Private Market Access Isn't the Adviser's Problem. Paperwork Is.

KPC Private Funds CEO Dean Rubino unpacks why in a new interview with Disrupts, explaining what changed when the firm rebuilt the onboarding process from the ground up.

A typical five-fund private markets subscription has meant roughly 1,000 pages, 5 separate AML/KYC processes, several wires and 15 signatures, a process built for institutions with dedicated operations teams, not for advisers managing dozens or hundreds of accounts. KPC's new PRISM 2.0 system cuts that same five-fund subscription to about 250 pages, a single AML/KYC process, one funding wire, and less than five signatures.

Why Onboarding Stayed Manual

Rubino traces the problem to who private markets were built for: institutions with operations staff, adding a handful of funds a year, completing the same paperwork “on behalf of the same entity” each time. That model never created pressure to modernize. As independent advisers became active, continuous buyers of private markets, the infrastructure didn't keep pace.

“Private markets did not become difficult because of the investments, but because the infrastructure never evolved.”

What PRISM 2.0 Standardizes

Building a single process for five investments meant redesigning subscription documents, fund structures, AML/KYC checks, and downstream tax and performance reporting, all inside a regulated framework. Rubino calls it “an end-to-end redesign of the investment experience,” not a digitization of existing paperwork.

Friction Doesn't Just Block the First Investment

Industry surveys put 40 to 60 percent of advisers citing administrative complexity as a barrier to private investments. But Rubino points to a subtler cost: friction also discourages advisers from increasing an existing client's allocation, simply because they don't want to put that client through the process again.

Review, Not Data Entry

Fewer signatures doesn't mean fewer protections. Clients still review and sign; advisers still run suitability checks; funds still approve independently. What's changed is what's done by hand. “Manual entry creates errors,” Rubino says. “Manual review catches them.”

Access Is Solved. Implementation Isn't.

Rubino frames the market in two phases: access, which is largely solved, and implementation, how advisers deploy multiple private investments across a client base and report on them like the rest of a portfolio. That's where KPC is simplifying the process specifically for financial advisors.

KPC tracks a running list of adviser pain points, now over 50, that it works through one by one. But Rubino is clear that infrastructure alone isn't the point: “We can solve every operational pain point in the world and still fail if the investments themselves are not unique, compelling, understandable and appropriate quality.”

PRISM 2.0 launched July 29, 2026, alongside KPC's expansion into pre-IPO equity and co-investment opportunities.

For advisers, the takeaway is simple: the constraint was never which deals you could access. It's whether your operations can support putting clients into more than one of them.