Capital Activity
Capital calls for fees at specific fund entities
Previously, users were only able to call for management fees for all entities in the fund family at once for a given fee accrual period.
We’ve introduced the ability for users to add a call for management fee at one specific fund-level entity (such as a main or parallel fund). This gives users greater flexibility to call for fees for LPs investing through different fund entities at different dates.
To use this functionality, users can uncheck the Auto Allocate column in the Management Fee line item within the call. Unchecking this option will allow users to click into an individual fund to see fees accrued per period and select periods to call for fees for that specific fund.
Adjustments to subsequent close interest
Users can now adjust subsequent-close interest when running an equalization in Capital Activity.
Allow negative capital call amounts per use
Users can now enter negative uses when calling capital to holdback from a capital call. Previously, the only way to net reduce a capital contribution was to add a distribution to the same capital activity event. This functionality gives users greater flexibility in determining if they’d like to represent the holdback as a negative amount to a capital contribution code, or a positive amount to a capital distribution code.
Under Capital Activity → Run Capital Event → Add Capital Call:
Users can enter negative amounts for each use
Total capital call amount will subtract negative uses
Transaction Pivoting
Introduce inter-entity filter in transaction pivoting
For a given fund that has entities above the main fund level, Maybern is now writing intermediary transactions to represent inter-entity capital movement. For example, If LP1 makes a $100 commitment to Feeder A, we will now additionally write a transaction representing the $100 commitment Feeder A is making into the Parallel fund-level entity below.
For funds with these types of inter-entity structures, we’ve updated transaction pivoting so the pivoting functionality can be used without double-counting transactions. For example, if users want to pivot on Commitment Made by fund entity, they would need to see LP1’s commitment result in a total of $100 of commitments in the main fund, not $100 from LP1 and an extra $100 from Feeder A).
We’ve addressed this challenge by filtering out entity-to-entity transactions in pivoting for now. We will explore ways to allow users to zoom in on specific entities in the future.
Under Transactions → Pivot icon:
We’ve added an (i) icon next to All Transactions
When users hover over the icon, tooltip says Entity to entity (i.e. Feeder to Main Fund) transactions not surfaced in pivoting to avoid double counting.
Pivoting does not include transactions between entities, and should only include transactions between LP commitments and entities (I.e. a transaction pivoting simplifies your fund transactions into a “flat” structure)
Commitments
Added "Share Class" as a column in all commitment-level tables
In the closing flow, users can now define a share class for every commitment added to the fund family.
However, users previously couldn’t yet see this share class anywhere else in the product. For every table that is at the commitment level of granularity, we’ve added a column for share class that can be filtered, grouped, and sorted. This will now appear in the below areas:
Commitments
Commitments tab > main Commitments table
Closings tab > click into any completed closing > Included Commitments table
Closings tab > create a new closing
Included Commitments table on the Commitments wizard step (and Not Included Commitments table on the first wizard step)
Capital Activity Equalization on the Capital Activity Equal Preview wizard step
on the Credit Facility and Custom Transaction tables on the Non-Capital Equal wizard step
Management Fee Catch Up and Equalized Offsets on the fourth wizard step
Financial Reporting
Click into any existing or create any new estimated or actual hypo waterfall…
Investor NAV tab > QTD YTD and ITD views on the main table
Performance tab > Commitments tab of the bottom table
Capital Activity
Click into any completed capital event > Net Event Investor Breakdown
Create a new capital event > Net Event Summary
Create a capital call > Investor Breakdown , Unfunded Commitment tables on review capital call step
Create Distribution > Distribution Summary , Unfunded commitment tables on the view distribution step
Fees
Historical Fees table
Click into any fee period > Fees Breakdown , Fee Basis by Investor tables
Transaction Pivoting
Share Class is now an available field
Waterfalls
Updated Detailed Waterfall Breakdown table
We’ve redesigned the Detailed Waterfall Breakdown table that shown on the output page for every cash and hypothetical waterfall for improved visibility and clarity into waterfall progression. The new table introduces the following improvements:
Show an ITD view of the waterfall to eliminate an issue where Maybern could present a negative amount being paid to a tier (this previously happened when we broke out what was paid in prior distributions to a tier vs. what is being paid in the current distribution to a tier. Given the waterfall should be viewed on an inception-to-date basis, showing money paid to each tier per individual distribution would result in these “negative payments”, given past payments were simply being reallocated to an earlier tier size as the tiers changed amounts due one waterfall run to the next).
More clearly delineate between distributions flowing through the waterfall vs. amounts owed to each tier of the waterfall
Provide insights into how amounts owed to each tier has changed from the prior distribution
Hypos
Ability to allocate AMF accruals to Equity commitments in NAV walk
Users now have the option to allocate management fees to an investor's equity commitment only for the purposes of presentation in the NAV walk. This new setting is relevant for funds that have entities where investors are committing both equity and debt, fees are calculated on the basis of both commitments, yet fees should be reported as associated with the equity commitment only.
To use this new setting, navigate to Configuration > LPA Config > Fund Family Profile , and select the Show debt commitment fees with paired equity commitment in Hypothetical NAV setting under Advanced.
Support notes on hypothetical waterfall events
We’ve introduced notes to hypothetical waterfall events after users provided feedback that they’d like the ability to add notes to actual and estimated hypothetical waterfall runs to help them label scenarios and remember important information.
Under Financial Reporting:
New Notes column to the right of Attached Estimated Hypos shows any notes the user has added to the hypo
Under Financial Reporting → Run Hypothetical Waterfall → Run Actual Hypothetical Waterfall and Run Estimated Hypothetical Waterfall:
Users can now add notes during flow and on output page before finalizing
New Fund Structure Views
We’ve added new views that make it easier to see how capital moves through your fund structure. Our new interactive charts highlight flow and allocation paths throughout the product, giving you a more intuitive and visual way to understand activity and relationships across your setup. These views are especially helpful for funds with complex, multi-level fund structures.
Fund Structure Graphs
Our new interactive fund structure graph now shows up across the product! It’s usually collapsed by default; users can open it by clicking the double-arrow button at the top right or using the keyboard shortcut command + /. Users can click the download icon to export the structure graph to PDF.
Adding New Entities
Users can now reference their fund structure and add above-the-fund entities, such as feeders and blockers, to their fund structure directly in the UI.
Under Configuration → Fund Structure → Entities → Create Entity
Users can now add a new above-the-fund
FeederorBlockerto their fund structureUsers must enter an
Entity NameandEntity Short NameThe
Entity Short Namewill populate in tables and tabs throughout the app
Users must enter an
External IDUsers can optionally enter a
Formation Datefor the new entityUsers must enter a
Jurisdiction CountryUsers must enter a
Legal Type(e.g. C-Corp, LLC, LLP, etc.)
To add the new entity to the structure graph, users need to select an an
Investing IntorelationshipThis relationship dictates how capital will be allocated up the fund structure
Users can optionally add
Share Classesto the new entityUsers can then click
Create New Entityto finalizeNote that LPs can close into the new entity in the
Closing Dashboard
Capital Activity View Updates
Users can now reference their structure graph in multiple capital activity views, which helps track capital as it flows throughout the fund structure.
Under Capital Activity → Click into a past Capital Event
Users can now expand a structure graph on the right side of the screen
The structure graph updates accordingly when the
actual / equalizedtoggle is flipped so that users can easily see the impact of equalizationsThe structure graph lights up and shows amounts when users hover over rows in the
EventsandNet Event SummarytablesThis table displays additional rows for above-the-fund entities
Under Capital Activity → Run Capital Event:
Funds with complex fund structures can now view the structure graph and add capital activity at multiple levels
Hypothetical Waterfall View Updates
We’ve also introduced the structure graph in actual and estimated hypothetical waterfalls so that users can view how PnL inputs flow through the fund structure.
Under Financial Reporting → Run Actual Hypothetical Waterfall & Run Estimated Hypothetical Waterfall:
After inputting PnL inputs, users can view the structure graph
Users can click on individual entities to view a summary of how PnL travels through those entities
Configuration
Editing bank information on entities
We added the ability for users to edit bank information for entities in the UI. This information can then be referenced in capital event notices.
Under Entities → Click into a fund entity (e.g. main fund, feeder, etc.)
New table shows Bank Information
Users can click the three-dot menu to edit or add bank information
Support for additional countries on entity profile
Under Config → Fund Structure → Entities → Create Entity, when creating entities, in addition to existing jurisdictions, users can now select:
Cayman Islands
British Virgin Islands
Foreign Other
Usability & Misc. Improvements
Credit facility interest expense posting date now defaults to yesterday
Previously, the posting date end date in the credit facility interest expense posting flow defaulted to today, which users always had to adjust, because interest rates (such as SOFR) are not published day of, so the system would not yet have the required rate for today. Additionally, the bank won’t have sent the invoice inclusive of today anyway, so it’s unlikely that the user is actually trying to post interest expense for the current day.
Now, the posting end date for this flow defaults to yesterday so users don’t need to always make this adjustment in order to proceed. Users can still manually adjust this date as required.
Change copy on "edit fee" page
Some users were confused by the text “Charge timing within the accrual cadence.” We’ve updated this to make it more clear.
Under Configuration → Fund Family → Fees → Fee List → Click on a fee → table that pops up AND click the three dots to Edit Fee:
“Charge timing within the accrual cadence” now says “Are fees charged at the beginning or end of the period?”