NEW YORK (HedgeWorld.com)–Optima Fund Management LLC has signed on to make its fund of funds marketing and reporting information available on a web-based platform run by IntraLinks Inc.

In doing so, Optima has become the first hedge fund client to use IntraLinks’ platform. IntraLinks allows financial firms to post information, some of which is restricted to certain investors, in a secure fashion. It is meant to reduce the amount of mail, faxes and e-mail that financial firms send to their investors by making that information available on an Internet platform. It also addresses security concerns related to allowing only investors authorized to view certain information access to that information.

Adam Sloan, senior vice president for business development at IntraLinks, said his firm is just the messenger.

“We have set up a system that managers can use to post the information themselves,” Mr. Sloan said in an interview. “We don’t touch it [the information].”

Managers can post everything from private placement memos to monthly performance updates using IntraLinks. They can then specify which investors should have access to what information. IntraLinks then restricts access using password protection.

Say, for example, that a hedge fund manager offers six funds and that the manager has made information about all six available to investors via IntraLinks. One person might have invested in three of those funds, and so that person only would have access to information about the three funds in which he or she has invested, Mr. Sloan said. Information about the other funds would be protected and accessible only to investors in those funds.

Additionally, IntraLinks uses technology that can prevent printing and copying of information the managers make available; but so far, there has not been great demand for those kinds of limitations, Mr. Sloan said.

IntraLinks started in 1996 and quickly attracted firms in the loan syndication market, who found the platform to be a safe, efficient way to communicate with investors, Mr. Sloan said. IntraLinks recently has seen increasing use among private equity managers and investors.

Hedge funds, Mr. Sloan said, were a natural extension of the interest among the private equity community.

Geoffrey Lewis, Optima Fund Management’s chief financial officer, said in a statement that IntraLinks has made communicating with investors, limiting information access to investors who are legally entitled to view it and the tracking of who has access to fund information much easier.

“IntraLinks allows us to meet these goals without the expense of building and maintaining our own platform,” Mr. Lewis said. “With IntraLinks, we also gain a detailed audit trail that enables us to maintain a thorough record for compliance, full system redundancy and 24-hour customer support for our clients around the world.”

CClair@HedgeWorld.com