Capital account roll-forward
Each LP's capital account rolled forward and agreed against the administrator's number before the quarter is reported.
Join waitlistAdministrator draft, Q3, in on day 31
Commitment 6,000,000.00
Side letter, 27 February. Blended 1.75 per cent once committed capital passes 5,000,000.00.Back to the administrator on day 34. Pack to partners on day 45.
3,750.00The fund administrator’s draft partners’ capital account statement for the third quarter, received on day 31, for one limited partner with a 6,000,000.00 commitment. Beginning balance 4,812,540.18, contributions 750,000.00, distributions 412,500.00, giving total cash and deemed flows of 337,500.00. Management fees 30,000.00, partnership expenses 9,417.36, interest income 1,204.90 and realized gain 186,204.55, giving total net operating expense of 147,992.09. Unrealized gain 402,881.44. Ending NAV as drafted, 5,700,913.71. The draft prices the management fee at 2.00 per cent annual on the commitment, which is 30,000.00 for the quarter. This partner’s side letter of 27 February blends the rate to 1.75 per cent on the whole commitment once committed capital passes 5,000,000.00, which is 26,250.00 for the quarter, a difference of 3,750.00. The letter and the recomputation go back to the administrator on day 34, and once applied the draft’s ending NAV becomes 5,704,663.71. The pack reaches partners on day 45.
3,750.00, while it is still a draft
The draft priced the fee from the schedule the administrator holds: 2.00 per cent annual on 6,000,000.00, so 30,000.00 for the quarter. The letter signed on 27 February blends it to 1.75 per cent, so 26,250.00. It went back on day 34 and the pack goes out on day 45.
The administrator can only apply the terms it has been given. Handing it the letters, the elections and the transfers before the draft is cut is the job, and it comes round every quarter.
Your administrator produces the statement and cannot know about a side letter it was never sent. We feed it the terms and elections, then read the draft that lands around day 30 while there are still two weeks before the pack goes out.
Venture fundsWe do the work. You verify it.
- Feeding the administrator what it structurally cannot know: side letters, MFN elections, transfers, new closings, and which fee arrangement applies to which investor.
- Reading the draft that lands around day 30 against the LPA and the letters, and sending back what does not agree while there are still two weeks before the pack goes out.
- Recomputing the management fee and the expense allocation on the basis your documents state, with the working shown, so your administrator can check us in minutes rather than argue.
- Tying each movement to the document it rests on: the wire confirmation, the bank statement, the invoice, the executed sale.
- Holding the cadence quarter after quarter, because a misallocation in year one cascades into every preferred return accrual and carry calculation after it.
- Your fund administratorProduces the capital account statement and calculates NAV from what it has been given. We feed it and we read its draft. We do not produce a statement, we do not certify a number, and we are not a second administrator.
- You, the GPThe statement is produced for you and you remain responsible for it. The mark is yours and it stays yours: we make sure a valuation is documented, dated and in the administrator's file before the draft is cut, and we neither set one nor bless one.
- Your fund counselWhat the LPA and a side letter permit is a legal reading. We show what the document says and apply it identically every quarter; we do not decide what it allows.
We never produce or certify NAV, and we do not say your administrator signs it either. Your administrator calculates it from what it is given, the valuation assertions are yours, and our quarter is the inbound feed, the pass over the draft, and the pack leaving on the day it is due.
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.
- 01Who is your administrator, when does their draft land, and when does your pack go out to LPs?
- 02Where do the side letters live, and has anyone confirmed the administrator holds all of them?
- 03Which terms are investor specific: a fee discount above a commitment threshold, an MFN election, a fee offset with its own roll-forward?
- 04Who sets the marks today, and is the valuation policy written down and dated?
- 05Which reporting template does the administrator run, and which version of it?
- 06Who reads the draft today, and what happens in the quarter that person is away?
- When it runs
- Quarterly, ahead of the LP pack
- What it costs you today
- 2-4h a quarter
- What it touches
- Your fund administrator's PDF, Sheets, Carta
- Grade C
- Judgement in the middle of it
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.