Hanover Park raises $27M Series A to replace 'human duct tape' in fund administration with AI

Summary

Chris Hladczuk, co-founder and CEO of Hanover Park, closed a $27M Series A led by Emergence Capital, bringing total funding to $31M. The company administers fund operations for private equity and venture capital firms using AI agents to automate what Hladczuk calls "human duct tape"—the manual, labor-intensive back-office processes that currently dominate investment finance.

The core problem Hanover Park solves is real-time data access for investment decisions. When a GP wants to approve a $100M follow-on investment, they typically ask their CFO to manually compile data from scattered sources including board decks, email, cap tables, and accounting systems. Hanover Park ingests Carta notes, emails, board decks, and position-level accounting data, then surfaces it through AI agents accessible via Claude, Cowork, or GPT instead of forcing users into a separate platform. Fund leadership can make decisions in real time rather than waiting days for data compilation.

Hladczuk positions the company against legacy players like SS&C and Sick Co, which each generate $5B in annual revenue but keep customer data locked in closed systems. Hanover Park is targeting mid-market and enterprise venture and private equity funds with $250M+ in assets under administration, where data lock-in pain and switching costs run highest. In the past 12 months, the company grew from $1B to $15B in assets under administration.

Hanover Park is not simply layering AI onto existing accounting workflows. Hladczuk emphasizes that building a core ERP and system of record from day one matters more than claiming AI solves everything. The company built what he calls an "AI fund accountant" that handles tasks like cash reconciliation, which requires client-specific logic since different funds have different preferences and email conventions. Hanover Park uses off-the-shelf models but also fine-tunes on its own data and builds custom integration harnesses for complex migrations.

Long-term, Hladczuk sees opportunity in what he calls "unsexy financial data"—historical cash flows from LPs, capital call mechanics, and distribution patterns. That data, currently trapped in fund admin systems, could unlock alpha if made available to investment teams. He plans to expand into private credit within 6 to 12 months.

Hladczuk observes a stark bifurcation in the venture market. First-time fund spinouts from major firms raising $100M to $200M close in 3 to 10 weeks, while emerging managers targeting $25M funds face much slower or failed fundraises. His platform sees this early because fund admin and legal paperwork are the first signatures on any new fund, giving Hanover Park visibility into fundraise velocity from inception.