First Avenue has launched a mobile app which will allow its general partner clients to review the status of a fundraise, and will provide a breakdown of fund activity from launch date to final close, Private Equity International's sister title pfm has learnt.
The app will be available via the Apple store and Google Play to a small group of new clients to beta test from Tuesday. GPs using the will have real time access to weekly, monthly and quarterly views of First Avenue’s outreach to investors and status updates from the point of contact to a closed or decline.
GPs will also be able to view graphs, which show a breakdown of investors for targeted marketing efforts, and gain access to meeting notes and calendars. They can also access more general First Avenue news.
The placement agent will also use the app to supplement its weekly or bi-weekly update calls with GPs, pfm understands. The app has been tested to ensure information remains private and secure.
“We think that it is important for the private funds industry to move with the times and keep up in a world where technology creates efficiency,” said Paul Buckley, managing partner and founder of First Avenue.
First Avenue targets a variety of LPs across North America, Europe, the Middle East, Japan, Korea, Australia, Southeast Asia, Greater China, Central Asia and Latin America.
Among First Avenue’s clients are Actis, for which the firm has raised infrastructure, private equity and real estate funds.