News

Formulary CEO Letter

Jan 20, 2026

Today, as CEO and Founder, I am thrilled to share the next chapter of Formulary Financial. We are publicly launching our AI-native fund administration services business and announcing new funding to bring the $23 trillion private markets industry into the 21st century.

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Jan 20, 2026

Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform...

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Jan 20, 2026

Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform...

Read more

Jan 20, 2026

Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform...

Read more

Jan 20, 2026

Formulary Financial Emerges from Stealth to Reinvent Fund Administration

Formulary Financial, a full-service, AI-native fund administrator, today announced it has emerged from stealth with $4.6 million in seed funding led by Khosla Ventures, with participation from Acrew Capital, Company Ventures, Human Ventures, Serena Ventures, and Alumni Ventures, among other strategic partners and industry executives.

Read more

Jan 20, 2026

Formulary Financial Emerges from Stealth to Reinvent Fund Administration

Formulary Financial, a full-service, AI-native fund administrator, today announced it has emerged from stealth with $4.6 million in seed funding led by Khosla Ventures, with participation from Acrew Capital, Company Ventures, Human Ventures, Serena Ventures, and Alumni Ventures, among other strategic partners and industry executives.

Read more

Jan 20, 2026

Formulary Financial Emerges from Stealth to Reinvent Fund Administration

Formulary Financial, a full-service, AI-native fund administrator, today announced it has emerged from stealth with $4.6 million in seed funding led by Khosla Ventures, with participation from Acrew Capital, Company Ventures, Human Ventures, Serena Ventures, and Alumni Ventures, among other strategic partners and industry executives.

Read more

Jan 20, 2026

Formulary: Disrupting the Fund Administration Industry

The fund administration industry relies on 20th-century workflows and processes to meet the 21st-century needs of GPs and LPs. As the complexity of alternative assets grows, investors are increasingly strained by legacy systems, manual workarounds, and a persistent lack of data accuracy. We believe the industry is at an inflection point and ripe for AI-led disruption.

Read more

Jan 20, 2026

Formulary: Disrupting the Fund Administration Industry

The fund administration industry relies on 20th-century workflows and processes to meet the 21st-century needs of GPs and LPs. As the complexity of alternative assets grows, investors are increasingly strained by legacy systems, manual workarounds, and a persistent lack of data accuracy. We believe the industry is at an inflection point and ripe for AI-led disruption.

Read more

Jan 20, 2026

Formulary: Disrupting the Fund Administration Industry

The fund administration industry relies on 20th-century workflows and processes to meet the 21st-century needs of GPs and LPs. As the complexity of alternative assets grows, investors are increasingly strained by legacy systems, manual workarounds, and a persistent lack of data accuracy. We believe the industry is at an inflection point and ripe for AI-led disruption.

Read more