Known limit
Fee base auto-switch (invest period to post-invest) is a manual trigger. Automatic transition on fund status change is not yet implemented.
Fees & Equalization • Management Fee Engine + Subsequent Closings
Management fees and equalization, deterministic
Management fee engine with step-down, offset, discount, and equalization for subsequent closings. Day count conventions: ACT_365, ACT_360, THIRTY_360.
Capabilities
Fee and equalization features
01
Configurable fee base
COMMITMENTS (invest period), NAV (post-invest), INVESTED_CAPITAL, COST. Per-fund configuration.
02
Frequency options
QUARTERLY_ADVANCE (default), QUARTERLY_ARREARS, SEMI_ANNUAL, ANNUAL. Stub periods pro-rata.
03
Step-down on anniversary
Fee rate step-down on fund anniversary date (FP-D03). Configurable per fund.
04
Offset and discount
Transaction fee offset percentage. Discount applied AFTER offset (FP-D06). GP pays 0 EUR (FP-D04).
05
Equalization for closings
New LPs catch up with existing LPs. Interest on equalization amount using fund day count convention.
06
Netting
Equalization offset = effective payment (FP-D07). Netting against capital calls supported.
07
Day count conventions
ACT_365 (default), ACT_360, THIRTY_360. Configurable per fund via fund_configs.
Workflow
Fee accrual and equalization flow
Fee rule setup
Configure base, rate, frequency, step-down, offset, discount per fund.
Accrual run
Periodic fee accrual creates fee_accruals. Calc_run records version and inputs.
Subsequent closing
New LP joins; equalization amount calculated with interest. Cumulative rebalancing.
Netting
Equalization offset applied against capital call. Effective payment recorded.
Controls
Institutional safeguards
Calc runs immutable (DB trigger prevents UPDATE/DELETE)
Fee accruals append-only
Equalization entries append-only
Audit trail on all calculations
Proof
Evidence and parity
Golden FEE-01, FEE-02
Fee simple quarterly and fee step-down + offset scenarios validated against signed Excel references.
Scenarios 03–07
Subsequent closes (2nd, 3rd), equalization Act/365 and 30/360, netting equalization + call. All passing.
Day count coverage
ACT_365, ACT_360, THIRTY_360 tested across equalization and interest calculations.
See fees and equalization on your fund
Schedule a guided demo: management fee accrual, step-down, offset, equalization for subsequent closings, and netting workflows.