Funds and fund economics
A fund record carries the economics real LP reporting needs: management fee, carried interest, hurdle rate and waterfall structure. They are fields on the fund, not assumptions in a spreadsheet somebody maintains.
02 · The books · Fund accountingA real ledger, not
A real ledger, not
a contact list tagged “LP”.
This is the back office almost nothing at this price point covers. Committed capital per LP per fund, capital calls, distributions, fees and carry recorded as discrete capital-account entries — sitting on the same records the pipeline and the portfolio write.
Capital call noticeDemo Capital · Fund III
Call 3 of 6- To
- Orbit Pension · Meera Iyer
- Fund commitments
- $120.0M
- This call
- 12.5% of each commitment
- Called after this call
- 62.0%
- Fund-wide, this call
- $15.0M
generated from the capital accountsnotice 3 / 6
Fund III · the ledgerCall 3 of 6,
Call 3 of 6,
posted to 42 capital accounts.
Commitments, calls and what is still unfunded, as discrete entries. Distributions, fees and carry post to the same accounts as entries of their own.
25.0%1
49.5%2
62.0%3
open4
open5
open6
Cumulative share of $120.0M called$74.4M called · $45.6M unfunded
Capital account entriesreconciled
| Entry | Share of commitment | Fund III | Orbit Pension |
|---|---|---|---|
| CommitmentsCommitment | 100.0% | $120.0M | 100.0% |
| Call 1Capital call | 25.0% | $30.0M | 25.0% |
| Call 2Capital call | 24.5% | $29.4M | 24.5% |
| Call 3 of 6Capital call · notices generated per LP | 12.5% | $15.0M | 12.5% |
| Called to dateSum of calls 1–3 | 62.0% | $74.4M | 62.0% |
| UnfundedCalls 4–6 to come | 38.0% | $45.6M | 38.0% |
01 · Fund economics
The terms, modelled where they are used.
LP commitments and capital accounts
Committed capital per limited partner per fund, with capital calls, distributions, fees and carry recorded as discrete capital-account entries.
Capital calls
LP-level allocation with notice generation, so the call and the notice come from the same figures.
Waterfalls
American and European structures, modelled before they run rather than reconciled after.
The waterfall · 20% carry over an 8% prefModelled before it runs,
Modelled before it runs,
not reconciled after.
Whole fund: carry is paid only once the whole fund has returned capital and the preferred return.
Deal by deal: the same four tiers run per investment, so carry can be paid as each deal exits.
- Return of capital
LPs get their contributed capital back first.
- Preferred return
LPs then receive an 8% preferred return.
- GP catch-up
The GP catches up until it holds 20% of the profit.
- Carried interest
Above that, profit splits 80 / 20.
to LPsto the GP
02 · Marks that survive an audit
Defensible, or it does not count.
Valuation history on an ASC 820 basis
Marks carry the US fair-value standard’s basis — the institutional-grade detail lightweight tools skip, and the reason a portfolio number holds up in an LP audit.
Version history
An immutable change log across records, with the ability to restore a previous version. What a number was last quarter is retrievable, not remembered.
Audit log
An immutable record of who accessed or exported sensitive data.
ASC 718 stock-compensation expense
Fair value, vesting schedules and forfeitures computed per grant, posting the GL journal entries a period close needs — frozen per period the same way a valuation is frozen per mark.
03 · Valuation and terms
The work that used to leave the system for a spreadsheet.
OPM backsolve
Back-solve total equity value from the latest round with an option-pricing model over the cap table’s liquidation preferences, and compare runs side by side. A working number to check an appraiser’s against, not a signed 409A.
ASC 718 market conditions
Grants that vest on a share-price barrier or relative TSR are valued by a fixed-seed Monte Carlo, so the same inputs always give the same expense, and a modification is valued and expensed from its own date.
Side letters and MFN
Upload a side letter and its terms are proposed for a person to confirm. MFN elections run off an eligibility matrix, with a compendium PDF, an obligations list, and flags where a capital call, fee or carry entry would break a confirmed term.
Indian instruments
iSAFE, CCPS and CCD are their own instruments, not a US SAFE with a different label. An iSAFE converts like a post-money SAFE without interest, a CCD accrues interest to a pre-money cap, and priced CCPS is modelled as equity, from the term sheet through check impact to the cap table.
The model
Why there is no re-keying
The investment the ledger accounts for and the deal the pipeline tracked are the same record. A mark set on the portfolio company is the mark the capital account uses and the mark the LP letter prints. There is no export step between the deal and the books because there is no boundary between them.
Said plainly
What it does not do
It does not replace your fund administrator or your auditor, and it does not file anything on your behalf. It gives both of them a ledger they can tie out against instead of a folder of spreadsheets.
See it on your own data.
Forty minutes, a workspace shaped like your fund, and no deck. If it does not replace something you already pay for, we will say so and end early.