all this new functionality."