Client Spotlight Case Study: Third Lake Solutions
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About Third Lake
Founded in 2013, Third Lake Capital began as an embedded family office before evolving into an independent single-family office. Under the leadership of CEO Robert Forsythe, who joined as COO in 2015, the organization expanded to include Third Lake Solutions, a tech-forward multi-family office led by President & CFO Tebbi Purvis. This evolution demanded increasingly sophisticated operational capabilities to serve their growing client base effectively.
This information is up to date as of November 2025. As such, any data points referenced within the case study are as of that date.
Challenge
Like many family offices, Third Lake has grown organically, leading to inefficiencies:
- Fragmented Data: Over 1,000 statements, tax forms, and documents arrived yearly from 10+ custodians, 100+ alternative funds, and 15+ CPA and law firms, in varied formats and schedules. Staff logged in manually, downloaded, renamed, and uploaded documents—relying on personal memory instead of structured systems.
- Disconnected Tools: Operations depended on disparate function-specific systems with no integration. Robust general ledger and portfolio tools were being used, but manual operations clogged reporting timelines. “There was nothing built to streamline operations end-to-end,” Robert said, forcing reliance on email and informal processes.
- High Risks: Compliance tracking via inboxes and spreadsheets was fragile, and staff turnover threatened knowledge loss. “The risk of something not happening when it needs to is so high,” Robert warned.
These issues were not unique to Third Lake. Industry-wide, family offices have failed to keep up with technology. Third Lake needed to institutionalize its operations to preserve trust and legacy. That’s why they chose iPaladin and Canoe.
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