Flow (Apex Group) vs Passthrough
A side-by-side comparison of Flow (Apex Group) and Passthrough — two options for lp & investor relations. Pricing, features, and honest pros and cons.
Category
LP & Investor Relations
LP & Investor Relations
Rating
4.1 / 5
4.7 / 5
Pricing
Enterprise / Custom
Enterprise / Custom
Best for
GPs using (or considering) Apex Group who want portal and admin unified
Funds of any size that want the fastest, lowest-error LP subscription experience
Key features
- White-labeled LP portal for documents, capital activity, and reporting
- Digital investor onboarding and subscriptions
- Fully integrated secure virtual data rooms
- Entity administration and compliance workflows
- Native integration with Apex Group fund admin services
- Digitized subscription documents using your fund's own legal language
- 80%+ first-submission accuracy on sub docs
- Integrated KYC/AML with sanctions screening to beneficial-owner level
- Reusable investor profiles pre-fill future fund closes
- Integrations with CRMs, portals, and fund administrators
Pros
- Covers raise, onboard, and report in one platform
- Tight admin integration eliminates GP-to-admin data handoffs for Apex clients
- Purpose-built views for VC, PE, and real estate LPs
- Best-in-class investor completion experience and speed
- SOC 2 Type II and GDPR-compliant infrastructure
- Now backed by iCapital's distribution and balance sheet
Cons
- Greatest value accrues to firms also using Apex for administration
- Smaller standalone brand and review footprint than category leaders
- Onboarding-focused — not a full investor portal or reporting suite
- The iCapital acquisition (Feb 2026) introduces some near-term roadmap and pricing uncertainty