Alter Domus, a leading global specialist in fund administration to the alternative investment industry and a Cinven portfolio company since 2024, is well progressed in its AI transition. With nearly $4 trillion of assets under administration and a global, multi‑asset footprint, the firm combines scale, data, and service delivery. AI is being embedded across its services, its digital products and the daily workflows of its people.

“If I was choosing a place to be today, knowing everything I know about AI and the disruption that’s happening to so many markets, AD would be the place. We’re a services business – we’re not something AI can replicate; AI, in fact, enhances our expertise, potentially, by several multiples as capabilities diffuse throughout the business.“ – Demetry Zilberg, Chief Technology Officer, Alter Domus

This transformation is set to continue with further investment; AI sharpens precisely the things that already make Alter Domus differentiated and turns them into structurally stronger competitive advantages over time.

“From the outset we recognized a big opportunity at Alter Domus to modernize the technology landscape and to use AI to transform the business. Partnering with existing management and bringing in new talent and capabilities has enabled us to move fast in unlocking this opportunity – both on the product side and on the process side” – Stuart Walker, Cinven Partner, Head of AI & Tech Transformation

Three pillars, one platform

The first pillar is productivity: agentic AI for every employee, covering document creation, summarisation, coding assistance and workflow integration. The second is AI for digital products, embedding AI directly into the client-facing technology, principally Alter Domus Intelligence (ADI), the firm’s digital platform. The third, and the one most distinctive to a services business of this scale, is AI for service delivery – using AI across the dozens of functions, from payments and reconciliation to regulatory and tax filings, that Alter Domus performs on behalf of its clients.

All three sit on a single AI platform built on AWS Bedrock, with shared LLM access, observability, an AI gateway for semantic routing, and shared cyber controls. Above the platform, as a single point of entry, sits a common governance layer – whichever pillar an employee is interacting with, the same deterministic stack of controls applies.

AI governance is treated as a top-priority function rather than an overlay. Layered cyber controls run across the stack: an AI gateway with prompt-injection detection, identity-aware agents, real-time data-loss prevention with redact, justify and block modes, response filtering at the MCP gateway, and continuous agentic penetration testing of critical applications.

Build where it matters, partner where it accelerates

“The approach Demetry has taken aligns with one of our core principles: within a modular architecture, build what we must and use best of breed for everything else. The approach is modular and has the ability to bring in components from third parties, making it scalable and futureproof.” – Stuart Walker

That principle shapes both the architecture and the partnerships behind it. Alter Domus has developed its own AI capabilities using best-of-breed industry-standard tools (a deliberate decision to treat internal AI capabilities as products in their own right, with proper telemetry, governance and management) to maintain longevity and reusability in a very rapid changing space. The most significant of those partnerships is with Anthropic: every developer gets Claude Code; every employee gets Claude Cowork as a personal agentic assistant. Claude.ai now powers the DomusAI platform, and DomusAgents are built on the Claude Agent SDK. Other partners sit alongside Anthropic in the stack, chosen on the same modular principle: own the platform, plug in the best component at each layer.

A portfolio of AI products

In practice, Alter Domus’s AI capability shows up through four interconnected products:

• DomusAI is the internal productivity assistant, powered by Claude.ai. Built on AWS Bedrock and integrated with Office 365, SharePoint, Jira and Confluence, it gives employees secure access to their email, documents and development workflows under their existing identity and entitlements. Employees can also build their own agents, share them through an internal marketplace, and have the best ones “industrialised” by the technology team for organisation-wide use.

• Domi is the client-facing assistant inside Alter Domus Intelligence. It surfaces role-based insights, supports natural-language queries, and enables “non-linear customer journeys”: instead of clicking through a portal, a user can simply type “schedule a capital call” or “what regulatory filings are due this quarter” and the system identifies the workflow, surfaces the right data and initiates the action.

• DomusDocs is the document extraction platform. Tens of millions of documents flow into the business each year; DomusDocs automates ingestion, categorisation and structured extraction across capital account statements, capital calls, distribution notices and invoices, with around 100,000 documents currently processed each month and rollouts to private credit and real assets workflows planned for later in 2026.

• DomusAgents is the enterprise agent framework. Hundreds of agents are already in production. The most prominent, Minutes mAIstro, automates the drafting of corporate secretarial board minutes from Teams transcripts, saving around 40% of the time spent per draft across more than 300 CoSec professionals and over 7,000 meetings a year. Others include Complibotfor compliance and regulatory queries, an IT Risk & Governance agent that has cut manual workflow steps on DDQ and risk-control processes by around 80%, and a growing library of knowledge-based assistants attached to core business applications.

Service delivery: where Alter Domus is uniquely positioned

For a fund administrator of this scale, AI for service delivery is where the largest prize sits. In 2026, Alter Domus is anchored on six core process transformations: payments, reconciliation, investor services, onboarding, fund-of-funds notice processing and loan administration. Each process is being functionalised (done in a single, consistent way by a single team) broken apart step by step, re-engineered and infused with agentic automation. Alongside these vertical transformations are horizontal modules like DomusDocs and Domus Flow, the firm’s agentic email-and-workflow orchestration layer, which plug into multiple processes at once.

“It’s easier for us to functionalise a service, meaning we can do it more efficiently, meaning we can be more competitive for our customers. Two, we can be a lot more accurate. And third, the velocity at which we deliver services and insights improves. Things that used to take a quarter can take a week. Things that took a week can take minutes.” – Demetry Zilberg

On this trajectory, capabilities long viewed as aspirational in fund administration (daily NAV being the clearest example) become realistic targets. Human review remains in the loop throughout; the focus is on removing the manual handling that holds back accuracy and speed.

An open, omni-channel client experience

While AI for service delivery improves speed and accuracy, AI for digital products makes its data and insights more useful to clients. Domi delivers hyper-personalisation, surfacing portfolio performance, regulatory deadlines and analytical insights tailored to a user’s role and behaviour, alongside non-linear journeys and AI-driven analytics that would be impractical to access through traditional click-and-scroll navigation.

Clients can use the ADI portal directly, call the same data and analytics through APIs, or (later in 2026) bring them into their own AI environments through MCP endpoints.

“We really do have this thesis of building an open system. Clients can build their own digital portals or leverage existing ones instead of using ours, but still get the same data, the same personalisation, the same analytics in their environment.” – Demetry Zilberg

For sophisticated clients that have already built their own data and AI stacks, that openness matters: it removes the choice between using Alter Domus’s services and using their own tooling.

Why this matters

What protects a fund administrator from AI-first new entrants and from clients building in-house? At Alter Domus, the answer is the combination of three things that AI enhances rather than replaces: a services business model with deep client relationships, a uniquely broad data footprint, and a scale of operation that is hard to replicate.

“You cannot vibe-code the relationships with our clients, you cannot vibe-code the data that we have in our systems. AI is an enhancer to that, for us to deliver better service. Alter Domus is incredibly well positioned in a very unique way.” – Demetry Zilberg