The first deals with the three fundamental changes occurring within the asset management industry - fund structures becoming more complex, investors getting more demanding, and the regulatory environment becoming more onerous.

The second disruptive force is being brought about by digital technology. The potential efficiency and convenience from digital technology is fundamentally changing existing functions within the asset management industry, while providing new previously unavailable capabilities.

The company founders had previously worked together when their team was launching a new multi-billion dollar alternative asset fund. Having struggled to find any infrastructure technology solution in the market to manage their business, they put together a home-grown rudimentary solution to get started.

Their fund grew exponentially in a short period of time. They lived through the pains of using hundreds of Excel spreadsheets, among other similar time consuming and inefficient third-party solutions, to manage the complex demands of the fund. After their fund was acquired by one of the largest alternative asset managers in the world, the founders left the company to launch Pepper.