Modern Brokerage Firm Cache Exceeds $1 Billion in Assets Just Twenty Months after Launch

Cache, building the best brokerage to manage your large stock positions, led by Srikanth Narayan and others, has crossed $1 billion in total platform assets.

For more than fifty years, exchange funds have operated largely out of the spotlight, addressing a specific need for a narrow group of investors, primarily ultra-wealthy families with private banking relationships. While the structure proved effective, the overall experience saw little innovation. High minimums, elevated fees, opaque processes, and slow execution became accepted norms rather than challenges to improve.

By the early 2020s, exchange funds appeared less like evolving financial products and more like relics, largely unchanged and seemingly frozen in time.

The way wealth is built in the United States has shifted over recent decades. Equity compensation has become a primary source of net worth for employees at many of the country’s largest companies, particularly in technology. At the same time, public markets have undergone a historic expansion, amplifying single-stock exposure across portfolios: since the 2009 lows, the S&P 500 has grown nearly tenfold, while the Nasdaq-100 has increased more than twentyfold.

The result has been a rise in concentration risk, affecting investors earlier in their financial lives. Despite this shift, industry consensus long held that exchange funds were relevant only to the ultra-wealthy. Demand was steadily building, but access remained limited.

Cache was created with a focused mission: enabling clients to retain more value from concentrated equity holdings. Rather than offering a broad menu of investment products, the company concentrates exclusively on managing concentrated stock positions.

The Cache Exchange Fund became the foundation of this approach. The objective was not to reinvent the exchange fund structure, but to modernize access to it by lowering barriers, increasing transparency, and introducing predictable execution into a product that historically depended on bespoke relationships.

What began as a single exchange fund in March 2024 has expanded into a broader platform spanning multiple benchmarks and investor profiles, supported by advisors and investors seeking practical ways to manage concentration without triggering taxable sales.

The pace of adoption serves as evidence of unmet demand rather than momentum alone. History shows that when friction is removed from high-value financial products, adoption accelerates rapidly: Charles Schwab’s discount brokerage reached $1 billion in assets within six years; Wealthfront’s robo-advisor achieved the same milestone in roughly 2.5 years. By modernizing access to tax-efficient diversification, Cache surpassed $1 billion in assets in under two years.

In 2025, Cache grew approximately fourfold, with growth reflecting consistent value delivery rather than momentum alone. Throughout the year, the exchange funds tracked benchmarks in line with expectations; the flagship fund, UNIX, achieved a 0.99 correlation to the Nasdaq-100 in Q3 2025.

Together, these results point to something more durable: a breakthrough product restoring relevance to an established category.

In 2025, concentration risk shifted from a niche concern to a mainstream planning consideration, with exchange funds increasingly evaluated alongside core portfolio tools rather than reserved for special situations.

Crossing $1 billion marked a point of relevance, not an endpoint. The forces driving concentrated portfolios, stock-based compensation, entrepreneurial liquidity events, and extended market cycles, continue to accelerate, making tax-aware diversification more essential.

Cache remains focused on building practical tools that help investors maximize the value of concentrated stock positions.