Hanover Park

Thomas Swalla sold Dotmatics to Siemens for $5.1 billion. Now he and Jared Rosen (10+ years at Insight Partners) are building IO Capital - the first AI-native growth equity firm. And they just chose Hanover Park as their fund admin and financial infrastructure. "If we're going to operate agent-first, our infrastructure has to match. We made a deliberate choice to align IO with partners who share our conviction that AI-native software compounds value. Hanover Park didn't bolt AI onto a legacy platform - they built it from scratch.” A firm whose investment workflow runs on agents can't run its back/middle office on data silos and manual reconciliation. Our philosophy: AI prepares. Expert accountants review. One vertically integrated system of record across fund admin, portfolio intelligence and the LP experience. Agent-first investment firms will be the ones that survive and thrive in this new era. Proud to power IO Capital. (Link in comments for the full blog)

After 26 years of operating software businesses, I'm starting a new chapter. Today I'm sharing that my partner Jared Rosen and I have founded IO Capital, a modern software growth equity firm built around an idea we've been testing together for the better part of a decade: that the right unit of leverage in software is an investor-operator partnership, designed from the inside out. I spent the past decade in the CEO seat. The most recent stretch…running Dotmatics through a full cycle to its acquisition by Siemens last year…was the one that made the case to me clearest. The work that compounds in software businesses is specific, learnable, and repeatable. After three cycles, I have a deep conviction about what makes one of these companies durable, and an even deeper conviction that the next chapter of my work is to do that alongside more founders, not just one at a time. Jared and I worked together at Dotmatics from the original investment through the exit. Investor and operator, side by side, through every stage of the company. IO Capital is the firm built around that partnership — the "I" and the "O" — and around the idea that what we built together is something we should do repeatedly. The other half of why now is technical. We started building IO in January 2026, and the timing of that has been a structural gift. The agentic AI infrastructure that had been promising for years became genuinely production-ready right as we started…which let us build the firm itself genuinely Agentic-first, AI-native from day one, rather than retrofit an existing operating model to it. Our platform, Galileo, is the operating system underneath the firm: sourcing, outreach, diligence, value creation, all run through software and agents that give our lean team the leverage of a much larger one. We feel lucky that this was possible at exactly the moment we needed it to be. There is a lot more to share — about the segment we're focused on, the kinds of founders we want to work with, and how we plan to operate. That's all coming. For now, I just wanted to share that this is what I'm doing next, and that I couldn't be more excited about who I'm doing it with. Progress Happens Together…Thomas www.iocapital.com

Exciting update. It is bittersweet leaving Insight Partners, a firm that has shaped how I think about software and is the standard-bearer for growth investing, but after more than a decade there, I'm back in Los Angeles starting a new chapter. Thomas Swalla and I are launching IO Capital — a modern software growth equity firm investing in use-case-specific software companies. We worked hand in hand at Dotmatics from the time of the original investment through to its sale to Siemens last year, and honestly, I'm not sure whether he convinced me to start something entrepreneurial or I convinced him to become an investor… either way, he's the strongest operator I've ever worked with, and IO Capital is the firm built around the partnership we've already lived. Investing is always preparation meeting opportunity, and the timing has been fortunate. Over the last several months I've been spending hours a day coding for the first time since college, and what's possible now is genuinely incredible. It's never been easier to build software for a specific use case, massively expanding the world of founders beyond career entrepreneurs to domain experts who built a product to solve their own problem and grew a business around it. And we're taking our own advice. IO runs on a proprietary agentic platform we've built ourselves. As Thomas put it, sometimes we don't know if we've spent the last four months building a software company or setting up an investment firm. But either way, I'm more bullish on software than I've ever been. The next decade of software is going to be a great one to invest in. Looking forward to continuing to partner with the Insight team as Thomas and I build IO. More soon. https://www.iocapital.com/

There's no playbook for building an AI-native services company. So we're writing one. The bet: take the best subject-matter experts, put them in a room with software engineers, and deliver an outcome legacy providers can't. At Hanover Park, that's literal. This is Evan Segaul (engineer) and Dumi Mashinini (fund accountant) building a custom allocations module for our most complex firms. No product managers. No middleware. No spec thrown over a wall. Just an accountant and an engineer, shipping the thing they both wish existed. The best part? When the magic is for your own team.

What is wrong with legacy fund admins? There are many reasons... but a big one is SLOWNESS. We onboarded a new, complex fund recently and delivered this magical moment. 1) Onboarded new SPV 2) Triggered notification to LPs 3) CFO requested a capital call in natural language 4) Hanover Park approved and automatically posted notices to LPs This happened in 6 hours. And is only possible with an AI-native fund admin.

I'm hiring a Founding Account Executive at Hanover Park. This role means a lot to me because it's how I got into tech with Brandon Arvanaghi at Meow. You'll join a company with more demand than we can handle. No SDRs. No solutions engineers. You demo it, you scope it, you own it. You'll sell to billion-dollar CFOs navigating the AI transformation. 1) You "always get on the plane". You meet customers whenever wherever they are. 2) You are overly transparent with customers... because trust is our most important asset. 3) If we don't have a playbook for it, you build it. You're likely an ex-investment banker or PE associate who learned to sell. You're fluent in funds, GPs, LPs, capital calls, distributions, and NAV. You were the top performer on a small team, not the average on a big one. We're disrupting $100 trillion of global assets that's never had infrastructure built for it. If this is you, or you know someone great, reach out. (Link below for the application)