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Now engaging design partners

Fund operations shouldn’t mean endless reconciliation.

Your administrator has a workbook. Your portfolio companies have templates. IR keeps a tracker, the auditors keep their own — and every LP runs its own model. None of them agree.

We’re building one auditable source of truth for fund financials and reporting.

Talk to the foundersSee the model

Built by operators with 30+ years inside institutional fund operations.

AdministratorPortfolio companiesIR teamAuditorsLPsOne ledgerFive versions to one truth

Fund operations, by the numbers

  • 94%

    of finance teams still close the month in Excel

  • 80%

    of PE CFOs cite spreadsheet reliance as a top concern

  • 20–50 hrs

    on cash reconciliation alone, every month

  • 63%

    of GPs still manage fund data manually

  • 12 systems

    to manage one investment lifecycle

Sources: Ledge, State of Month-End Close 2025 · EY Global Private Equity CFO Survey · Allvue GP Survey · iCapital / Forrester 2025

The problem

The operational reality of fund reporting.

Fund reporting is more than producing the numbers. It’s reconciling the systems, exceptions, and decisions behind them — every period, for every fund.

  • Render of two coiled black satin ribbons pulled apart, their cut ends stopping short of a small copper knot suspended in the gap — a reconciliation break.

    The recon without support

    Three systems, three balances — and the delta lands in an amber exception with no support attached. Three people chase it for days.

  • Render of a braided black cord fraying out into dozens of loose silver strands — institutional knowledge walking out.

    When knowledge walks out

    The waterfall logic lives in one person’s head and one workbook. When they leave, verifying those calculations gets nearly impossible.

  • Render of a green ribbon passing through a tangled knot and coming out flat and straight — a simple answer emerging from mess.

    The simple LP question

    A capital account since inception: today the answer winds through six spreadsheets and takes a week. With one ledger, it’s a straight line.

What it costs

Thirty hours a month. Per fund.

The status quo isn’t free. It’s billed in hours, errors, and people — before a single restatement, auditor follow-up, or lost weekend.

And the tolerance for it is gone: reported NAV errors are rising year over year, and nearly a third of manual waterfall calculations carry an error at some point in a fund’s life.

  • Reconciliation hours per month, per fund
  • Month with a reported NAV error
Bar chart: reconciliation hours per month, per fund, rising across the year. Seven ascending bars trace reconciliation hours per month climbing steadily across twelve months, every entity, before audit season. One bar is amber: it flags a month with a reported NAV error, and those errors are rising year over year. Annotations read: recon hours per month; NAV errors rising; 30 hours saved per fund.RECON HOURS / MONAV ERRORS ↑30 HRS SAVED / FUND12 MONTHS · EVERY ENTITY · BEFORE AUDIT SEASON

What’s at stake

Let your track record speak.

In diligence, operations either reinforces your story or raises questions. We make it the part that quietly builds trust — clean closes, accurate NAVs, and answers on demand.

  • Close timeline with one source of truth
  • Close timeline on spreadsheets
  • Restatements & auditor follow-ups
Quarterly close timeline, eight quartersLine chart comparing days to close over eight quarters. The spreadsheet close line zig-zags between long and short quarters, with amber markers where restatements and auditor follow-ups land. The close line with one source of truth stays low and predictable, drifting only slightly across the eight quarters.

The unlock

Ask a question. Get an answer.

When fund data lives in one source of truth, the one-line LP question that used to take a week takes seconds — capital accounts, exposure, and performance across every fund and entity.

Today — across six spreadsheets

5 days

With one source of truth

seconds

The model

Every party. One ledger.

Administrators, portfolio companies, IR, auditors, and LPs all read and reconcile against the same auditable ledger — instead of maintaining five private versions of it.

  • Every figure carries lineage to its source
  • Every party sees the same balance
  • Every change is logged and attributable
Five cream silk ribbons spiraling into a single green knot

Why us

Thirty years inside fund operations.

Built by doers, not spectators. We’ve owned the NAV sign-off, built the waterfall models, sat across from the auditors, and answered the 11 PM LP email — at top institutional firms and funds.

Every seat at the table

  • 30+

    years operating funds, on the GP and LP side

  • 2

    sides of the table — we’ve sat at both

  • 1

    platform we spent three decades wishing we could buy

Design partners

Built with a founding cohort, not for a market.

  1. Bring one workflow
  2. We build against it
  3. Structured feedback
  4. Scale across funds

What partners get

  • Direct influence over what we build, and in what order
  • The platform shaped around your entities and close calendar
  • Preferential partner terms as we scale

What we ask

  • One genuinely painful workflow to build against
  • Candid, structured feedback as we ship
  • A working-session cadence that respects your quarter

2026 cohort

A small number of design-partner seats available.

Get in touch

Talk to the founders.

Tell us about your funds and the workflow you’d fix first. We’ll show you what we’re building — and where you could shape it.

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