Juniper Square
The back office for private funds. Software plus fund administration for 2,300+ GPs, valued at $1.1B in 2025, and now opening its data to AI agents.
Juniper Square release, Jun 2, 2026- Valuation
- $1.1B Series D, June 2025, led by Ribbit Capital. No earlier valuation was ever published.
- Raised
- About $371M across five announced rounds since 2018 (our sum), plus a Nasdaq investment of undisclosed size.
- Customers
- 2,300+ GPs 750,000 LPs and about $1 trillion of LP capital run through the platform.
- Watch
- No revenue The company has never published revenue, ARR or headcount.
- AI
- Agents + MCP JunieAI agents, an oversight agent called Fay, and a read-only MCP beta for Claude, ChatGPT and Copilot.
- Liquidity
- None found No tender offer or staff share sale has been reported.
- Hiring
- 37 → 46 remote listings since Oct 10.
Software for fund managers, plus people who run the books for them.
Juniper Square sells GPX, its fund software for investor relations, fundraising, reporting and LP portals, to private equity, venture, real estate and credit managers. It also acts as fund administrator, doing the accounting for over 2,000 fund entities. It says fund admin grew over 100% a year for three years. No revenue split is published.
Juniper Square Series D release, Jun 16, 2025- 1It holds the fund's books, not just a dashboard45,000+ investment entities, 750,000 LPs and 1.25 million positions sit in its system, which its AI and partner tools build on.Juniper Square release, Jun 2, 2026
- 2Software and fund admin sold togetherIts admin team oversees more than $300B in assets. A manager that hands over its accounting is slow to switch away.Juniper Square release, Jul 28, 2026
- 3Customers rarely leaveThe company reported portal retention above 99% in 2023 and 98% lifetime customer retention in 2019. Both are its own figures.Juniper Square release, Feb 13, 2023
- Carta$7.40Bprivate, Aug 26
- Addepar$3.25Bprivate, May 13
- Juniper Square$1.10BSeries D, Jun 16
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Juniper Square is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $1.10B
- latest valuation, Series D Jun 16
- $371M
- raised in all
Not disclosed. Fund administration grew over 100% a year over three years, per the company.
Juniper Square releases; total is our sum of announced rounds- Sep 4Strategic investmentLed by Nasdaq VenturesAmount and terms not disclosed. Comes with a partnership on data and liquidity tools, including secondaries.Juniper Square release, Sep 4, 2025
- Jun 16Series D$130M at $1.10BLed by Ribbit Capital. About 12% of the company, if all new sharesWith Fifth Wall, Redpoint, HighSage Ventures and Blue Owl. Company does not say whether $1.1B is pre or post-money.Juniper Square release, Jun 16, 2025; Bloomberg Law
- Feb 13Growth round$133MLed by Owl Rock (Blue Owl)Called growth capital; round name, valuation and equity vs debt mix not stated. Fifth Wall and Pappy Capital joined as new investors.Juniper Square release, Feb 13, 2023
- Nov 21Series C$75MLed by Redpoint VenturesWith Ribbit, Felicis and Zigg Capital.Juniper Square release, Nov 21, 2019
- Dec 12
- Jan 31Series A$6.0MLed by Felicis VenturesBrought total equity funding to $8M.Juniper Square release, Jan 31, 2018
- Down round or flat round?Cannot tell. The $1.1B in 2025 is the only valuation the company has published; the 2023 and 2019 rounds came with no price.Juniper Square releases, 2019 to 2025Open
- How much of the company the last round soldAbout 12% ($130M of $1.1B), if $1.1B is post-money. Normal for a Series D.Juniper Square Series D release, Jun 16, 2025Clear
- Time since the last raiseAbout 17 months since the Series D and 14 since the Nasdaq investment. The gap before the Series D was 28 months.Juniper Square releasesClear
- Structured or unusual termsNone reported. The only recent SEC Form D (filed May 9, 2025) lists $44M of plain equity with a first sale dated Oct 2019, which does not match the $130M Series D.SEC Form D, filed May 9, 2025Open
- New outside lead or insiders only?Insider-led. Ribbit led the 2018 Series B and its partner Nick Shalek sits on the board. Fifth Wall, Redpoint and Blue Owl were also existing backers.Series D release; SEC Form D related personsFlag
- Employee liquidityNo tender offer or staff secondary found. The Nasdaq deal covers secondaries for customers' funds, not for Juniper Square staff.Juniper Square release; news search Nov 3, 2026Open
- Layoffs in the last 12 monthsSearched news and the company press page: no layoffs reported since Nov 2025. It posted 49 openings, 45 remote, on Nov 3, 2026.Ashby job board; news search Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Became a $1.1B company in June 2025.
Bloomberg Law, Jun 16, 2025$130M Series D led by Ribbit Capital, to fund JunieAI. Bloomberg reported the round the same day.
The first published price in eleven years. It gives staff a reference point for their equity, though not a liquid one.
- 02Watch
SEC filings do not line up with the announced rounds.
SEC EDGAR, CIK 0001662890Juniper Square has filed four Form Ds, the latest on May 9, 2025: $44M of equity, first sale Oct 29, 2019. None found for the $130M Series D or the $133M 2023 raise.
Probably late or partial paperwork rather than anything hidden, but it means outsiders cannot check round sizes against filings.
- 03Good
Nasdaq is an investor and a product partner.
Juniper Square releases, Sep 2025 to Sep 2026 (press page)Nasdaq Ventures invested in Sep 2025. Nasdaq eVestment data went into the CRM in Jan 2026, then powered Capital Intelligence, launched Sep 23, 2026.
A public market operator as backer and partner. It also makes Nasdaq a natural buyer if it ever wants one.
- 04Neutral
Three acquisitions in a year.
Juniper Square releases, May 2025 to Apr 2026Forstone Luxembourg (closed May 2025), Tenor Digital for private credit loan operations (Oct 2025), and Sightglass for AI due diligence questionnaires (Apr 2026). No prices disclosed.
Buying its way into Europe, private credit and AI. Integration work tends to follow.
- 05Good
No longer just a real estate tool.
Juniper Square Series D release, Jun 16, 2025Founded for commercial real estate, it now says private equity and venture firms are four of its five largest customers by revenue.
Spreads its risk beyond the single asset class it was built for.
- 06Neutral
A fund-services veteran became COO.
Juniper Square release, Jul 22, 2025Stephanie Miller joined Jul 2025. She was CEO of Hazeltree and of Intertrust Group, and Global Head of Fund Services at J.P. Morgan.
Fits a company whose growth is fund administration, a services business that needs operating discipline.
- 07Good
Remote by default since 2021.
Juniper Square careers page; May 12, 2021 releaseIts careers page says most staff work remotely across the US, Canada and India, with a San Francisco office for those who want it. In 2021, 45% chose its cloud hub.
Remote is policy, not a perk. San Francisco is its filing address, not a central HQ.
Sales is paid 5% under market. Engineering, 6% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Juniper Square?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Ahead of most fund software. Agents can read fund data over MCP today; acting on it is still on the roadmap.
Still Remote read- MixedAn MCP server for AI agentsHeadless GPX, Jun 2026, works with Claude, ChatGPT, Copilot or any MCP client. Limited beta, read-only; write actions are on the roadmap.Juniper Square release, Jun 2, 2026
- YesIts own AI agentsJunieAI has agents for investor relations, fund admin, portfolio and investment work, model-agnostic, with per-agent permissions.Juniper Square release, Jun 16, 2025
- YesAn agent that checks other administrators' workFay runs 150+ checks on financial statements from any fund admin. AI extracts figures; the math runs in deterministic code.Juniper Square release, Jul 28, 2026
- Not foundDocs that AI tools can readjunipersquare.com/llms.txt returns 404. No public developer docs site found; the API is described only in releases.checked Nov 3, 2026
- YesLets AI crawlers read its siterobots.txt explicitly allows GPTBot, ChatGPT-User, anthropic-ai, Claude-Web and Google-Extended. It blocks only a few system folders for everyone.checked Nov 3, 2026
- YesOutside data wired in for AINasdaq eVestment data (30,000+ institutions) feeds its AI matching in Capital Intelligence. Matches stay suggestions until a person accepts.Juniper Square release, Sep 23, 2026
Where Juniper Square puts AI to work.
- 1An AI-governed back officeThe new CIO's brief includes AI governance and building an AI-native IT group. ISO/IEC 42001 certifies how it manages AI risk.Juniper Square release, Oct 8, 2026
- 2Its own fund admins use the agentsCustomers who use Juniper Square as administrator get Fay as part of the service, so its accountants work alongside the agent.Juniper Square release, Jul 28, 2026
- 3Hiring for agent engineeringOpen roles include a forward deployed engineer for applied AI and a product lead for agent runtime and evals.Ashby job board, Nov 3, 2026
More listings than on Sep 7, led by engineering.
What has to be true for $1.1 billion to hold?
Juniper Square does not publish revenue, so the starting number is your assumption, not ours. A way to think, not a forecast, and not investment advice.
At 25x, Juniper Square needs $44 million of revenue to be worth $1.1 billion. Your world gets there with $86 million, so the next round likely prices above the last.
$100,000 of equity valued at the $1.10B Series D price would be worth about $196,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Juniper Square Series D release, Jun 16, 2025The signals, and which way they push.
- TailwindMoving into private credit and PE.
Tenor Digital bought for private credit; PE and VC are now four of its five largest customers.
- TailwindShipping AI products steadily.
AI CRM (Oct 2025), Sightglass (Apr 2026), Headless GPX (Jun), Fay (Jul) and Capital Intelligence (Sep 2026).
- TailwindA big-name partner on data and liquidity.
Nasdaq invested and is working with it on secondaries and data tools.
- HeadwindRicher rivals in the same rooms.
Carta (last priced at $7.4B) also sells fund admin to VC and PE; Addepar raised at $3.25B in 2025.
- HeadwindHard to value from outside.
No revenue, headcount or recent valuation update, and Form Ds that do not match announced rounds.
Where Juniper Square ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Juniper Square lists on a US exchange by 2031.
Long shot 16%IPOIt publishes no revenue and its only valuation is $1.1B from 2025. No filing or banker hire has been reported.
Series D release; news search Nov 3, 2026 - 2
A market-data or fund-services giant buys Juniper Square by 2032.
Coin flip 50%M&ANasdaq already invested and partners with it. A $1.1B price is small for a listed market-data or fund-services company.
Juniper Square release, Sep 4, 2025 - 3
Fund administration becomes the bigger half of the business.
Likely 72%ProductsAdmin grew over 100% a year for three years, and Luxembourg and Tenor add more of it. Software alone is easier to swap out.
Juniper Square Series D release - 4
Agents outside Juniper Square can send LP notices and update fund records through its MCP server.
Likely 72%AIWrite actions and a headless LP portal are on the Headless GPX roadmap. ISO 42001 and the new CIO are the controls that would let customers allow it.
Juniper Square release, Jun 2, 2026 - 5
Juniper Square and Carta become the two default fund platforms for venture and PE managers.
Likely 72%CompetitionJuniper Square left its real estate base for PE and VC, where Carta already sells fund admin. Both bundle software with services.
Series D release; Simpson Thacher
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.