FVLCRUM Funds, a lower-middle market private equity firm, led by managing partners Benjamin Carson, Jr. and Harrison Perry, invests with a focus on delivering non-concessionary returns while addressing the U.S. wealth gap. Headquartered in Bethesda, MD, it manages a $302 million Fund I and is beginning to plan the upcoming fundraise for its next fund. Max Altmark serves as chief financial officer and chief compliance officer, juggling strategy, recordkeeping, and investor relations.
When FVLCRUM’s prior fund administration provider lost key team members, Altmark felt unsupported. FVLCRUM’s leadership chose Carta Fund ERP for its fundraising capabilities and features, centralized access to all fund data, and experienced team of dedicated accountants. As a result, Altmark is confident in the firm’s ability to scale operations, provide investor satisfaction, and grow into subsequent funds.
Real-time insights empower FVLCRUM’s deals and investor relations
Carta provides FVLCRUM with complete visibility and control over fund administration. Altmark believes the speed and efficiency support his ability to lead and helps FVLCRUM avoid missed opportunities.
“Having accurate, connected data in one place might seem like table stakes, but, realistically, it’s not always the case with other fund administrators,” says Altmark. “A one-day response time when asking questions by email could cost us a whole deal.”
By comparison, Carta grants authorized users independent access to a single source of truth in real time. FVLCRUM’s deal team can easily discover precise information, like uncommitted capital amounts and portfolio-company fair values, to drive negotiations and closes. LPs can login to see current and historical performance data, an especially helpful feature as FVLCRUM prepares to seek follow-on investments for its next fund.
“Carta frees a lot of my bandwidth. I trust the system to accurately reflect accounting data, and our team can track necessary activity, so I can do more on the strategy side to help the firm grow,” Altmark says.
Carta’s commitment to technology increases CFO confidence
As FVLCRUM gets ready for Fund II, Altmark considers Carta’s capabilities and user experience vital to his ability to manage expanding responsibilities.
During a recent capital call for Fund I, he appreciated the ability to monitor investor funding status, tracking which investors had opened notices and which had already funded.
That’s because Carta gives fund managers continuous visibility into capital call activity, including notice engagement, payment tracking, and approval workflows, with online and mobile access for on-the-go monitoring.
“It was incredible to have access to top-notch technology from Carta to help me execute and monitor a capital call. It was a much better experience than what I have encountered in the past,” says Altmark. “Carta enables me to review and make sure everything goes smoothly at a granular level no matter where I am.”
Altmark also recently attended the Carta CFO Symposium and had the pleasure of piloting emerging AI connectors from Carta that use natural-language prompts to deliver insights across fund data, investor relations, and deal pipeline.
“Being ahead of the AI curve means we can embed efficiencies into CFO-level activities,” says Altmark. “Carta’s passion for forward-looking capabilities is impressive and expands the thesis for implementing its fund administration solution at FVLCRUM.”
“I'm glad we made the switch this year. I look forward to working with the Carta team and enhancing our team and investor experiences for many years.”
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