Hypothetical Waterfalls
Hypothetical Waterfall Audit Export
This month, we’ve released a key piece of what will eventually become an audit package: the Hypothetical Waterfall Audit Export. Users can now download reports with information auditors need to review each hypo.
Under Financial Reporting → Click into a completed Hypo:
Users can now click
Download Auditin the top right to download theHypothetical Waterfall Audit ExportIf users have selected a specific fund via the dropdown on the top right, that fund’s data will be pulled in for the audit export
This report is nearly identical to our existing Waterfall Export (Capital Activity → Click into past distribution → Review Waterfall → Download Audit), with a few additions:
New row
Ending NAVshows the total amount flowing through the hypo for the most recent quarterNew row
Amount Impacting Prefshows the total amount from the hypo liquidation that comes from transaction codes impacting pref
The final tab in the report shows the P&L inputs by entity and its allocation to LPs, which is helpful for clients who enter P&L at multiple levels
Credit Facilities
Version Loan Config
This month, we’ve released the ability for users to create new versions of loans directly in the UI. When loan terms change, users can now edit all terms of their loans and save them with an effective date. Next time users go to post interest expenses, the system will pull in the correct loan version.
Under Configuration → Credit Facility → Loan Configuration → Click into a loan:
Users can now click the 3-dot menu on the top right to edit the loan
They can then update all terms of the loan — e.g. applicable margin, spread, interest rate floor, etc. They can also add notes.
Users must set an effective date for the version
The new loan shows up under
Version Historyin theFacility Detailstab
The loan version updates in the Credit Facility so that borrowing on the effective date and thereafter is in accordance with the new terms set by the user
Capital Activity
Capital Call Reallocations
We've made some updates to the UI to make it more clear when there’s a draft reallocation in progress on a capital event. Now, when users visit the Capital Activity dashboard, a banner alerts them if a draft reallocation is in place. When clicking into the event, users have the option to discard the draft or continue work on the reallocation.
Under Capital Activity → When there is a draft reallocation in progress on a capital event:
We added a
Draft Reallocationbadge to the event on the main dashboard
We added a banner to the capital event summary page that calls out the draft reallocation, with buttons to discard the draft or continue the reallocation
We added the ability to continue/discard in the three-dot menu
We also updated capital call and distribution sub-events (green clickable text with arrow) from the fund level to the fund family level, so the links are now in the column header
Custom Notice Text
For clients that use our bespoke notice creation, we have introduced the ability to define custom text that varies capital event by capital event.
This custom text can be referenced in a cover letter and/or the body of the notice itself.
Management Fees
Management Fee Waivers
We now support management fee waivers for funds that accrue waivers automatically with fee postings!
Under Configuration → Fund Family → Fees:
Users can view existing waiver config in the new
Management Fee Waivertable
User can set up or edit management fee waivers by clicking the 3-dot menu at the top right of the table
Users can select a
Start Datefor the fee waiver accrual using the date-pickerThey can then select a management fee waiver
Cap Calculationfrom a list of pre-configured custom calculationsOnce an LP's
Capis hit, management fee waivers will stop accruing
They can also select a management fee waiver
Calculationfrom a list of pre-configured custom calculations
Users can click
Add a fee waiver calculationto add additional management fee waiver accruals by entity (e.g. Main Fund and Parallel Fund)
Under Fees → Create Fee Posting
If Management Fee Waivers have been set up for the fund, they will accrue along with fees starting on the effective date configured in the workflow above
Users can see a breakdown of the split between
Fee AccrualsandManagement Fee Waivers
Usability Improvements
Page Width Responsive Header Styling
We've updated the top navigation bar to respond better to custom browser widths. Now when a user's screen is resized to a small width, the options in the top header will dynamically collapse into a More menu.
