Independent Access Partners, LLC

Independent Access Partners, LLC provides discretionary investment advisory services exclusively to pooled investment vehicles — primarily feeder funds that invest substantially all of their assets in a single underlying private fund across private real estate, private equity, private debt, hedge, or venture capital strategies. The firm reports approximately $256.9 million in regulatory assets under management, does not serve individual advisory clients, and generally charges management fees on an assets-under-management basis consistent with industry practice.

IAP’s investment committee selects and monitors underlying fund managers after operational, quantitative and qualitative due diligence that includes reviews of risk management, back-office practices and investment discipline. The firm uses analytical and quantitative reviews as part of its process and discloses that it may employ AI tools in operations, with attendant operational, privacy and regulatory risks that it seeks to address.

Distinctive aspects of IAP’s model include its single-underlying feeder structure, which creates an additional governance and fee layer between investors and underlying managers, and the explicit use of administration and performance allocations at the fund level. IAP is affiliated with Verdence Capital Advisors and discloses arrangements under which Verdence clients may receive management-fee waivers while still bearing fund-level and underlying-manager expenses; the adviser also relies on underlying managers for trade execution rather than engaging broker-dealers for portfolio transactions.