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Breaking the AUM Fees

How one mid-market real-estate GP swapped “percentage pricing” for a flat-fee investor portal—and redirected six figures toward new deal flow.

Growth Prisoner Capital (GPC)—a vertically-integrated real-estate private-equity firm managing twelve closed-end funds—hit an inflection point at $500 million assets under management. Their legacy investor-portal software (think Juniper Square / AppFolio) calculated invoices as a percentage of assets under management. Every capital raise triggered another painful price hike, taxing the very growth they worked so hard to achieve. On the back-office side, renewal negotiations siphoned partner attention from sourcing value-add properties, while ballooning subscription fees crowded out budget for LP events and on-site diligence. When the annual bill crossed $70k with no corresponding feature gains GPC went hunting for a true fund-administration alternative that fit its private-markets DNA without the AUM tax.

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GP profile - break aum handcuffs

Patron Profile

Growth Prisoner Capital is a vertically-integrated real-estate private-equity GP running twelve closed-end funds with $500 M AUM and a deliberately lean back-office—just five full-time ops and finance staff. The partners see every overhead dollar as a lost bid on the next asset, yet legacy vendors keep padding their invoice with the firm’s own growth. Their chief complaint: “Scaling AUM shouldn’t mean scaling SaaS spend or staff stress.”


  • Escalating overhead – Portal fees ballooned 20× since Fund I, swallowing 9 % of the firm’s operating budget.

  • Thin bench, heavy lift – A five-person team juggles investor relations, compliance, and monthly closes; there’s no capacity for portal babysitting.

  • Partner time sink – Renewal and invoice haggling drained 20 partner hours each year; time better spent sourcing deals.

  • Quarter-end anxiety – A perceived multi-week migration risk threatened reporting deadlines and LP confidence.

  • Need for cost-clarity – Leadership wants a predictable, fixed technology spend that lets them hire analysts; not finance vendor profits.
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The Copia Journey

With the pain points laid bare, Growth Prisoner Capital set out to replace the legacy portal—without adding headcount, delaying quarter-end, or emptying the budget. Here’s how their four-day migration to Copia Connect unfolded, and the leverage it created.

Cost-clarity moment

Partners run Connect’s savings calculator: projected -91 % OPEX on day one.
Cost-clarity moment

DIY migration weekend

Ops team drags historical cap-table CSVs into Connect; AI rebuilds funds, entities, and permissions—no “white-glove” upsell.
DIY migration weekend

Silent go-live Monday

Branded invites hit inboxes; 94 % of LPs log in within 48 hours, zero support tickets filed.
Silent go-live Monday

Instant capital redeployment

$64 k saved in year one funds two LP roadshows and adds an acquisitions analyst.
Instant capital redeployment

Ongoing leverage

Flat-fee model future-proofs new SPVs and co-invest sidecars without incremental cost.
Ongoing leverage
“For once, growing our investment pool felt like a win, not a tax. Connect’s flat fee gave us back real dollars and partner bandwidth to chase the next deal.”
will. m - GP / CEO
Will M.

CEO, Real Estate Fund GP

Success Metrics

Success is defined differently by every Patron. For Jonathan, success looks like:

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Cost Slashed
Portal spend dropped from $70 k → $5.9 k. $64k /-91 % annual OPEX
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Time Reclaimed
Renewal & support effort fell from 20 → 0 hours per year. Partners refocused on sourcing and LP relations.
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Seamless Migration
Legacy switchover completed in 4 days vs 21, with 0 LP tickets. Maintained investor confidence and reporting cadence

Scale Without Surprises

Growth Prisoner Capital’s journey proves that a flat-fee, AI-powered investor portal can eliminate runaway overhead while elevating the LP experience. If you’re a growth-minded private-equity or real-estate GP looking to protect margins, free up staff time, and scale AUM without sticker shock, Copia Connect delivers the clarity and control to turn cost centers into competitive advantage.

Fine Print

Our Patrons come from a wide variety of backgrounds, experiences, and family configurations. Many experience similar challenges managing their wealth. We submit that our case studies are reflective of a typical user and their situation. Due to our patrons' highly confidential nature, we've chosen to fictionalize details about accounts, names, marriage status, and net worth.

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