Atominvest vs Passthrough
Both Atominvest and Passthrough do investor onboarding. Both cover electronic subscription documents and KYC/AML. So, if onboarding is what you're shopping for, the question isn't which product has the wider scope, it's which one onboards your investors better.
If you are a small US fund or SPV and onboarding is the only thing you will ever need software for, Passthrough is worth a look. If you are onboarding institutional LPs across multiple jurisdictions, or you want onboarding to feed the rest of the investor experience rather than sit as a separate step, Atominvest is likely to be the closer fit.
What Atominvest brings to investor onboarding
1. Proven at enterprise level
What separates onboarding tools in practice is the complexity of the LPs going through them: institutional investors, layered entity structures, multiple jurisdictions, bespoke side letter and diligence requirements.
Atominvest is built and proven at that end of the market, and customers report up to 12× faster investor onboarding. If your LP base is institutional, ask both vendors for references that match your investor profile.
2. Built for multi-jurisdiction managers, not primarily the US
Passthrough serves everything from small SPVs up to private equity and real estate funds, with a footprint that is primarily US-focused. Atominvest is built for multi-strategy, multi-jurisdiction managers, with a data model and workflows that flex across structures rather than assuming one asset class or one regulatory home.
3. Pricing that scales, so smaller funds aren't priced out
Being built for institutional complexity doesn't mean you have to be institutional to buy it. Atominvest's pricing is quote-based and modular, giving you the flexibility to scale as your needs do. A smaller manager can start with onboarding and electronic subscriptions alone, then add investor portal / reporting and lifecycle management as and when needed. Other providers are single-purpose tools, often meaning several different platform providers stitched together and the complications that come with it.
4. Ownership and roadmap: Passthrough is now part of iCapital
In February 2026, iCapital announced a definitive agreement to acquire Passthrough. iCapital's business was built on connecting GPs to the wealth channel, and it has positioned the deal as extending LP onboarding across both private wealth and institutional channels.
Practically, that means Passthrough's product development and ongoing management will sit inside a wealth distribution business, alongside iCapital's existing identity solutions. Whether that helps or hinders your firm depends on where your LPs come from, which makes it a fair question to put to them: who sets the onboarding roadmap, how institutional GP requirements are prioritized against wealth-channel ones, and what support looks like after the deal closes.
Atominvest is independent and pure software, and ships product updates two to three times a week rather than quarterly, so the platform develops continuously alongside a network of leading global fund managers.
After onboarding: one investor experience
Once onboarding is solved, the next problem surfaces: onboarding was never the whole relationship.
An LP who completes subscription documents quickly and then spends the next ten years chasing statements, re-entering the same information for each new vehicle and pulling reporting from a separate system has had a good first week rather than a good relationship.
Because Atominvest sits on one data model, the investor data captured at onboarding flows straight into servicing and reporting. LPs get a consistent, institutional self-service experience instead of re-entering the same information at each stage, and your team stops reconciling versions of the truth across tools. In private markets, that experience drives LP adoption, retention, and re-ups.
This also means you can extend when you're ready. Start onboarding and electronic subscriptions where the pain is today, then expand into reporting and servicing module by module, without re-platforming.
Implementation, support and innovation
Onboarding software only works if your LPs actually use it, which makes delivery part of the product.
Atominvest pairs the software with built-in expertise, hands-on implementation and customer success, going live in weeks rather than the year-long professional services engagements common with heavy enterprise platforms. Atominvest takes accountability for adoption and time-to-value, not just deployment, and you get a dedicated customer success partner rather than a relationship that ends at go-live. Continuous shipping means the platform keeps developing after you buy it.
Where Passthrough fits
Passthrough may be the better fit if:
- Onboarding and compliance are your single, acute pain and always will be. It is built for electronic subscription documents and KYC/AML, with screening against global sanctions, PEP and criminal lists.
- You are a smaller fund, SPV or US-focused manager with a straightforward LP base and jurisdictional footprint.
- You want a deliberately narrow tool that integrates with the rest of your stack, for example its integration with Allvue. Passthrough has said it will not build adjacent products, though it is worth confirming how that stands under iCapital ownership.
If your firm runs multiple jurisdictions or a large institutional LP base, test directly how far it covers your actual onboarding requirements.
Why Atominvest might be a better fit for you
Atominvest is likely the better fit if:
- You are onboarding institutional LPs, with the entity structures, jurisdictions and diligence requirements that come with them
- You run multi-strategy or multi-jurisdiction operations, and want a vendor with mid-size and enterprise references
- You want an independent, pure-software vendor whose roadmap is set by GP requirements
- You want onboarding to connect to servicing, reporting and lifecycle management, without re-platforming
- You want a dedicated customer success partner and a platform that ships continuously
At a glance
Frequently Asked Questions
It depends on your LP base. Passthrough is a focused onboarding and compliance tool that suits smaller, often US-based managers with straightforward structures. Atominvest is proven with institutional, multi-strategy and multi-jurisdiction managers, and the onboarding it delivers sits on the same data model as servicing, reporting and portfolio management.
Broadly, yes. Passthrough is a focused onboarding and compliance tool by design and integrates with other platforms for fundraising, reporting and portfolio work. That focus works if onboarding is your only pain, and becomes a limitation if you want the stages of the investor relationship connected on one system.
Atominvest is a direct alternative for onboarding and electronic subscriptions, with the added option of extending into servicing, reporting and portfolio management on the same data model when you're ready.
Atominvest's pricing is quote-based and modular, scaled to the modules you adopt and the size and complexity of your firm, so a smaller fund buying onboarding alone is priced accordingly. When comparing total cost, weigh implementation and ongoing support alongside license fees, since a platform that's live and adopted in weeks pays back faster than one that needs a long services engagement first.
Atominvest is typically live in weeks rather than the months or year-long professional services engagements common with heavy enterprise platforms. Implementation is paired with hands-on customer success, and Atominvest takes accountability for adoption and time-to-value rather than treating go-live as the finish line.
