Fund Management

Quarter-end, closed in days.
Every figure traced to source.

We rebuild the fund operations that run on spreadsheets and email, from NAV review and capital activity to LP reporting and side-letter obligations, onto one production platform in your environment. Every process has an owner, a measured baseline and an audit trail your administrator, auditor and LPs can follow.

Book an operations audit See the first quarter-end

01 / Premise

Every quarter-end is a project.
Very little of it is repeatable.

Fund finance teams close each quarter on spreadsheets, administrator files and inboxes. The work gets done, by the same few people, every quarter. What is missing is the engineering that turns it into a process: measured, owned and auditable.

What every fund team has

Every fund team closes the quarter. Most of it lives in spreadsheets and inboxes.

Quarter-end tracker — Fund III · Q3

ProcessTeamStatus

NAV pack tie-out

Workbook with 14 tabs, rebuilt each quarter

Fund finance

Manual

Capital call notices

Mail merge from a spreadsheet

Investor ops

Manual

LP quarterly letters

Drafted in Word, figures pasted in

Manual

Side-letter MFN checks

A folder of PDFs and memory

Legal

No register

DDQ responses

Last year’s answers, edited

Copy-paste

Administrator queries

47 email threads this quarter

Fund finance

Overdue

6 processes · 0 automated · 0 measured

What the CFO sees

Six vehicles, six close processes. Nobody can say what a quarter-end costs.

What did not change

LPs still expect the letter on time, and the auditor still tests every number in it.

Fund calendar — Fund III

Reporting year · Fund III

Q1 closeApr

Q2 closeJul

Q3 closeOct

Annual auditFeb

LP AGMMar

Auditor and LP requests · draft

Support for every figure in the capital account statementsRequested

Evidence of side-letter compliance, by investorRequested

Controls over NAV review and sign-offRequested

ILPA-format fee and expense reportingRequested

Who reviewed each break, and whenRequested

5 of 5 open · audit fieldwork starts in February

02 / Operations audit

In two weeks, we walk every fund operations process and rank where automation returns the most time and removes the most risk.

Build first

0.4 FTE

0.8 FTE

1.2 FTE

Capacity released ↑

2 wks46810 wks

Effort to ship →

NAV review

Capital activity

LP reporting

Side letters

Investor queries

Fees and carry

Fund III

Buyout · main fund

Fund III Parallel

Parallel vehicle

Fund II

Harvesting

Co-invest I

Co-investment

Credit Opps II

Private credit

Cayman Feeder

Feeder fund

Estimated FTE released per quarter

0.11.2

Shortlisted

1.2

0.5

0.2

0.3

0.4

0.1

0.2

0.1

0.5

0.2

0.1

0.4

0.3

0.2

0.1

0.9

0.2

0.3

0.1

0.5

0.7

0.2

0.3

0.8

0.1

0.3

0.6

0.4

0.2

0.1

0.3

0.1

Fund III · NAV review

Credit Opps II · side letters

Co-invest I · investor queries

Cayman Feeder · NAV review

Fund II · investor queries

First builds · fund operationsDay 10

Fund III

NAV pack tie-out

1.2 FTE

6 wks

Credit Opps II

Side-letter register

0.8 FTE

5 wks

Co-invest I

Investor query drafting

0.7 FTE

4 wks

Cayman Feeder

NAV tie-out, from build 01

0.6 FTE

3 wks

Fund II

LP query drafting

0.9 FTE

8 wks

4.2 FTE released across five builds

Build 04 reuses build 01

Days 1–6

Walk-throughs with fund finance, IR and the administrator

→ process map

Days 7–9

Each process scored on hours, error risk, data readiness and control gaps

→ scored matrix

Day 10

A ranked, costed plan for each vehicle and one for the platform

→ first builds

Illustrative fund platform. Real audits score every process on hours, error risk, data readiness and control gaps, with the working attached.

First step

Start with a two-week operations audit.

Book an audit

The process map is yours, whether we build or not

03 / First quarter-end

The first quarter-end,
as a build log.

One senior squad works alongside your fund finance team. Each process ships behind an evaluation suite and reports against a baseline your CFO signed before we started. By day 100 the platform runs in your own cloud and the next quarter-end closes on it.

Build log — Fund III · Q3 close

020406080100

Audit

Days 0–14

Platform

Days 8–30

NAV pack tie-out

Days 14–42

Capital activity and notices

Days 36–64

LP quarterly reporting

Days 56–86

Evaluation and handover

Days 70–100

Day 0

Log

D03Baseline signed by the CFO: 19 days to close, 4.6 FTE on tie-out

D14Audit closed. Three processes, fortnightly releases

D30Platform live in the manager’s own Azure tenant

D42NAV tie-out live · 3,400 lines matched, 11 breaks explained

D64Capital activity live · notices sent and wires matched same day

D86LP reporting live · letters drafted with every figure sourced

D100Evaluation suites handed over · close measured at 8 days

Days to close the quarter

19 days

Against the baseline signed on day 3

Hours back / qtr

Live

0 of 3

Close checklist · Q3

NAV pack tie-outPlanned

Capital activity and noticesPlanned

LP quarterly reportingPlanned

Every figure comes from the platform’s own logs, reconciled to the administrator each month.

Traceability

Click any figure.
See where it came from.

Every number the platform produces carries its lineage: the source document, the ledger line it was matched to, the rule it was checked against and the person who signed it off. Your auditor and your LPs follow the same trail.

Capital account statement — Fund III · Q3 2026

Investor 0042£ · 1 Jul – 30 Sep

Auto-playing · click any figure

Lineage

Opening capital account£24,180,412

SourceQ2 capital account statement, signed 14 Jul 2026Administrator file FIII-Q2-CAS.pdf · p. 3

Matched toQ2 closing balance in the capital roll-forwardInvestor 0042 · row 42

CheckRolls forward from the prior quarter to the pennyRule CA-01 · passed

ReviewedFund accountant6 Oct 2026 · 09:12

Traced · 4 of 4 checksSame trail in the auditor’s view

Illustrative statement for one investor. Names, references and figures are examples.

04 / Across vehicles

Built once. Run across every vehicle.
Each fund goes live faster than the last.

A process built for one fund goes into a shared library on the platform. The next vehicle installs it, maps it to its own administrator files and chart of accounts, and goes live in weeks.

Illustrative five-vehicle programme. Timings depend on each administrator’s files and formats.

Playbooks

Four fund operations,
written up from delivery.

What we measure first, what we build and how each one is checked. Read them before the audit, or bring them to it.

All nine playbooks →

PlaybookNAV Pack ReviewAdministrator NAV packs tied out line by line to your books, with every break explained before the CFO signs.Read the playbook →PlaybookCapital Call FlowCalls computed from the LPA and side letters, sent per investor, and matched to the wires that arrive.Read the playbook →PlaybookInvestor ReportingLetters, capital account statements and DDQ answers drafted from your books, with every figure traced to source before release.Read the playbook →PlaybookSide-Letter RegisterEvery promise in your LPAs and side letters, tracked to its clause, owner and proof of delivery.Read the playbook →

05 / Value

Margin you can bridge,
line by line.

Every process reports against a baseline your fund finance team signed before the build. The management report carries measured numbers, and the same evidence answers the auditor and the LP.

Management report — fund operations · Q3 update

Operating margin on management fees

% · axis starts at 12.0

14.2% →14.2%+0.0 pts

16

15

14

13

12

14.2%

+1.2 pts

+0.5 pts

+0.2 pts

+0.3 pts

16.4%

Baseline margin

before the build

NAV pack tie-out

4.6 → 1.2 FTE

Capital activity

notices same day

LP reporting

cycle 12 → 4 days

Investor queries

response 5 → 1 day

Operating margin

measured at month 6

+2.2 pts of margin on £48m of management fees≈£0.0ma year

Illustrative bridge for one manager. Each line is measured against a baseline signed before the build. Fee income is the manager’s own forecast.

Related work

Measured against the quarter
before we arrived.

Client names are withheld under mandate. Each engagement reports the baseline instrumented at the diagnostic and the figure at the third monthly review.

Fund Management · AI EngineeringNAV pack tie-out for a multi-strategy managerThe finance team ticked each administrator NAV pack against the books by hand. Packs are now tied out line by line, and only explained breaks reach the CFO.NAV review6 days → 1 dayLines tied out per pack3,400Breaks unexplained at sign-offNoneRead the case study →Fund Management · AI TransformationAn operating model for AI across fund operationsOperations had a long list of AI ideas and no way to rank them. We measured twelve processes, ranked them by cost and risk, and shipped the first build: a register of every side-letter obligation.Obligations with a named owner40% → 100%Processes measured12Obligations without proof of deliveryNoneRead the case study →

All work →

06 / Engagement

Three ways in.
Each one earns the next.

Engagement 012 weeks · fixed fee

The operations audit

We walk every fund operations process across up to six vehicles, read the administrator files and interview the team. You get a ranked, costed plan for each vehicle and one for the platform.

Covers

Up to six vehicles

Access

Read-only

Output

Ranked, costed plan

Book an audit

Engagement 02100 days · per process

The first build

A senior squad ships the top-ranked processes onto a production platform in your own cloud. Each one reports against a baseline your CFO signed.

Runs in

Your cloud

Releases

Fortnightly

Measured

Against baseline

Book a call

Engagement 03Ongoing · per vehicle

The platform rollout

What worked for the first fund is installed for the next, mapped to its administrator and data, with an evaluation suite and a named owner for each. The evidence is ready when the auditor asks for it.

Reuses

Platform and library

Owner

Named per vehicle

At audit

Evidence on file

Book a call

3264.ai

Close the quarter in days.

Book an operations audit

Fund operations rebuilt on one production platform, with every figure traced to source.

32 → 64

Quarter-end, closed in days.Every figure traced to source.

Every quarter-end is a project.Very little of it is repeatable.

In two weeks, we walk every fund operations process and rank where automation returns the most time and removes the most risk.

Start with a two-week operations audit.

The first quarter-end,as a build log.

Click any figure.See where it came from.

Built once. Run across every vehicle.Each fund goes live faster than the last.

Four fund operations,written up from delivery.

Margin you can bridge,line by line.

Measured against the quarterbefore we arrived.

Three ways in.Each one earns the next.

Close the quarter in days.

Quarter-end, closed in days.
Every figure traced to source.

Every quarter-end is a project.
Very little of it is repeatable.

The first quarter-end,
as a build log.

Click any figure.
See where it came from.

Built once. Run across every vehicle.
Each fund goes live faster than the last.

Four fund operations,
written up from delivery.

Margin you can bridge,
line by line.

Measured against the quarter
before we arrived.

Three ways in.
Each one earns the next.