Fund administration was born in a world where a GP's entire LP base could fit in a small conference room. That world is gone.

Now it's being asked to handle 500,000 investors. The subscription docs, data workflows and staffing models were never built for this. Neither was the technology underneath them.

Joan Kehoe watched this transition happen once before. In 2006, hedge funds were running on infrastructure built for a different era, with quarterly cadences, manual processes and legacy platforms too embedded to move. She built the company that fixed it. Data transparency. Daily reporting. The work the large administrators wouldn't touch.

She sold that business, then spent five years rebuilding hedge fund servicing from inside JP Morgan, the hardest five years of her career. Legacy technology plus legacy process plus an organization that size is a different problem than building from scratch.

Then she watched the same pattern begin again in private markets and founded Alchelyst to fix it. The difference this time is pace. The industry has to move faster than it did in 2006 - and for once, the tools exist to do it.

In this episode of the Modern Capital Podcast, Joan and Marc cover:

Why hedge funds in 2006 are the exact template for private markets now
The evergreen problem: why funds built for 50 institutions cannot simply scale to 500,000 investors
What AI agents actually do to the fund administration staffing equation and what they cannot replace
How the merger with Lyra Client Solutions (Apollo's spun-out LP servicing team) creates a full-stack from pre-trade through post-trade
Whether fund administration consolidates to three or four dominant platforms - or stays distributed

"The reason we set up Quintillion was recognizing there was room to do it quicker, smarter, better. And that all resonates with today. But what's really different now is the pace. The pace at which you can effect and have to effect change now is completely different than it was 20 years ago."

Joan built this infrastructure once. The question is how fast it happens this time.