Eight percent. That’s the current NIGO rate in evergreen funds. One in 12 orders are failing on documentation, compliance, or funding checks before they ever clear.
Evergreen funds bring private markets within reach for everyday investors. Roughly 300 products, ~$550 billion in AUM, and firms like Blackstone, Apollo and KKR are all leaning into them.
The demand is real and accelerating, but the infrastructure underneath was built for institutions writing $50M+ checks, not hundreds of thousands of investors at lower minimums. At the scale the market needs to reach, that system breaks.
Ben Haber is co-founder and CEO of Monark Markets. He started building it as a sophomore at NYU. On graduation day, he skipped the ceremony to close on the assets of a bankrupt fintech instead. That deal crystallized the thesis: private markets don’t need a better interface. They need better rails.
His answer is omnibus. One account per fund per custodian at the transfer agent, netting all orders rather than processing each individually.
The structure Schwab built for mutual funds with OneSource, applied to private markets.
In this episode of The Modern Capital Podcast, Ben and I cover:
Why the "Robinhood for alts" D2C wave failed and why competing with Fidelity and Schwab for the same customer was never going to work
Why evergreen funds cannot sit inside model portfolios without omnibus underneath them
How the pending paperwork crisis in private markets can be solved by simply removing the paperwork
“One omnibus account per fund, per custodian… dramatically less than the hundreds of thousands or millions of individual accounts the transfer agent would need to record. A real ability to actually scale the evergreen fund market in a way that is simply not possible today.”
The wealth channel opportunity is well understood. This conversation is about what has to get built before it gets there.
This conversation is part of a larger discussion happening in London in ten days.
On June 25, The 2026 Private Markets Technology Summit convenes in London around one question: how does private markets build for scale?
The agenda includes sessions on digital rails, wealth channel distribution infrastructure and the operational buildout required to get there.