Capital calls, distributions, and carry — reconciled, not re-keyed.
Capital accounts live in the same system as the deals that drive them, so a distribution doesn’t require exporting the pipeline into a separate fund-admin tool to make the numbers agree.
The deals in one tool, the money in another.
- Exports to agree. Every distribution starts with exporting the pipeline into a separate fund-admin tool.
- Re-keyed figures. Calls, fees and carry are typed again into a capital-account spreadsheet with one tab per LP.
- Reconciling by eye. When the two disagree, someone compares totals line by line until they match.
In DeelSignal capital accounts live in the same system as the deals that drive them, so the numbers agree because they are the same numbers.
One ledger for Fund III, tied to the deals.
Three steps, drawn on Demo Capital’s Fund III. Pick a step to see where it happens.
Steps advance on their own; pick one to hold it.
- Commitment
- Fund III
- Called
- 62.0%
- Call 3 of 6
- 12.5%
- Distributed
- 0.0%
| Entry | Source | Amount | Reconciled✓ |
|---|---|---|---|
| Commitments42 LPs | LP records | $120.0M | ✓ |
| Calls 1–249.5% of commitments | Capital accounts | $59.4M | ✓ |
| Call 3 of 612.5% · a notice per LP | Capital accounts | $15.0M | ✓ |
| Management feeQ3 accrual · 2.0% a year on commitments | Fee terms | $0.6M | ✓ |
| Carried interest20% over an 8% preferred return | Waterfall | accruing | ✓ |
| Reserved · Nuva Tech seedat term sheet, not yet funded | Deal record | $1.5M | … |
| Distributions to datethrough the same waterfall | Capital accounts | $0.0M | ✓ |
| Called to date62.0% of commitments | $74.4M | ✓ |
The Nuva Tech line comes from the deal record in the pipeline. When the round closes it becomes an investment entry without anyone typing it in again.
The figures every LP letter quotes, from one place.
Illustrative figures for Demo Capital, the fictional fund used across this site.
The waterfall your LPA actually describes.
American deal-by-deal or European whole-of-fund — the structure the fund was raised on, run on the same ledger the calls came from.
Return of capital
Contributed capital comes back to LPs first, drawn straight from each capital account.
Preferred return
An 8% hurdle solved as a true IRR on the dated cash flows, not a flat accrual.
GP catch-up
The GP catches up to its carry share once the preferred return is cleared.
Carried interest
The residual splits 80/20, with clawback tracked when a later deal gives some back.
TVPI, DPI and IRR are computed from this ledger — the figures in the LP letter are the figures in the fund, never re-keyed into a reporting deck.
The work most tools hand back to your accountant.
The same records that run the ledger carry the terms and the tax positions, so quarter-end and year-end start from live data instead of a fresh spreadsheet.
Side letters that change the maths.
Terms are read from each signed letter with the exact clause cited back, mapped on an MFN eligibility matrix, and applied to that LP’s calls, fees and carry — not filed in a drawer. Obligations and inconsistencies are flagged, and an anonymised compendium is one export.
QSBS held to the statute.
Per-lot §1202 worksheets run the entity, gross-assets, active-business and holding-period tests, with the §1045 rollover clock and its 60-day window tracked per disposition. Per-issuer caps and per-LP allocation included.
Deadlines and expense, handled.
§83(b) elections are detected and counted down to the 30-day deadline with the statement ready to sign; ASC 718 grant-date fair value and the expense schedule post balanced journal entries, ready for year-end.
The documents behind the ledger get signed in the same place.
Side letters, board consents, subscription agreements and §83(b) elections can be sent for electronic signature and filed against the record they belong to.
A partner sends, a signer proves the inbox.
Upload the PDF or Word document, name the signers, and each gets a personal email link gated by a six-digit code. Before signing, the signer reads an electronic-records disclosure and consents to it, then draws or types the mark.
The signed bundle stays with the fund.
The file is hashed on send and re-checked at completion, every step lands in a hash-chained event log, and the sender keeps the original, a completion record and a manifest. The notice-method check flags when an LPA may still require paper.
The admin keeps it, the partner signs it, the LP sees it.
See it on your own pipeline.
We walk the job through on Demo Capital’s records first, then on a copy of yours.