Formidium, the U.S.-based administrator (formerly Sudrania), has entered the real estate fund administration space. Leveraging its Seamless Drawdown software application, Formidium has developed Seamless Real Estate, a real estate fund accounting platform. Seamless RE’s capabilities include property-level operational and financial data integration, a general ledger accounting system which includes automated waterfall calculations, customised reporting capabilities, and investor portals. Seamless RE is complemented by Formidium’s investor onboarding technology, CommonSubDoc, which provides additional functionality for both fund managers and their investors with features such as digital onboarding that includes e-subscriptions, automated AML/KYC, and CRM technology to track and monitor the investment subscription process. CSD is also enabled for automated capital call and distribution notifications, providing managers full transparency into the process.
Earlier this year George Acosta joined Formidium as SVP, real estate fund administration, based in New York. He was previously at BNY Mellon.