Operations & LPs
A fund is a promise to report, for ten years. Capital calls, valuations, quarterly LP reporting, tax documentation in every investor's jurisdiction, and carry calculated correctly at every distribution. We run that machinery so the GP can invest.
The work that consumes the decade is operational, not investment.
Every quarter: valuations agreed, NAV struck, capital accounts updated, reports drafted, questions answered. Every close: equalisation recalculated. Every distribution: the waterfall run again. Every year: audit, regulatory returns, investor tax statements in several countries.
None of it generates returns. All of it determines whether LPs come back for the next fund.
Running the fund.
- 01
LP onboarding
Subscription processing, KYC and AML across investor jurisdictions, accredited and qualified investor verification, source of funds, and a commitment register maintained as the record of truth.
- 02
Capital calls & distributions
Drawdown notices and allocation across investors, equalisation for subsequent closes, distribution notices, recallable capital tracking, and bank reconciliation at every event.
- 03
Valuation & NAV
Portfolio valuation against a documented policy, NAV computation, and the support your auditor and your LPs' own valuation teams will ask for. Consistency across quarters matters more than precision in any one.
- 04
LP reporting
Gross and net MOIC, IRR, DPI and RVPI, quarterly reports and capital account statements. Written the way an institutional LP expects to read them — we have been the ones reading them.
- 05
Carry waterfalls
European or American, whole-of-fund or deal-by-deal — computed per the documents with hurdle, catch-up, clawback tracking and escrow, reconciled at every distribution rather than discovered at the end.
- 06
FATCA & CRS
Entity classification and registration, investor self-certification collection and validation, due diligence on reportable accounts, and annual reporting in each applicable jurisdiction.
- 07
Regulatory calendar
Regulator returns, statutory accounts and audit, tax filings and investor tax statements, beneficial ownership registers, and exchange control reporting where the fund invests cross-border.
Fund operations taking too much of the GP's week?
Tell us the vehicle, the number of LPs and where they sit. We will tell you what we would take over and what it would cost.