IO Capital, the new modern software growth equity firm co-founded by Jared Rosen and Thomas Swalla, has selected Hanover Park as its fund administrator. The choice reflects a shared thesis on where investment firms - and the infrastructure that supports them - are headed.
For IO Capital's founders, the selection was less a procurement decision and more a thesis decision. IO is being built from day one as agentic-first and AI-native, investing $25-150M into use-case-specific software companies built on deep expertise and customer love. The conviction that animates the firm is that software and AI compound value — both for the companies IO partners with and for the firm itself. That conviction has to extend to the operating stack underneath.
"If we're going to operate agentic-first, our infrastructure has to match," said Thomas Swalla, Co-founder and Managing Partner of IO Capital. "We made a deliberate choice to align IO with partners who share our conviction that AI-native software compounds value over time. Hanover Park is that partner on the fund administration side. They didn't bolt AI onto a legacy platform — they built the layer from scratch, the way it should be built."
The investor-operator pairing
IO Capital — "I" for investor, "O" for operator — was co-founded by Jared Rosen, who spent over a decade investing in growth-stage software at Insight Partners, and Thomas Swalla, former CEO of Dotmatics, the scientific R&D platform acquired by Siemens in 2025 for $5.1 billion. The two worked together across the full Dotmatics ownership cycle. Jared served on the Dotmatics board as a member of Insight’s investment team beginning in 2017, and Thomas led the company as CEO through significant growth, operational scaling, and strategic expansion.
"What we didn't have ten years ago," said Rosen, "is the AI infrastructure we have today. That changes what's possible — for the firms we'll back and for the way we build IO itself."
Galileo: the agentic platform at the center of the firm
At the center of IO Capital's operating model is Galileo, the firm's proprietary agentic platform. Sourcing and outreach modules are live today; diligence, portfolio management, and value creation modules are on the roadmap.
Galileo screens millions of companies continuously against IO's selectivity criteria, surfacing the opportunities that fit IO's tightly defined investment focus. That lets the team spend its time on work that is uniquely human — relationships with founder-CEOs, judgment-driven diligence on the highest-conviction opportunities, and value creation alongside management teams post-close. Galileo is not a tool layered onto a traditional firm; it is part of how the firm is constructed.
A firm whose investment workflow runs on agents needs back-office infrastructure that matches that posture. Fund administration is one of those critical layers — the system of record for how the firm operates, reports to LPs, and tracks portfolio performance. The legacy model — data silos, manual reconciliation, and what Swalla calls "the spreadsheet dance" — is misaligned with where modern firms are heading.
"Hanover Park's philosophy mirrors ours," Swalla added. "Their belief that AI prepares and expert accountants review — and that the work product should be unified across fund administration, portfolio intelligence, and the LP experience — is the posture we wanted in a partner."
A shared thesis on what comes next
“Thomas Swalla at IO Capital is a rare blend of a top tier operator (sold Dotmatics for $5.1B) turned firm builder that understands the importance of being AI-native from Day 1. Agent-first investment firms will be the ones that survive and thrive in this new era. Excited to be the financial infrastructure that enables them to scale.” – Chris Hladczuk (Co-Founder / CEO at Hanover Park).
The IO Capital + Hanover Park relationship reflects a broader pattern across the firm's building for the next decade: the conviction that infrastructure should compound at the same rate as the businesses it supports. For IO Capital, fund administration is not a downstream procurement decision but an upstream alignment one.
About IO Capital
IO Capital is a modern software growth equity firm pursuing $25-150M growth investments in use-case-specific software companies. Built on a unique investor+operator partnership and powered by a proprietary agentic platform, the firm is purpose-built to help exceptional and unconventional problem solvers. Galileo, IO's proprietary agentic platform architected by Rosen based on his decade-plus years of investing experience, gives IO a software-native way to source and underwrite at the scale and selectivity its strategy requires. After investment, the IO Playbook, honed by Swalla over twenty-plus years of operating experience, helps founders grow their companies into the businesses their products deserve. Together, IO Capital streamlines the handoffs that often separate sourcing, underwriting, and company building, so accountability for thesis formation and value creation is held in a single partnership. IO Capital was founded in 2026 and is headquartered in Los Angeles. For more information, please visit https://www.iocapital.com.
About Hanover Park
Hanover Park builds AI systems that run the financial operations of the world’s most sophisticated investment firms. As an AI-enabled service and fund administrator, we’ve become the way fund CFOs adopt AI. We've raised $31 million from Emergence (investor in Salesforce/Zoom), Susa (investor in Robinhood/Flexport) and angel investor fund CFOs from the largest investment firms. Our mission is to be the financial infrastructure to orchestrate how the world’s capital is operated, governed and allocated. Stripe for payments. Ramp for expenses. Hanover Park for investments. In the next decade, the AI systems we build will advise $100B investment firms on their largest acquisitions and eventually unlock alpha for investors.
