We’ve introduced support for ILPA notice generation, which is handled via a macro-enabled Excel workbook. This workbook enables users to generate a tab for both a populated cover letter and a populated ILPA notice for every set of commitments from the same LP in a give fund with a single button click, and easily export those cover letters and notices to PDFs.

From a given Capital Event, users will now see a button to Download ILPA Notice Excel Workbook .

The workbook will download with the below tabs:

Users are now able to add a line item to a distribution for a negative amount.

Use cases for this functionality include adding a negative distribution for excess organization costs to allow users to fund organization costs by holding back from a distribution (versus calling for these costs, which would impact unfunded).

The system will still validate that the below criteria are met before allowing users to complete the distribution:

When running a hypothetical waterfall, the system will now detect if a fund is in a potential clawback scenario and allow the user to define how much of carry paid is protected from clawback, so that protection can be factored into that period's NAV.

After entering P&L inputs and running the waterfall, if the system calculates negative unrealized carry amounts for one or more funds, the user will be taken to the below screen. This will break out a card for each fund in the fund family, and allow users to specify how much of the ITD carry paid should be protected from clawback. As the user enters input in the protected carry amount field, the amount subject to clawback will dynamically update based on the input.

After continuing to the hypo waterfall, on the Waterfall tab, users will now see the below three new statistics in the carry table (these will only be present when the fund is in a potential clawback situation). The values of the hypothetical waterfall are not impacted by the clawback protection adjustment.

On the Investor NAV tab, there will be a new column for Clawback Protection Adjustment that will allocate out the protected clawback amounts to any LP with a negative unrealized carry amount proportional to carry paid ITD. The clawback protection adjustment will also be reflecting in the Ending Period NAV. If the fund is not in a potential clawback scenario, the column for the clawback protection adjustment will not appear.

We've updated the IRR table (within a hypothetical waterfall run, under the Performance tab) to improve the ease of navigating and auditing performance metrics.

We've introduced four separate tabs for Fund, Class , Investor , Commitment so users can view and export performance metrics various levels.

We’ve introduced the ability to view Performance metrics on the Investor, Investor Entity, and Commitment pages under a new Performance tab.

The Investor and Investor Entity levels will allow users to view these performance metrics blended across various any funds the investor or investor entity has commitments in. Users can select one or more funds via the fund family dropdown.

Users also also able to select any period in the past via the green selector badge to see performance metrics across any number of funds at a specific point in time.

Previously, in the credit facility paydown workflow, users were required to input individual paydown amounts for each tranche, which proved cumbersome given most of the time, users are thinking about an amount to paydown per use.

We’ve redesigned the credit facility paydown flow to resolve the above issue and introduce additional usability improvements.

Each row of the above table is a unique combination of Use / Loan Type / Type (e.g. Debt vs. Equity). Users can see the aggregate amount outstanding per row across all tranches, and enter a paydown amount for that row.

As users input paydown amounts, the metrics at the top of the table dynamically update to reflect the impact of the pending paydown.

The system will automatically allocate paydown amounts to tranches using FIFO: the oldest tranches will be paid down first. Clicking view on tranches allows users to see how paydown amounts entered by use are allocated to individual tranches.

Previously, credit facility interest expense in Maybern always accrued on the day principal was drawn down, and never accrued on the day principal was paid down.

Given this methodology could vary by loan provider and loan, we've introduced configuration to define the desire behavior for each loan.

Under Configuration > Credit Facility > Loan Configuration , users can see how a given loan is configured to accrue interest on the drawdown and paydown days.

Users can now maintain historical versions of their advance rate groups. Under Configuration > Credit Facility > Borrowing Base , users can see the latest configuring for their existing advance rate groups, and edit these settings.

Upon clicking edit for any advance rate group, users are able to update any attribute of the advance rate group (e.g. which investors are included, the unfunded commitment % available for borrowing, concentration limits, etc.) along with a required effective date for the change.

This effective date can be any day in the future or past, and the system will track what the borrowing base configuration was at any point in time.

If the user schedules a change to an advance rate group in the future, they will see that the group has an upcoming scheduled change on the main borrowing base configuration page.

From the Credit Facility module under the Borrowing Base tab, users can now update the date filter on the Advance Rate Groups table to see how their borrowing base has changed over time (or is scheduled to change in the future).

Previously, Maybern only supported calculating management fee interest based on an IRR calculation. We’ve introduced configuration to support for calculating management fee interest as simple interest.

Under Configuration > Fund Family > Fees , there is now a setting for Interest methodology that allows users to select between IRR or Simple interest.

Previously, Maybern only supported calculating equalization and management fee interest using an Actual / 365 day count methodology.

We've added configuration to define the desired day count methodology for both management fee and equalization interest.

Under Configuration > Fund Family > Profile , users will now see an option in the Equalization Interest section for Day Count .

Under Configuration > Fund Family > Fees , users will also now see an option in the Management Fee Interest section for Day Count .

These two new configurations function independently. Both configurations provide support for the following day count methodologies:

We now support an option in the closing flow from the add commitment button to bulk add commitments.

If Bulk Add Commitments is selected, users are presented with a form that allows for keyboard navigation to enable inputting required fields for multiple new commitments quickly in bulk.

The table has the below columns:

This experience also provides real-time validation feedback to users upon selecting Create Commitments. For example, if a user leaves a required field blank and attempts to continue, they’ll be able to see which specific inputs are incorrect.

Previously, there were several places where users had to click into a given event to access the three-dot menu of actions (e.g. Capital Activity, Credit Facility, etc.).

This created extra clicks to do things like delete a draft event. We’ve recently introduced 3-dot dropdown menus to tables in the below areas to avoid requiring users to click into an event to take an action on it:

Previously, the hypothetical and cash waterfall reports didn’t have a differentiator for main/parallel funds. Given the GP investor entity is often invested in both the main and parallel fund, this field is required to differentiate their waterfall transactions in each fund.

We’ve introduced a column for fund on both waterfall transaction reports. This is the third column (between the investor external_id and waterfall_type ) on both reports.