Case Study: Tabono Capital – Scaling with Transparency and Custom Reporting

Executive Summary

Tabono Capital, a Singapore-based multi-family office founded by two experienced private bankers previously with Citi Private Bank Singapore, launched in 2024 with a vision to offer institutional-grade investment access and operational excellence to ultra-high-net-worth families across Asia and the Middle East.

In its early phase, Tabono Capital faced a key operational challenge: the absence of a robust portfolio reporting solution — critical for demonstrating transparency, especially for complex alternatives and held-away assets. To address this, Tabono Capital partnered with iCapital for a comprehensive reporting solution built on the Addepar platform. iCapital led the end-to-end implementation, delivering integrated reporting workflows and ongoing data management aligned to Tabono Capital’s bespoke client experience.

Since onboarding iCapital in March 2024, Tabono Capital has seen its AUM grow fivefold, underscoring the impact of this strategic operational infrastructure and the power of custom reporting in client engagement.

The ability to deliver consolidated reporting — including held-away assets and complex alternatives — has been a game changer. iCapital’s team acts like an extension of ours, which has allowed us to scale with agility and precision. Their reporting engine is now part of our DNA.

– Santosh Rao, Co-Founder, Tabono Capital

Firm Profile

Firm Name
Headquarters	🇸🇬 Singapore
Firm Type	Multi-Family Office
Solutions Delivered	Implementation Services, Consolidated Reporting
Alternative Investment Positions Tracked	~200
AuM growth since partnering with iCapital	5x to S$1 billion

Challenge

Tabono Capital officially commenced operations in May 2024 following regulatory approval from the Monetary Authority of Singapore. While the founders brought decades of private banking experience, the firm started without a portfolio reporting system — a vital element for delivering visibility and performance insights to clients.

The absence of consolidated reporting limited their ability to present a holistic view of clients’ portfolios, particularly those with held-away assets and multiple custodians, a standard expectation among UHNW families.

Solution

After selecting Addepar as its core reporting platform, Tabono Capital engaged iCapital to lead a tailored implementation that matched the firm’s workflows and digital strategy. iCapital assumed responsibility for:

• Full Reporting Operations: Data aggregation, accuracy checks, and report generation across multiple custodians.
• Custom Deliverables: Creation of detailed internal dashboards and personalized client reports embedded in Tabono Capital’s proprietary app.
• Held-Away Assets: Inclusion of externally managed and held-away assets to deliver a unified portfolio view.
• Alternatives Reporting: Reconciliation and tracking of complex private market investments, including unique metrics like accumulator terms and exposure rollups.

By integrating before client onboarding began, iCapital became deeply embedded into Tabono Capital’s operational framework from day one — allowing for real-time collaboration and scalable reporting growth.

Impact

The partnership has had a measurable and strategic impact on Tabono Capital’s operations and growth:

• Data Governance & Privacy: iCapital implemented its Data Solutions framework to ensure end-to-end data protection aligned with global privacy standards. With dedicated oversight from a Data Protection Officer and jurisdiction-specific policies, Tabono Capital benefits from secure data management practices that reinforce client trust and meet regulatory expectations.
• Operational Leverage: iCapital’s managed service model has freed up significant internal bandwidth, enabling Tabono Capital’s team to focus on client acquisition and investment strategy.
• Agility & Speed: Monthly production of 14 customized reports across ~30 accounts, with consistent delivery in under 7 days.
• Client Differentiation: Sophisticated reporting and dashboards have become key competitive advantages, embedded directly within the Tabono Capital client app.
• Scalable Growth: With the reporting foundation in place, Tabono Capital has scaled its AUM and client base rapidly since March 2024.
• Future-Proofed Infrastructure: The robust reporting framework supports expansion into new fund launches and deeper family office capabilities.

“iCapital has been instrumental in laying the operational foundation for our business. Their reporting solution not only delivers transparency to our clients but also allows our team to focus on what matters — building lasting relationships and managing wealth with conviction.”

- Nirish Unni, Co-Founder, Tabono Capital