Ten fund administration platforms and administrators compared on delivery model, fund types, sweet spot and published price, each row linked to the vendor page we read and dated.
Vessel against Carta for a venture fund's back office: delivery model, what each covers, what each publishes about price, and who should pick which.
Ten fund administration platforms and administrators compared on delivery model, fund types, sweet spot and published price, each row linked to the vendor page we read and dated.
Two software-plus-administration vendors compared for a venture or PE fund: where each starts from, what each publishes about price, and which fund profile fits which. Neither is our product.
One operating problem a week: capital calls, K-1s, LP reporting, waterfall math, onboarding. Every Tuesday. Free.
TVPI, total value to paid-in capital, is the sum of distributions to limited partners and the current net asset value of the fund, divided by the capital LPs have contributed.
A side letter is a bilateral agreement between a fund and a single limited partner that grants that LP terms beyond the limited partnership agreement, such as a management fee discount, most-favoured-nation rights, co-investment rights, excuse rights or additional reporting, and must be tracked and honoured in every subsequent calculation and notice.
A qualified purchaser is an investor who meets the Investment Company Act threshold, generally an individual or family company with at least $5 million in investments or an entity with at least $25 million, which a fund relying on the Section 3(c)(7) exemption must verify for every limited partner.
The management fee is an annual charge paid by the fund to the management company, typically 2% of committed capital during the investment period, often stepping down afterwards to a lower rate or a basis of invested capital, to cover salaries, rent and the cost of running the firm.
An LP portal, or investor portal, is the secure website where a fund's limited partners log in to view their capital account statements, capital call and distribution notices, quarterly reports, tax documents and fund legal documents, replacing email and PDF distribution.
KYC (know your customer) and AML (anti-money-laundering) are the checks a fund performs on each prospective limited partner before accepting their subscription: verifying identity and beneficial ownership, screening against sanctions and politically exposed person lists, and documenting the source of funds, with records kept for audit and regulatory review.
