PEAI GLOBAL DIRECTORY OF CARRIED INTEREST PRODUCTS AND SERVICES - Sponsored by
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PEAI GLOBAL DIRECTORY OF
CARRIED INTEREST PRODUCTS
AND SERVICES
2021Updated 26th April 2021
Sponsored by
PREFACE
Preface
By Mariya Stefanova, Founding Partner, PEAI
Dear Clients,
I am delighted to introduce you to our new publication, the first edition of our PEAI
Global Directory of Carried Interest Products and Service 2021 (the ‘Carry Directory’).
The main objective of the Carry Directory is to help Private Equity (PE) fund managers/
General Partners (GPs) and PE investors/Limited Partner (LPs) to find the right solution for them
to handle carried interest – whether you are a GP that wants to up its game and improve or
have its existing Excel-based waterfall model certified to the benefit of your LPs or want to
move your fund-level waterfall calculation and/or your carry plan and carry allocation down
to carried interest holders (CIHs) to an automated specialist carry platform, or you are an LP
who is looking for the best carry/fee validation solution, this is your ultimate go-to one-stop
source of information on carried interest products and services available worldwide.
Just a few years ago, pretty much the only tool we had available in our toolbox to deal
with carry at all levels (fund- or carry-vehicle level) was spreadsheets. Now, you have
quite a few alternative options – from solutions that make your Excel model low-risk to
Excel alternatives (or as we usually call them ‘Excel on steroids’) such as Anaplan,
specialist carry platforms or fully outsourced solutions.
Our clients often ask me to recommend a solution and I thought putting this publication
together to guide you in making an informed decision that is best suited for your
organisation, was important, so I am truly excited to allow each participating provider to
present their case to you. We made sure, however, that each case has been presented in
an unbiased and fair manner not damaging other provider’s cases, and the information
included in the Guide was actually useful, and not just representing a sales pitch. We also
leveraged our expertise in the subject of carry, to make sure that the articles were free from
technical errors and misstatements, as long as our expertise in the relevant field allowed us.
Where we disagreed with the author(s) and weren’t able to find a mutually agreed solution,
we have allowed the author(s) to freely express their views and beliefs without judgement.
However, please do not misconstrue this technical information as professional advice, it only
showcases the experience and illustrates the views of the relevant participating provider..
I hope you’ll find the Carry Directory to be a useful took that helps you navigate through the
complex and sometimes murky waters of carried interest and waterfalls and would become
the ultimate source for you on carried interest and waterfalls. Hopefully we’ll be successful
in achieving our goal, thus fulfilling our pledge to helping the PE industry become more
transparent and making the LP/GP communication and exchange of information seamless
and more efficient.
You can contact any of the providers either directly or through us by emailing to
info@peaccountinginsights.com. We are committed to assisting you with selecting the best
options for you depending on your specific requirements and needs.
Mariya Stefanova
Founding Partner
PEAI
PEAI Global Directory of Carried Interest Products and Services 2021 i
CONTENTS
Contents
Preface i
Contents ii
How to use the Carry Directory iii
Summary of carried interest providers and products and services offered iv
SECTION I. PROVIDER PROFILES 1
1. Sponsors: 2
Colmore 3
2. Premium providers: 12
PFA Solutions 13
Lionpoint 21
qashqade 28
PEAI 36
GPX 42
Other premium providers
3. Schedule of other providers and products and services
SECTION II. TECHNICAL GUIDE TO CARRIED INTEREST AND WATERFALLS: 47
SHOWCASING PROVIDERS’ TECHNICAL EXPERTISE
How Does the Carry Catch-up Work and Does it Matter? 48
By Mariya Stefanova, PEAI
Different approaches to preferred return
By Mariya Stefanova, PEAI
Five myths about carried interest and running waterfalls 51
By Oliver Freigang, qashqade
How to Design Great Waterfall Models 57
By Mariya Stefanova, PEAI
Waterfall Automation with Anaplan: Enhancing Transparency & Connected 65
Modelling with an Enterprise Grade Solution
By Jonathan Balkin & Santiago Gruter, Lionpoint Group
Carried Interest Participant Allocation Plans: The Current State of the Market and 74
Controls for Managing Carried Interest Data
By Ryan Burger, PFA Solutions
Trust but verify: Case Studies of Fee Validation in Practice 83
By Paul O’Shea & Christopher Chung, Colmore
GP Waterfall Model Certification 89
By Mariya Stefanova, PEAI
PEAI Global Directory of Carried Interest Products and Services 2021 ii
HOW TO USE THE CARRY DIRECTORY
How to use the Carry Directory
The PEAI Global Directory of Carried Interest Products and Services starts with a brief
summary of all the carry providers included in it, presented in a tabular format, so that it’s
easy to use as a quick reference by the reader. The Directory itself is structured in two
distinctive sections.
In Section I, you have the detailed Providers’ Profiles where you will find information on
each participating provider, the services rendered and/or products offered by them with
their most important features, introduction to the team responsible for those products
and/or services, and any other information deemed useful by the provider. Each Profile
starts with a summary containing brief consistent information on the provider and is in a
uniform format for all the providers. The purpose of this section is to allow the providers to
make their case to you, or as we refer to it, this is their ‘five-minute sales pitch’ to you.
In Section II, we have asked each provider to write a technical piece to showcase their
technical knowledge in the subject area – carried interest and waterfalls. I strongly
believe you have the right to judge their technical expertise for yourselves by reading
about their views or shared experience on a particular technical topic pertinent to the
subject of carry. The specific topic has been selected by them. Some of the providers
have decided to present (completely anonymised) case studies to demonstrate how they
handle real-life client situations. Others, have decided to present theoretical concepts
pertaining to carried interest and waterfalls, thus demonstrating their deep understanding
of the subject matter. We would like you to make the most of this section. Use it as a
guide and a reference point to resort to when needed.
The Directory itself, as well as the Directory’s website www.carrydirectory.com is
designed to be updated on an ongoing basis to include new providers all the time and
you can download the latest pdf version from the Directory’s website.
Our next step would be to branch out to other areas – private equity specialist legal and
tax advice, fund administration, placement agents, other specialist private equity software,
performance measurement and GP track record services and products, information on
private equity managers and funds in market, as well as PE investors/LPs, and at a later
stage even adding a ‘PE Jobs’ section. This more diverse information will be included in
the PEAI Global Directory of Private Equity www.peglobaldirectory.com and the Carry
Directory will become an integral part of it.
Enjoy leafing through the Directory to keep you on top of this ever-changing asset class
and its service providers and the exciting new tools they have to offer!
Mariya Stefanova
Founding Partner
PEAI
PEAI Global Directory of Carried Interest Products and Services 2021 iii
SECTION I. PROVIDER PROFILES
SPONSORS
Colmore SPONSOR
INTRODUCING COLMORE
COMPANY NAME Colmore
CONTACT DETAILS communication@colmore.com
WEBSITE www.colmore.com
Fee Validation via FAIR Services (“Fee Allocation Incentive Reporting”)
Carried Interest Modelling and Verification Analysis
SERVICES
Private Equity Portfolio Monitoring, Reporting & Analytics
Private Equity Fund Administration
HELIOS Private Equity Reporting and Investor Portal
TECHNOLOGY PLATFORMS
FAIR (“Fee Allocation Incentive Reporting”) Platform
MEET THE COLMORE TEAM
ALEX TARANTINO PAUL O’SHEA, CAIA KEVIN WATSON
COMMERCIAL DIRECTOR SENIOR VICE PRESIDENT, VP, HEAD US BUSINESS
(LONDON) FAIR TEAM (DALLAS) DEVELOPMENT (NEW YORK)
RICHARD STRATFORD CHRISTOPHER CHUNG
VICE PRESIDENT, FAIR SENIOR ANALYST,
TEAM (DALLAS) FAIR TEAM (DALLAS)
PEAI Global Directory of Carried Interest Products and Services 2021 3
Colmore SPONSOR
COMPANY PROFILE
Colmore is an independent, global service and technology validated, real-time data across their private equity portfolios.
provider for the Private Markets Limited Partner community Leveraging a proprietary technology platform, HELIOS, Colmore
with over 20 years of industry experience. In January 2017, empowers sophisticated institutional investors by providing
Colmore spun out the portfolio servicing and fund administration better insight into their fund investments and peer-through to
function within a global private asset manager. Colmore has five underlying portfolio companies. A leading force in the industry
office locations, with U.K. and U.S. headquarters in Birmingham, for transparency, Colmore has also pioneered a Fee Validation
England and Dallas, TX respectively. Colmore’s mission is to service called “FAIR”, working with LPs to validate fees,
make private equity more accessible and transparent for expenses and Carried Interest associated with their private
Limited Partners. Colmore’s success is attributable to the equity investments.
expertise and background of its personnel, with over 60% of the
firm having previously worked at an LP or GP and an average of
seven years of Private Equity experience firm-wide.
Colmore works with leading Fund-of-Funds, Secondary Funds,
Public Pensions, Private Pensions, Endowments/Foundations,
Family Offices and other institutional investors to deliver
COMPANY PERSONNEL
7+
YEARS
60
PERCENT
145
EMPLOYEES
AVERAGE PE WORKED IN 5 GLOBAL OFFICE
EXPERIENCE AT GL/LP LOCATIONS
As of September 2020
PEAI Global Directory of Carried Interest Products and Services 2021 4
Colmore SPONSOR
FAIR BY COLMORE
WHAT IS FAIR?
FEE ALLOCATION INCENTIVE REPORTING 1,200 FUNDS
(“FAIR”) PROVIDES COMFORT TO LPs THAT VALIDATED ANNUALLY
THEY ARE BEING CHARGED THE CORRECT (AS OF SEPTEMBER 2020)
AMOUNT OF FEES AND CARRIED INTEREST.
As part of the FAIR program, Colmore models expected fees and
Carried Interest and compares this to actual fee and Carried
Interest charges as per GP reporting. FAIR highlights risk areas
within LPs’ portfolios and helps LPs implement an ongoing due
diligence program across their private equity portfolios.
CLIENTS INCLUDE
3 OF TOP 10
WHAT IS THE OBJECTIVE OF FAIR? PRIVATE EQUITY LPs
(AS OF SEPTEMBER 2020)
THE COLMORE FAIR PROGRAM LOOKS
TO ACHIEVE THREE PRIMARY OBJECTIVES
FOR INVESTORS:
To allow LPs to get an accurate reflection of fees that they are MEMBERSHIP
paying through their Private Equity portfolio.
DISCOUNT AND
To ensure that the fees and Carried Interest charged are in line STRATEGIC
with the terms outlined in their Limited Partnership Agreements and
Side Letters. PARTNERSHIP
To benchmark the fees they are paying against other Funds in the
WITH ILPA
Private Equity universe.
PEAI Global Directory of Carried Interest Products and Services 2021 5
Colmore SPONSOR
WHY IS FEE VALIDATION IMPORTANT? WHY COLMORE?
Fee and Carried Interest allocations are becoming increasingly Colmore has been performing fee and Carried Interest validation
complex, with most waterfall calculations being handled outside services for over 13 years and is now the recognised leader within the
a technology system, predominantly modelled in Excel. This Private Equity industry. Colmore leverages a unique background and
manual aspect of the calculation can lead to mistakes. skillset (previous back-of昀ce of a Fund-of-Funds) combined with cutting
edge technology to deliver robust risk-based reporting. Colmore supports
Year-end audits often don’t go into the level of granularity required some of largest allocators to Private Equity, and is a thought leader
— especially at the individual LP level — to properly validate fee and within the space. Industry representation includes:
Carried Interest allocations. Often mistakes fall through the cracks
of “materiality”. LP Fee and Carried Interest Allocation Trainings
Increasing focus for regulatory agencies, including the SEC. The Speaking Engagements at Industry Events Regarding
SEC published results of an examination (June 2020)1 that found Transparency
material concerns and de昀ciencies with the reporting, allocation, Publication of White Papers on Fee and Carried Interest Validation
and lack of transparency regarding Private Funds’ fees and
expenses. This examination follows the famous “Spreading Colmore has working relationships with the following organisations:
Sunshine in Private Equity” examination in May 20142 which yielded
Institutional Limited Partners Association (ILPA)
very similar results and concerns. It’s clear the industry has been
slow to adapt to better fee disclosure and practices. A “trust but FCA’s Institutional Disclosure Working group
verify approach” is a sensible measure for all Limited Partners.
CIPFA
1. Observations from Examinations of Investment Advisers Managing Private Funds. SEC Of昀ce of
Compliance and Examinations, 23 June 2020, www.sec.gov/昀les/Private Fund Risk Alert_0.pdf. Colmore has a dedicated Fee and Carried Interest Validation
2. Bowden, Andrew J. Spreading Sunshine in Private Equity. SEC Of昀ce of Compliance and service and team. It is not an ancillary service.
Examinations, 6 May 2014, www.sec.gov/news/speech/2014--spch05062014ab.html.
“I WISH I HAD LESS ACCESS
TO MY PORTFOLIO”
SAID NO INVESTOR, EVER.
PEAI Global Directory of Carried Interest Products and Services 2021 6Colmore SPONSOR
FEE AND CARRIED INTEREST VALIDATION PROCESS
DATA HARVESTING AND FEE CAPTURE
LPA AND SIDE LETTER GP COMPLETED QUARTERLY / ANNUAL OTHER DATA SOURCES
KEY TERMS ANALYSED DATA TEMPLATE FINANCIAL PACKETS (CASH FLOWS, PROCEED
LP AND CAPTURED
FEE DATA
CAPTURE
(e.g. ILPA) (CAS, F/S) SCHEDULES, etc)
FEE DATA IS STRUCTURED AND INPUTTED INTO
THE FEE CAPTURE MODULE WITHIN HELIOS
FEE AND CARRIED
MODELLING AND
INTEREST
ANALYSIS
DATA FEE AND CARRIED
LPA AND SIDE LETTER
1 AGREEMENT REVIEW
2 STRUCTURING AND 3 INTEREST ANALYSIS/ 4 REPORT PRODUCTION
MODEL SETUP MODELLING
OUTPUTS AND
REPORTING
REPORTING MADE AVAILABLE THROUGH
HELIOS PORTAL FOR CLIENT ACCESS
1. LPA AND SIDE LETTER AGREEMENT REVIEW 3. FEE AND CARRIED INTEREST ANALYSIS/MODELLING
To properly validate the fees and Carried Interest, it is imperative to Using the data and information extracted in the previous two
fully understand the fee allocations and the inner workings of the steps, the Colmore team model expected fee (management fees,
Fund’s waterfall. The 昀rst step of the process is to analyse the Fund’s expenses) and Carried Interest allocations as per interpretation of
Limited Partnership Agreement (“LPA”), which will detail the economic the LPA/Side Letters that govern the economics and allocations of
provisions of the Fund. Additionally, if a LP has any special economic the Fund. Carried Interest (both paid and accrued) are analysed to
arrangements via a Side Letter Agreement, these documents must ensure the gains associated with the Fund are properly allocated
be analysed as well. between the LP and the GP. These amounts are then compared to
the stated amounts within the GP’s reporting.
Any terms that impact the fee and Carried Interest allocations should
be documented and input into the model. 4. REPORT PRODUCTION
2. DATA STRUCTURING AND MODEL SETUP Using a proprietary scoring system (see next page), the Colmore
Team produces Individual Fund reports which analyse expected fee
Once the legal documents are analysed, the extraction of 昀nancial
and Carried Interest amounts vs. GP actual reported 昀gures.
data is the next step. Fee Templates (ILPA, Colmore Template, etc.)
are requested from GPs to aid in the data collection/structuring In addition to individual reports, portfolio summary reports detailing
process. cost analysis on an aggregate asset class basis are also produced.
All 昀nancial data is extracted and structured accordingly into All reports and analysis are available via Colmore’s HELIOS platform.
fee/Carried Interest models.
DOCUMENTATION/DATA LPAs and any Side Letter Fee Templates (as available)
Agreements
REQUIRED FOR FEE Any Investment Term or Fund
AND CARRIED Quarterly/Annual Financials and Extension Documentation
LP Capital Account Statements
INTEREST VALIDATION: Since Inception Cash Flows
PEAI Global Directory of Carried Interest Products and Services 2021 7Colmore SPONSOR
REPORTING AND SCORING METHODOLOGY
COLMORE PRODUCES COMPREHENSIVE REPORTING ANALYSIS, HIGHLIGHTING
RISK AREAS WITHIN A PARTICULAR FUND AS IT RELATES TO THEIR FEE AND CARRIED
INTEREST ALLOCATIONS.
Colmore uses a scoring system to “grade” funds based on their fee The scoring is based on the analysis of the below criteria, listed
and Carried Interest allocations. The scoring system is based on the in order of highest importance. Each of the fee categories have
variance between Colmore’s modelling vs. the GP’s actual reporting, weightings and criteria that underpin their score, which is calculated
taking into consideration materiality of differences calculated. across the 昀ve criteria.
The greater the discrepancy of any fee area, the higher the score of 1. Carried Interest
the fund. Funds are scored between 1-4. A score of 1 with the least
2. Management Fees
concern, and 4 the highest.
3. Expenses
4. Document Quality (minor)
5. GP Responsiveness (minor)
AGGREGATE SCORE CALCULATIONS DETERMINE THE “CONCERN LEVEL”. CONCERN LEVELS
ARE GROUPED INTO THREE CATEGORIES.
STANDARD OBSERVATION CONCERN LEVEL:
Colmore is generally satis昀ed with the information we receive HEIGHTENED OBSERVATION
from the Fund and believe that they are charging fees largely
in line (minimal differences) with the LPA and any questions or
queries we had were suf昀ciently explained.
OVERALL FAIR SCORE: 2.62
HEIGHTENED OBSERVATION
Some aspects of the information are slightly outside of
FAIR FOOTPRINT
acceptable thresholds and Colmore has been unable to fully
reconcile the numbers with the General Partner. In this scenario, MANAGEMENT FEE
Colmore will consult with the Client to decide whether to pursue
further action with the General Partner (i.e. decide that the
5
analysis is acceptable or treat the Fund as an “Engage Manager” 4
as highlighted below).
3
GP
2 EXPENSES
INTERACTION
1
ENGAGE MANAGER -
Colmore has signi昀cant concerns with the fees being charged
and have failed to receive adequate explanations for the errors
we have found. In this instance, through our analysis, we have
reasonable suspicion that mistakes in fee allocations have been
made. In this scenario, Colmore will consult with the Client to
determine the best plan of action to engage and discuss with
the General Partner. DOCUMENT CARRY
PEAI Global Directory of Carried Interest Products and Services 2021 8Colmore SPONSOR
FAIR TECHNOLOGY
OUR PROPRIETARY FEE TRACKING AND VALIDATION TECHNOLOGY EMPOWERS
THE REST OF OUR PROCESS.
THE CHALLENGE:
Capturing all Fee Terms directly from LPAs.
SOLUTION:
Through our proprietary fee tracking and
validation technology, we capture all LPA static
data at the most granular level of detail. This
feeds directly into our FAIR validation service,
and also other fee due diligence services, such
as term benchmarking.
THE CHALLENGE:
Systematically capturing all fee details from
GP reporting, every quarter.
SOLUTION:
Through our proprietary fee tracking and
validation technology, we capture all fee
and incentive allocation data at the most
granular level. This feeds directly into our FAIR
validation service.
PEAI Global Directory of Carried Interest Products and Services 2021 9Colmore SPONSOR
FAIR REPORTING:
WE DELIVER EASY TO UNDERSTAND WE ALSO DELIVER CUSTOMIZED REPORTING
REPORTING ON INDIVIDUAL FUNDS, FOR THE VARIOUS LOCAL REGULATORY
AND YOUR CUMULATIVE PORTFOLIO. REPORTING REQUIREMENTS.
California Section 7514.7
Maryland – Bill 821, Chapter 202
Texas – Senate Bill 322
Swiss TER
UK TER / CTI
Overall FAIR Score: 1.6
FAIR Footprint
Management fee
4
3
2
GP interaction 1 Expenses
Documents Carry
PEAI Global Directory of Carried Interest Products and Services 2021 10Colmore SPONSOR
HELIOS BY COLMORE
OUR TECHNOLOGY DOESN’T STOP AT FEES
OUR PROPRIETARY PORTFOLIO MONITORING PLATFORM, DELIVERS REAL-TIME DRILL-THROUGH
ON YOUR PRIVATE ASSET PORTFOLIOS.
YOU CAN SEE YOUR ENTIRE PORTFOLIO AT EVERY LEVEL, FROM FEE INFORMATION,
TO PERFORMANCE DATA ON A SINGLE PLATFORM.
TECH THAT WAS BUILT BY LPS, FOR LPS SIMULATES THE FUTURE
PROVIDES COMPLETE TRANSPARENCY OF PROVIDES UNLIMITED,
YOUR ENTIRE INVESTMENT STRUCTURE FULLY CUSTOMISABLE FLEXIBILITY
BUILT FOR THE CLIENT ON THE MOVE;
CATERS TO COMPLEXITY DESKTOP AND MOBILE ENABLED
WE’VE GOT YOU COVERED.
COLMORE IS THE WORLD LEADER IN
THESE SERVICES, SUPPORTING SOME OF
THE LARGEST PARTNERS GLOBALLY.
PEAI Global Directory of Carried Interest Products and Services 2021 11PREMIUM PROVIDERS PFA Solutions 13 Lionpoint 21 qashqade 28 PEAI 36 GPX 42 Other premium providers
PFA Solutions PREMIUM PROVIDER
Helping Fund Managers Aggregate, Share and
Manage Investment Data
COMPANY NAME PFA Solutions
COMPANY DETAILS info@pfasolutions.com
WEBSITE www.pfasolutions.com
FirmView® - Carry and Compensation Management
TECHNOLOGY PLATFORMS FirmView® - Performance Management: Fund, Investor,
and Investment Dashboards and Analytics
FirmView® - Accounting Automations for Private Equity
Accounting Events
SERVICES Enterprise Reporting, Custom Application Development/
Integration and FIS Investran Development
BENEFITS
DIGITIZE FUND, INVESTOR, AND
INVESTMENT DATA
User-friendly dashboards and
mobile access to Fund, Investor,
and Investment Data
REDUCE SPREADSHEET AUTOMATE COMPLEX AND
RELIANCE FOR GP CARRY MANUAL ACCOUNTING
PARTICIPANT ALLOCATIONS PROCESSES
Manage highly-sensitive Increase controls and efficiency
participant carry allocations through integration with
and compensation data in a partnership accounting system
secure platform and workflow functionality
PEAI Global Directory of Carried Interest Products and Services 2021 13PFA Solutions PREMIUM PROVIDER
BRINGING MODERN TECHNOLOGY
TO PRIVATE EQUITY FIRMS TO
REDUCE RELIANCE ON EXCEL, AND
IMPROVE CONTROLS
Improve your digital experience
through the PFA FirmView®
Performance Management module.
Manage your highly sensitive carried
interest awards and compensation
arrangements through the FirmView
Carry Management module.
FirmView® is a cloud-based platform used by private equity firms and fund
und
administrators for business intelligence reporting and analytics (across
s
funds, investors, and investments), and GP participant carry and
compensation management.
PFA is comprised of experienced technologists
with a deep knowledge of alternative investments
working both in-house and in a service provider
capacity for private equity firms, multi-strategy
hedge funds, institutional investors, and
fund administrators.
PFA is currently working with some of the
largest private equity and alternative investment
firms in the industry to solve complex
technology problems.
PEAI Global Directory of Carried Interest Products and Services 2021 2
14PFA Solutions PREMIUM PROVIDER
CAPABILITIES ACROSS PRIVATE
EQUITY FUNCTIONS
Leverage single or multiple modules within FirmView®
Performance Carried Accounting
Management Interest Automations
Management
DASHBOARDS AND CARRY ALLOCATIONS ACCOUNTING PROCESS
ANALYTICS IMPROVEMENT
• Access Fund, Investor, • Securely Manage • Automate Business and
and Investment Data Sensitive Employee and Capital Events in
via Dashboards Partner Data (i.e., Conjunction with your
Participant Allocation Accounting Platform
• Generate Ad-Hoc and
Changes and Vesting)
Drill-Down Analytics • Leverage Workflow for
• Produce Full Review and Approvals
• Integrate with
Compensation
Upstream Systems (i.e., • Improve Transparency
Reporting
Accounting and in to how Complex
Portfolio) • Generate Carry Calculations are
Forecasts and Performed
Distribution Notices
Data Interfaces
(Accounting Systems, HR
Systems, or Data
Warehouse) Custom Reports
Dashboards & FirmView Standard Reporting
Data Files User Entry
Calculations Power BI Analytics Export to Excel & PDF
Document Upload
PEAI Global Directory of Carried Interest Products and Services 2021 15PFA Solutions PREMIUM PROVIDER
FIRMVIEW® IS A CLOUD-BASED
PLATFORM USING THE HIGHEST
SECURITY PROTOCOLS
FirmView® continuously evolves to support our clients’ growing needs along with new
industry changes. Our cloud platform allows us to deliver scalability, performance, and
reliability no matter where you are in the world.
Our mission is to continually provide modern and user-friendly applications to the private
equity and alternative investment industry that increase the efficiency, accuracy and
automation of operational processes and investor reporting.
Modern Integration
Platform APIs
Encryption &
Globally
Multi-factor
Deployed
Authentication
Dedicated Built-in
Mobile App Analytics &
Dashboards
User-friendly and modern platform using the latest
technology and security standards
PEAI Global Directory of Carried Interest Products and Services 2021 16PFA Solutions PREMIUM PROVIDER
DIGITIZE YOUR BUSINESS THROUGH
THE PERFORMANCE MANAGEMENT
MODULE
FIRMVIEW® PERFORMANCE MANAGEMENT FUNCTIONALITY
DASHBOARDS AND ANALYTICS CUSTOM REPORTING
Access fund, investment and investor Generate custom reporting and analytics
reporting via web browser or mobile for management, client reporting and
application to improve response time to tear sheets on funds and investments
investors and internal questions
DATA INTEGRATION AGGREGATION
Integrate data from upstream systems to Create a single source of truth for
reduce time manually aggregating data accounting and portfolio data and
and providing consolidated reporting documents
PEAI Global Directory of Carried Interest Products and Services 2021 17PFA Solutions PREMIUM PROVIDER
MANAGE CARRIED INTEREST
ALLOCATIONS AND COMPENSATION
ARRANGEMENTS ACCURATELY AND
SECURELY
FIRMVIEW® CARRY MANAGEMENT FUNCTIONALITY
PARTICIPANT ALLOCATIONS
Manage allocations, changes and dilution
events to re-allocate recipient allocations
DISTRIBUTIONS
Generate distributions with
withholdings and notice letters
REPORTING
Aggregate total compensation across
base, bonus, co-investments, carry, and
management company equity
FORECASTING
Produce forecasts / dollars at work
analytics
PEAI Global Directory of Carried Interest Products and Services 2021 18PFA Solutions PREMIUM PROVIDER
AUTOMATE ACCOUNTING PROCESSES
AND IMPROVE VISIBILITY
INTO CALCULATIONS
FIRMVIEW® ACCOUNTING AUTOMATIONS FUNCTIONALITY
TRANSPARENCY ACCURACY
Transparency into complex calculations Reduce dependencies on Excel for
and review and approvals before complex calculations
submission back to accounting system
PERFORMANCE SCALABILITY
Major performance improvements Scalable framework for current
including instance where process was and future accounting automations
reduced from ~15 hours to ~5 min
Bidirectional
Integration Partnership
Accounting
Calculate, Review, and System/GL
Approve Calculations
PEAI Global Directory of Carried Interest Products and Services 2021 19PFA Solutions PREMIUM PROVIDER
A LEADERSHIP TEAM TEAM EXPERIENCE
WITH DEEP INDUSTRY • Long History of Serving Private Equity Firms
• Former Leaders at Leading Alternative Investment Firms
AND TECHNICAL
• Deep Technical and Private Markets Industry Experience
EXPERIENCE • Excellent Client Delivery Track Record
RICHARD CHANGE RYAN BURGER JUSTIN NEAL
Managing Partner Business Development Chief Architect
20 years of technology 15 years of technology experience 12 years of software development
experience. Prior leadership working with private equity and experience. Prior leadership
roles at software firms and as alternative investment firms. roles at software firms and as
the Chief Application Architect Prior roles at EY, Investran, a senior software developer
at The Carlyle Group. and Accenture. at The Carlyle Group.
SETH STEINMETZ JEANETTE HUNSBERGER ANDREW NYCE
Client Success Data Architect Lead Programmer
9 years of technology, consulting, 15 years of experience 10 years of software development
and accounting experience in the developing software, data analysis experience with private
alternative investment industry. and creating sophisticated equity and alternative
Prior roles at AQR, PwC data management solutions. investment firms.
and Mazars.
PEAI Global Directory of Carried Interest Products and Services 2021 20Lionpoint Group PREMIUM PROVIDER
Lionpoint Group
Company Name Lionpoint Group
Six Of昀ces
Contact Details info@lionpointgroup.com
Offices in New York, Denver,
San Francisco, London,
Website www.lionpointgroup.com Geneva & Sydney
Services We provide digital transformation services for private markets
organizations, across the front, middle and back office, including:
• Diagnostic assessment and target operating model design
Independent
• Technology roadmap and system selection
Advice & Expertise
• System implementation and integration
• Report development and automation
• Ongoing platform management
Technology
platforms
• We are a global Anaplan Gold Partner. 45+
• We also work with the leading industry solutions, such as DealCloud,
Specialist
Chronograph, iLevel, FIS Investran, eFront, Allvue and Yardi.
Technologies Covered
Strategic Operations System Data & Project Platform
Advisory Transformation Implementation Analytics Management Management
Transform your operating model with Lionpoint
Lionpoint Group is a global consulting firm with market-leading expertise and
experience, helping organizations in the private markets industry gain operational
and technology efficiency.
We’ve partnered with the world’s top private equity firms, improving their deal
pipeline management, fundraising, investor relations, scenario modeling, portfolio
monitoring and accounting processes.
We’re a global Anaplan Gold Partner. Gold-tier status recognizes a partner’s ability
to drive high-value transformation and deliver exceptional customer success.
Lionpoint’s expertise with Anaplan includes its own IP in the implementation and
integration of Anaplan’s technology into existing technology systems of client
organizations. Industry specific Anaplan models address company budgeting and
forecasting, investment, fund and waterfall modeling, and other key areas of the
investment life cycle.
PEAI Global Directory of Carried Interest Products and Services 2021 21Lionpoint Group PREMIUM PROVIDER
Anaplan (NYSE:PLAN): The leader in cloud 昀nancial planning and analysis
1600+
Anaplan is a low code/no code cloud-based enterprise
technology used by leading organizations to connect
their business strategy to operational plans. With over
employees
1500 global customers, they are a trusted long-term
partner for your business. Their growing community of
world-leading organizations, global network of experts
1500+ Customers in
and resources, and an unbreakable cloud-based
infrastructure offer an unrivalled solution for enhanced
decision-making capabilities and cross-silo line of sight.
Customers
50
Countries
The Lionpoint and Anaplan advantage
Lionpoint partners with Anaplan to enable private markets and financial services firms automate processes,
integrate data and drive dynamic real-time updates to their calculations, modeling and forecasting.
Anaplan is the platform for orchestrating business performance, connecting critical operational drivers and
financial outcomes across the business to drive growth, optimization, efficiency and continuity. This allows you to
move from offline, isolated, manually maintained data—and a high dependence on Excel—to a cloud-based, fully
automated, scalable and collaborative solution.
We have developed a suite of Anaplan models to address the key challenges faced by private equity firms,
including carried interest administration, GP and LP waterfall modeling, PortCo monitoring, and other key areas of
the investment life cycle.
Read about our customer story with
MUFG Investor Services here
PEAI Global Directory of Carried Interest Products and Services 2021 22Lionpoint Group PREMIUM PROVIDER
How Anaplan can work for your organization
Anaplan works across your entire business by connecting the front, middle and back office to create
1 a line of sight for collaborative, agile and IT-independent modeling, forecasting and decision making.
From portfolio monitoring, to track record and fund models, Anaplan provides a holistic ecosystem to
support all facets of a private equity manager.
Anaplan can plug into any existing ecosystem via its flexible data model and calculation engine,
2 connecting and unifying your CRM, portfolio monitoring and investment accounting solutions to
empower the entire organization with a single data ecosystem.
Anaplan complements your existing technology options as it integrates with your existing,
3
foundational systems and combines traditionally offline data sources, such as Excel. Anaplan
enhances data through forecasting and sensitivity analysis to track the projected risk and return
profile of your investments.
Anaplan is a cloud-based, scalable digital platform that sits across your core systems and provides a
4 centrally connected source for all planning, forecasting and modeling. Anaplan provides a simple user
interface with familiar Excel-like functionality. Internal and external teams are able to collaboratively
access the software and make data-driven decisions in real time.
Anaplan connects people, data and plans within your existing architecture
Business Functions
Marketing Investor Relations Finance Investment Team Compliance Mgmt Company
Anaplan Platform Capabilities
Data Hub Forcasting What-If Analysis Data Visualization Field-level Workflow Collaboration
Access Rights
Existing Client Data Infrastructure
Integration
Layer
Middleware Business Process Data Master Data ETL Tools Enterprise
Management Warehouses Management Service Bus
Client Data Sources
Data Sources CRM Data Asset Data Partnership Management HR System
Accounting Company Accounting
PEAI Global Directory of Carried Interest Products and Services 2021 23Lionpoint Group PREMIUM PROVIDER
Connected planning
Lionpoint’s use of Anaplan within Private Equity firms connects previously siloed processes and environments
across the front, middle and back-office. This enables automation and reporting efficiencies, with an
enterprise-wide line of sight.
Simplify Drive profitable
change Fundraising growth
Financial
CapEx Planning & Deal
Planning Analysis Pipeline
Asset Investor
Cash Relations &
Reconciliation Monitoring
& Modeling Servicing
KPI &
Mgmt Operations Fund
OpEx Company
Planning Metrics Budget &
Accounting Analysis Forecast
Accounts
Payable & Workforce Regulatory
Expense Planning for Private Compliance
Mgmt Equity
Fund
Strategic Incentive Analytics Deal Value
Planning Compensation & Modeling Creation
Tax Carry & Expense
Treasury Structure & Waterfall Accruals &
Mgmt Modeling Allocations
Cashflow & Revenue & Partnership
Liquidity Fee Accounting
(Investor Valuations
Planning Modeling
Allocations)
Fund & Performance
Investor Reporting
Reporting
Shift resources to value creation
Con昀gure key waterfall terms and industry requirements to your speci昀cations
With Anaplan, waterfall terms and industry requirements can be configured to the fund manager’s specifications
based on their LPA, allowing for automation across workflow, reporting and analytics.
Work昀ow Reporting Analytics
• Setup funds, investors and load • Dynamic dashboards for GP • Create any scenario assumption
transactional data. and LPs. (macro, FX, portfolio
• Calculate complex waterfall • Full transparency and combinations etc.).
terms, models (e.g. Hybrids, auditability into any level of the • Compare the prior actuals,
Whole-of-Fund, Deal by underlying waterfall calculations. current model and what-if
Deal), specific investor fee • Export data to other systems scenarios.
arrangements, Theoretical NAV and formats (Excel, PowerPoint • Determine the best combination
(pre and post carry). and PDF). of waterfall terms for new
• Calculate all distributions and • Connect to other Anaplan fund launches.
splits by GP, LPs, fund entities models e.g. budgeting,
and investor groups. forecasting, carry plans.
PEAI Global Directory of Carried Interest Products and Services 2021 24Lionpoint Group PREMIUM PROVIDER
Case studies
How we’ve helped clients with their Waterfall and Carry calculations using Anaplan
Recent projects we’ve worked with clients to improve their carried interest calculation processes:
Case study: The Client:
Waterfall automation Investment management firm with $30+ billion AUM
The Challenge The Impact
> Complex client waterfall calculations maintained > Waterfall calculation at the investor level with a
in individual Excel based models. full breakout of the calculations at each tier of
the waterfall.
> Difficulty calculating reallocation of carried interest
transactions at different levels of the fund structure. > Ability to review and track the calculations at the
different tiers of the fund structure, e.g. blockers,
> Frequent manual updates were required to the
feeders and AIVs.
calculations inside the model, resulting in errors.
> Single consolidated platform to calculate carried
> No central platform to review the waterfall
interest across multiple fund families.
calculations and manually booking back the carried
interest accounting entries at the investor level > Generation of the accounting entries required to
into the GL. record the reallocation of carried interest between
the GP and LPs back into the accounting GL system.
“We can set up models 50% faster than before.”
Case study: The Client:
Waterfall automation Investment management firm with $40+ billion AUM
The Challenge The Impact
> Too much time spent gathering and validating > Fully automated calculation of preferred,
information and not enough time analyzing. catchup, split and final returns.
> Difficulty in modeling new deals without time > Carry calculation on an actual and
consuming Excel setup processes. forecasted basis.
> The client needed assistance in translating > Full shadow for fund administrator
and simplifying limited partnership agreement distribution calculation.
(LPA) terms into a consolidated model with
> Management fee calculations based on
greater accuracy.
varying fee bases.
> Capital spread reporting for LP capital balances.
“Calculations that once took four to 昀ve hours can be done in
30 minutes with Anaplan.”
PEAI Global Directory of Carried Interest Products and Services 2021 25Lionpoint Group PREMIUM PROVIDER
Case study: The Client:
Carry Points Administration Private Equity firm with $30+ billion AUM
The Challenge The Impact
> Existing points admin process was very > Single consolidated platform to calculate all
cumbersome, contained in multiple massive point activity by participant and by fund.
static Excel files.
> Multiple composite hierarchies used for
> The client was transitioning to Workday and flexible reporting.
wanted to use this as an opportunity to redesign
> Solution allowed for a more accurate allocation
the Carry Admin process.
of fund projections.
> Difficulty in modeling new deals without time
> Automated integration of future Workday data
consuming excel setup processes.
meant easy integration once Workday went live.
“Having essentially one model across our entire global portfolio
will make our processes so much more ef昀cient; providing the
ability to build, test, and deploy enhancements to our model in
one action. This is in sharp contrast to our current situation,
where we have approximately 300 separate Excel models
with very limited ways to maintain or even change them in
a structured way.”
PEAI Global Directory of Carried Interest Products and Services 2021 26Lionpoint Group PREMIUM PROVIDER
Where leaders in global
private markets go for
digital transformation
across the Front, Middle,
and Back Of昀ce.
Combining deep, hands-on industry experience,
with the leading technology solutions, such as DealCloud,
Chronograph, iLevel, FIS Investran, eFront, Allvue, Yardi and Anaplan.
We’ll take you from advice to delivery, across:
Diagnostic assessment and target operating model design
Technology roadmap and system selection
System implementation and integration
Report development and automation
Ongoing platform management
Take the next step in your organization’s digital transformation
and speak with our Consultants today.
info@lionpointgroup.com | lionpointgroup.com
PEAI Global Directory of Carried Interest Products and Services 2021 27qashqade PREMIUM PROVIDER
qashqade AG
Your new Standard!
Our Mission:
‘ Everything should be made
as simple as possible,
but not simpler. ’
(Einstein)
Company Name qashqade AG
Company Details info@qashqade.com
Website www.qashqade.com
Technology Platforms qSimple for GPs
qFund for Fund Admins
qPrecise for LPs
qRapid Reporting Tool and Document Generator
Services Fee Validation, Scenario and Performance Analysis, Cash Flow Modelling
Carry Management, Reporting, System implementation and integration
Company Profile
qashqade has developed a state-of-the-art technology solution for fund managers (GPs), investors (LPs)
and fund administrators alike.
Our various product modules allow you to change the way you communicate with your fund administrators
-to-use.
Our reporting tool qRAPID was developed to support any customization of output information (notices,
quarterly reports, annual reports, customized ad-hoc reports) for fund managers and investors. The idea
was to create a tool that can be used by anyone, can be customized to your needs and is able to provide
the transparency and visualization investors and fund managers are looking for.
qashqade can be used de facto as a data hub. We are able to connect to multiple systems via our own
application interface therefore reducing valuable time for data migration and potential risk of erroneous
data upload.
Our strengths lie in bringing together digital technologies and specific expertise in the areas of finance,
specific product knowledge for Private Market solutions and the Start-Up community, product development
and risk management – all within one coherent system.
Be smart, use qashqade!
PEAI Global Directory of Carried Interest Products and Services 2021 28
Confidential and Proprietary. Copyright (c) by qashqade. All Rights Reservedqashqade PREMIUM PROVIDER
Firm Overview
We enable the Private Markets to move into the digital era, where
expertise adds value and reduces risk. Smart, easy and safe!
qashqade was founded to enable alternative asset
companies and their investors to calculate their carry
waterfall in a fully automated and tailored system instead
of spreadsheets, which creates greater transparency,
reduces risk, increases scalability and allows direct
communication of terms between GP and LP.
Over the last years, we have extended our product
data hub allowing interfaces to multiple systems,
enabling qashqade users to utilize our various modules
making their day-to-day life easier and safer.
3 Reasons to choose qashqade:
1. Innovative
2. Intuitive
Save time when you create your waterfall with our intuitive system and have access from everywhere.
3. Stable and Secure
Have all the history available and configure your level of security. All algorithms are constantly tested,
and be safe with an audited and certified software.
Industry Awards
qashqade has won several industry awards in 2018, 2019 and 2020.
Awards for:
1. Best Continental Europe Fintech Start-up December-2018 by Wealth & Finance
2. Fintech of the Year in Switzerland for 2019 by Wealth & Finance
3. Most innovative SaaS Developer 2019 by Wealth & Finance
4. Most Trusted in Tech Private Equity Solutions 2019-Switzerland by Global Business Insight
5. FinTech Start Up of the Year Switzerland by CorporateLiveWire 2019
6. FinTech Start Up of the Year 2020 – Central Europe by M&A Today
7. Best Cash-Flow Modelling Platform 2020 by Wealth & Finance
PEAI Global Directory of Carried Interest ProductsConfidential and
and Services 2021 Proprietary. Copyright (c) by qashqade. All Rights Reserved
29qashqade PREMIUM PROVIDER
The Team
Extensive experience in the financial service sector matched with strong
product knowledge in the PE space.
The Challenge
The flexibility needed for modelling, calculating and reporting distribution
waterfalls is provided by Excel only until qashqade!
The qashqade Advisory©
The qashqade advisory uses the various qashqade applications to support you with everything
around the set up of your carry including an in-depth due diligence of your model and the
cash flow data used, distribution allocations, maintenance of your carry calculations,
modelling, customizing your reports, cash-flow anaylsis and tracking of your defined KPIs.
Confidential
PEAI Global Directory of Carried Interest Products and
and Services 2021 Proprietary. Copyright (c) by qashqade. All Rights Reserved30qashqade PREMIUM PROVIDER
The qashqade Universe
Fee Modelling, Reporting, Validation & Operation is costly and risky. High
quality tools are not available. But now there is one who can make it all:
save time and increase your profit!
Our various product modules allow you to change the way you communicate with your fund administrators
-to-use.
Confidential
PEAI Global Directory of Carried Interest Products and
and Services 2021 Proprietary. Copyright (c) by qashqade. All Rights Reserved31qashqade PREMIUM PROVIDER
(Performance-)Fee calculation:
Calculate any fee of a priority-based rule-driven term sheet and
understand the result.
Configure your Model Work with complex Data Understand your Numbers
Configure any terms without
coding, vary and run them when
you need it. Get very detailed
and historical results.
Our Fee Validation tool allows the user to enter the
net transaction received by the various fund managers
(GPs) into the qashqade software, replicate the
waterfall based on the contractual agreement (LPA)
and thus start validating if fees paid (management fee,
performance fee, etc.) and/or carry received are identical
or not. The qashqade software will then gross-up
Our reporting tool provides easy to use reports that
With our fee validation tool the user can quickly and
upon. Our Fee Validation tool was built for LPs and GPs
alike.
Confidential and Proprietary. Copyright (c) by qashqade. All Rights Reserved
PEAI Global Directory of Carried Interest Products and Services 2021 32qashqade PREMIUM PROVIDER
Scenarios
Control the performance over time via planning your cash flows and
reviewing their impact.
Model your Cash flows Forecast the Performance Adapt to Reality
The Cash Flow Model screen allows the user to create scenarios based on an actual or forecasted set
of capital events that (may) take place in the future. The Cash Flow Model calculation then translates
these capital events into actual or forecasted cash flows that later could be used for transaction
generation and for further analysis within the system.
The cash flow models created under the Cash Flow Model screen can be translated into transactions.
You can then make these transactions (along with all other transactions) available for waterfall
calculations, as well as for other analyses in the Scenarios module.
With the scenario module you can build various scenarios customizable by you to your needs.
Confidential and Proprietary. Copyright (c) by qashqade. All Rights Reserved
PEAI Global Directory of Carried Interest Products and Services 2021 33qashqade PREMIUM PROVIDER
qRAPID Reporting
Create Reports from
Create your Reports Produce variable Docs Communicate your Results
With our qRapid Reporting system we
provide advanced customizable reporting
and variable Document creation.
You can create any type of output
document be it for notices like drawdown
or distribution or for reports like quarterly
or annual.
You can include any type of visualization
from graphs to charts.
And you can fully customize the layout and
style.
Confidential and Proprietary. Copyright (c) by qashqade. All Rights Reserved34
PEAI Global Directory of Carried Interest Products and Services 2021qashqade PREMIUM PROVIDER
Why qashqade?
We catapult you to the next digitalization era with our best-breed and
best-practice solution.
SMART
qashqade’s approach to fee caluclation is innovative and avoids the common gaps and
traps. With qashqade, calculation is no longer a cost factor, risk or bottleneck and it helps
increase your profitability. qashqade is versatile enough to cover your cases and terms so
that you reduce application complexity by having one place for all calculations.
EASY
The user interface is intuitive. No need to be an
accountant or have a deeply technical background.
The input as well as the results are clear and well
structured so that anterior and subsequent processes
can be integrated seamlessly. qashqade is web-based
and accessible wherever you and your team work.
SAFE
With hundreds of waterfalls, ten years of history, many investors and deals and many
admins qashqade remains stable and new changes can be handled without disruption.
qashqade output is trusted by clients and every change is tracked by audit trail.
qashqade can be hosted in our secure cloud or your own organization’s cloud with our
state-of-the-art security measures in place to keep your data secure.
Be smart, use qashqade!
Don’t hesitate to contact us to request a demo or for any queries, we hope to speak soon:
+41 79 550 6111 oliver.freigang@qashqade.com
+41 79 644 9284 gregor.kreuzer@qashqade.com
Confidential and Proprietary. Copyright (c) by qashqade. All Rights Reserved
PEAI Global Directory of Carried Interest Products and Services 2021 35PEAI Limited PREMIUM PROVIDER
PEAI Limited
Provider’s name: PEAI Limited
Meet our team
Provider’s status: Premium Provider
Contact details: info@peaccountinginsights.com Mariya
Stefanova,
Website: www.peaccountinginsights.com
Founder Partner
Carried interest services: LP Carried Interest/Fee Validation
GP Waterfall Model Certification
Carried Interest/Waterfall Software Certification
Waterfall Modelling & Design Services
Carried Interest and Waterfall Advisory
Carried Interest Training Dimitar Galabov,
Carried interest products: PEAI Ready‐to‐use Waterfall Models & Templates Product
Development
PEAI LP Carried Interest Validation Template
Company profile
PEAI Limited ﴾PEAI﴿ is a UK‐registered, Bahamas‐based private equity ﴾PE﴿ training and
consultancy firm, providing specialist PE training and technical advice to General
Partners ﴾GPs﴿, Limited Partners ﴾LPs﴿, fund administrators and other service providers
in the private equity space. The firm was founded by Mariya Stefanova, a best‐selling Alexander
author of the only private equity accounting, investor reporting and carried interest Ivanov, Analyst
books, ‘Private Equity Accounting: The Global Guide’, ‘Private Equity Accounting, Investor
Reporting, and Beyond: Advanced Guide’, and ‘The Definitive Guide to Carried Interest’.
Since 2015, PEAI’s focus has been on LP carried interest/fee validation, GP carried
interest/waterfall modelling, GP waterfall model certification, and carried interest‐
related consultancy services and training. Our clients are some of the largest
institutional investor, GPs, fund administrators and PE specialist software providers.
Publications
Private Equity Accounting The Definitive Guide to Private Equity Accounting, Global Directory of Carried
Carried Interest Investor Reporting & Beyond Interest Service Providers
By Mariya Stefanova, PEAI By Mariya Stefanova, PEAI By Mariya Stefanova
PEAI Global Directory of Carried Interest Products and Services 2021 36PEAI Limited PREMIUM PROVIDER
Our Clients
We have a global client base across the US, Canada, Europe, the UK, Asia Pacific, Latin
America & the Caribbean, and the Middle East & Africa, that includes:
• Many of the largest institutional investors/LPs (pension plans, university endowments,
family offices, fund of funds, charitable foundations, insurance companies, etc.﴿
• A long list of large and mid‐size PE firms/GPs
• Many large and middle‐size fund administrators
• A number of other PE service providers (e.g. placement agents, legal firms, specialist PE
software companies, etc.﴿
Pension Plans – State & Corporate
University Endowments
Family Offices
Fund of Funds
LPs
Charitable Foundations
Insurance Companies
Back Office
Front Office
Investor Relations
GPs
Legal & Compliance
Fund Administrators
Placement Agents
Software Providers
Service
Providers Data Providers
Legal Firms
Other Service Providers
PEAI Global Directory of Carried Interest Products and Services 2021 37PEAI Limited PREMIUM PROVIDER
Our Carry/Waterfall Products & Services
We provide a wide range of LP and GP, including carried interest/waterfall‐related, products
and services some of which are featured below:
Outsourced LP Carried Interest
LP Carried Interest/ Validation Excel-based
Fee Validation Template & Technical
Training
LP Products and Services
LP Carried Interest/
Fee Validation
Methodologies,
Processes & Guidelines
GP Waterfall Modelling GP Waterfall Model
& Design Review & Certification
GP Products and Services
GP Waterfall/Carry,
PE Fund Accounting and
Investor Reporting Templates
& Technical Training
PEAI Global Directory of Carried Interest Products and Services 2021 38PEAI Limited PREMIUM PROVIDER
Our Suite of Excel‐based Reporting, Analysis &
Calculation Templates
Another group of products we offer to both GPs and LPs is our Suites of Excel‐based
Templates which include a variety of dynamic easily‐self‐customisable standard and fully
custom‐designed Templates.
Our LP Suite of Reporting & Analysis Templates
True Value Fund Performance,
1 Creation & Deal
Driver Value
Analysis Template
3 Portfolio Company
and Risk/Exposure
Analysis Templates
5
LP Carried Other
Interest/Fee
Validation Template 2 LP Reporting
Templates
4 Customised
Templates
Our GP Suite of Reporting & Calculation Templates
Financial
Equalisation & Other
1 Rebalancing
Template 3 Statements &
Investor Reporting
Template
5 Customised
Templates
Waterfall/Carried
Drawdown & PE Fund Accounting
Distribution
Template 2 (Journals & Trial Balance)
Dynamic Templates 4 Interest Model
Dynamic
Templates
6
PEAI Global Directory of Carried Interest Products and Services 2021 39You can also read
