NXSTEP Doubles Efficiency and Achieves 95% LP Adoption Rate with Anduin

The Challenge: Selecting the Optimal Technology for a New Fund

With over 20 years of experience in private markets, Chris Earthman was no stranger to alternative investments. While at a family office, he set up more than five SPVs, managing the fundraising and administrative efforts each time. The endless paperwork and time-consuming communication with investors, even for small groups, felt like an unavoidable burden.

Earthman had accepted that fundraising was a manual, labor-intensive process—until a familiar GP used Anduin for a raise. As the capital allocator for the family office, Earthman handled the subscription process and quickly realized that fundraising was evolving right before his eyes.

When NXSTEP Opportunity Partners was founded, Earthman saw the clear benefits of adopting a digital subscription process. However, he still had to convince his co-founders. With a lean but experienced team, NXSTEP needed an efficient solution to manage fundraising without adding complexity or extra headcount.

The Solution - Removing Administrative Headaches to Scale Easier with Anduin

Impressed by Earthman's positive LP experience and the platform's flexibility, NXSTEP’s founders agreed to adopt Anduin. After launching their first fund, the impact was immediate. Anduin's Fund Subscription, with its conditional logic, guided investors smoothly through onboarding, relieving NXSTEP of paperwork. If an LP encountered issues, Earthman could easily access their subscription document, providing real-time assistance.

Anduin helped NXSTEP split their fund into two parallel funds across multiple closes. This flexibility allowed Earthman to segment LPs into qualified purchasers and accreditor investors, then batch their closes eventually leading to a series of 8 closes in total. Normally, this would be an administrative headache but Anduin removed that complexity while effortlessly tracking both funds and all closes.

With Anduin, managing parallel funds required minimal additional effort for NXSTEP. In a manual process, the workload would have easily doubled or tripled. Anduin’s robust tracking system became so reliable that the NXSTEP team frequently used its dashboards alongside their CRM to access and present the latest fundraising data during their weekly meetings.

The Success - Over $100 Million Raised with 95% LP Adoption Using Anduin

Anduin’s Fund Subscription allowed NXSTEP to scale capital and increase LPs without the need for additional staff or onboarding time, greatly enhancing efficiency. By the end of the raise, NXSTEP surpassed their initial target, securing over $100 million in LP commitments. Impressively, 95% of their LPs adopted Anduin’s technology for seamless subscription.

Looking ahead, NXSTEP envisions Anduin as a key partner in future fundraising efforts. Earthman plans to replicate this success in upcoming raises, which will be even more efficient thanks to Anduin’s ability to save and pre-fill invetor data. Anduin ensures NXSTEP can stay lean and focused on what truly matters—their relationships with investors.