Expense allocation
Shared costs split across funds and entities on the rules you set, the same way every month.
Join waitlistFund II share, on committed capital, every month of the year
Same basis, different commitments. Unrecorded, an auditor standing the year up cannot tell this from a change of rule.
Twelve months of one recurring expense, a fund administration fee of 9,240.00 a month, with Fund II’s share of it drawn as a height in each month. The basis never changed: committed capital, every month. Fund III held its final close on 12 June, which took platform commitments from 220.0M to 300.0M, so the same basis returned 44.0% for Fund II from June rather than 60.0%, a step of 1,478.40 a month that nothing in the close flagged and nothing on the ledger explains.
10,348.80 stepped, dated 12 June
Fund III held its final close on 12 June, platform commitments went from 220.0M to 300.0M, and the same committed-capital basis returned 44.0% for Fund II instead of 60.0%, which is 10,348.80 across seven months that nothing in any close flagged.
Getting the split right once is easy enough. Getting the identical split twelve times, when nothing errors and nothing flags, is the actual job.
Management company against fund, and fund against SPV, on a rule rather than on a judgement call made again each month.
The one that grows fastest with entity count, and the one most likely to be quietly wrong for a year.
We do the work. You verify it.
- Running the allocation on the basis your agreements state, identically every month, which is the part that quietly stops happening when one month is busy.
- Naming the basis beside the amount, so a line records what it was struck on rather than a percentage nobody can reconstruct a year later.
- Standing twelve months next to each other, since that is the only way a step is visible at all. Nothing errors, no total is out, and every individual month is defensible on its own.
- Writing the dated note that says why June differs from May, so a move in the inputs, a vehicle holding a final close and commitments changing, cannot be read as a change of methodology.
- Keeping the pool honest about which vehicles were actually in it, because the vehicles left out of a shared cost are the fact pattern behind the public enforcement actions.
- The GPSigns. The rule was set once, by you, in writing, and what we run each month is the application of it rather than the decision. Nothing goes out without your approval on the face of it.
- Your counsel or CCODecides whether an expense is permitted, and whether a category sits with the fund or with the management company. That is where the exposure lives. We can show you the clause and show you that a line has moved; we do not read the clause for you.
- Your auditor and your accountantA restatement of earlier months is a prior-period adjustment. It moves NAV, the expense ratio and every LP's capital account, and if the year has closed it is an audit adjustment. We surface it with the working shown; booking it and opining on it are theirs.
We do not decide what your LPA permits. We apply the rule you set, the same way every month, and we show the working. The deciding is yours precisely because this is the area with the most enforcement history behind it.
What we ask on the first call
The answers decide whether this is two hours a month or not something we should take on. You get that on the first call rather than the third.
- 01What does the LPA say about permitted expenses, and is there a written allocation policy separate from it? At this size there very often is not one, and that absence is the finding.
- 02Who allocates today, and is the basis written down anywhere, or decided again each month by whoever is closing the books?
- 03Which vehicles are in the pool: funds, parallel vehicles, SPVs, co-invest? The ones left out are the ones that get asked about.
- 04What basis applies per category? Committed capital, invested capital, deal size and direct assignment are all in ordinary use and they do not agree with each other.
- 05When did a vehicle last hold a close? Commitments moving is the blameless reason a percentage changes, and it still needs recording on the day it happens.
- 06If we find a category sitting on the wrong side of the management company line, who do we take it to, and how fast?
- When it runs
- Monthly, at close
- What it costs you today
- 1-4h a month
- What it touches
- QuickBooks, Xero, Sheets
- Grade B
- Runs, with a hop we handle
Pricing
Two ways to work with us.
Have us run the recurring back office, or have us build you a system you own. We are what makes the administrator you already pay for usable by a two-person firm.
We run your back office
What moves it: how many entities, how many LPs, and what your positions sit on.
Done-for-you operations, handled on the cadence each task needs, for investment firms of any size.
- Your administrator's draft lands day 30. Our pass is done by day 34. Your LP pack goes out day 45.
- Your auditor's list closed before 31 December, not reconstructed in March.
- No per-LP fee. No charge per capital call. No add-on for an extra SPV.
- A dedicated operator who knows your firm
- Works inside your existing stack: custodians, QuickBooks, Sheets
- One monthly rate, no hourly billing. Pause or cancel anytime.
We build it, you own it
We scope and build the automations that run the work. You own the system outright, and it keeps running without us.
- A scoping call to map the workflows worth automating
- Custom automations built to your firm's process
- You own the system: no lock-in, no per-seat fees
- A custom dashboard over the systems we connect
- Full handover so your team can run it
- 3 months of maintenance and support included
- Optional care plan after, at a reduced monthly rate
Run it or build it. Both start here.
Join the waitlist.
We are taking a small number of firms to begin with. Leave your email and we will come back with what we would handle, on what cadence, and what it costs.