The "Alternative Insights" Q&A: Anthony D. Mascia, Co-Founder and Managing Partner - EFSI

Operational Truth & The Human Element:

In an era dominated by AI headlines and shifting geopolitical tides, the fundamentals of fund management—data integrity, operational consistency, and human partnership—remain the true drivers of success. We sat down with Anthony Mascia, Co-Founder and Managing Partner of EFSI, to move past the noise.

In this discussion, Anthony breaks down why the "second inning" of AI requires a human-first approach, how managers can escape the trap of fragmented Excel models by establishing a single source of truth, and why the most impactful operational improvements don't actually require a wholesale technology overhaul. IMSS: "Anthony, EFSI (Essential Fund Services International, LLC) has reached a significant milestone in Assets Under Administration during a period of massive shifts in private markets. Looking at how 2026 has progressed so far, what is the single biggest trend in the Alternative market that managers are currently underestimating?"

ADM: I wouldn’t use the word ‘underestimating’ but I do think the conversation around AI has been moved to the side a little bit in recent weeks because of both the coverage of the current geopolitical environment in the news media and the coverage of the challenges in some of the private credit-adjacent strategies in both the news and trade press.

Both of these topics are naturally front and center of the broader financial markets, let alone the alternative investment one. But I think that AI is going to fundamentally change how our industry works in the medium to long term. That’s hardly a revelatory statement, but as someone who works in a software-heavy service, I’m not sure we’re much out of the second or third inning on this one. IMSS: Efficiency vs. Complexity "With fund structures becoming more complex across all types of alternative investment vehicles, the burden on the middle and back office is heavier than ever. In your experience, what is one operational change a manager can make today to significantly improve their strategy’s efficiency?"

ADM: If I had to pick one, I’d say that establishing one operational source of truth for fund, deal, and investor data, and aligning that data model consistently between the manager and their administrator, would likely be the most needle moving.

Inefficiencies typically come from fragmented inputs such as multiple Microsoft Excel models that need to be reconciled each period. Each variation introduces friction and increases error risk unnecessarily.

Managers who invest in data discipline tend to see immediate benefits – and not just from NAV calculations or audits and regulatory reviews. And this doesn’t require a wholesale technology overhaul either because many of the most effective improvements come from standardized data intakes, agreed conventions, and tighter change controls.

In our experience, the best‑run managers are the most consistent operationally.

IMSS: The Reporting Burden & Data Integrity "At IMSS, we find that reconciling data to ensure it makes sense before it hits a database is the most critical step, yet the sheer volume of data requested can be an immense burden on internal teams. How vital is clean, verified data for standing out to allocators, and how can managers balance this need without burning out their staff?"

ADM: The answer is that it is essential, but there is no need to burn out staff at all. I understand that different functions of an asset management firm function differently but implementing a disciplined approach to data management helps enormously. It’s like learning a new language. It’s difficult at the start, and progress can feel slower than the turning circle of an oil tanker. But when it clicks, it clicks and makes a big difference. And it’s important to bear in mind that, in aggregate, allocators have never been more demanding than they are now, so managers that get ahead of this are helping their clients as well as themselves.

IMSS: The 'Partner' vs. 'Service Provider' Mindset "You’ve famously said that 'Asset managers are looking for partners now, not service providers.' In the current landscape, what is the one 'above and beyond' quality that separates a true strategic partner from a standard vendor?"

ADM: Probably the human element. I mentioned AI earlier – as I said, I think that the next few years will see significant changes in processes and technology across the service provider board, not only within asset management firms. And you’re seeing an increase in all these customer service AI agents, etc., which, sure, can perform certain tasks very well. But I’m a fully paid-up member of the human-interaction-trumps-all club. I think you’ll see some providers go in too hard on AI tech, and some of their clients either won’t be comfortable with the pace of change, or won’t accept little to no human interaction. I think you can only be a true partner in business if you have a connection with your clients.

IMSS: The Technology Advantage "EFSI is known for its 'innovation lens,' utilizing platforms like PFS-Paxus and Conduit. For managers across the spectrum—from institutional to retail—how does this specific tech stack translate into a tangible day-to-day benefit for their operational workflow?"

ADM: Thanks for asking. Despite what I say about AI, we look at tech from an objective point of view. Can it help, can it help in a straightforward manner, and can it be trusted? The tech

we work with checks those boxes. The tangible day to day is that investors get their reporting requirements met more quickly and accurately, and managers work in an environment of reduced wire fraud risk. Cybersecurity risk is on the increase, and I think that providers like fund admins should be a part of their clients’ cybersecurity program – that goes back to the partnership aspect you asked about. We’re talking about an industry where millions of dollars move around every hour - managers want and need trust and reassurance in both of these areas and good fund admins support that. About Anthony D. Mascia: Anthony Mascia is a Co-Founder and Managing Partner of Essential Fund Services International, LLC, EFSI, a New York-based leading private fund administration provider. Anthony oversees and leads EFSI’s front office, which includes account management, business development, customer service, marketing and sales. Since its inception in 2017, EFSI has grown to $10bn in assets under administration (AUA) and works with hedge fund, private credit, private equity, real estate and venture capital fund managers to support their middle and back-office administration needs. Anthony also leads EFSI’s family office division, which provides administration services, deal origination and networking services to single and multi-family offices across the United States. He began his professional career in 1999 as a trader and member of the New York Board of Trade. Get more insights from Anthony at the EFSI website: Anthony Mascia, Author at EFSI