Known limits
Hybrid waterfall is stub only (post-MVP). Clawback amount is calculated but no reversal workflow yet — manual execution at MVP.
Waterfall • European + American
Waterfall engine: visual, explainable, auditable
European and American waterfall distributions with deterministic sequencing. Side letter overrides per LP. LINEAR compounding (FP-D01). Clawback calculation.
1
Return of Capital
Calculating...
2
Preferred Return
Calculating...
3
GP Catch-up
Calculating...
4
Carry Split
Calculating...
Capabilities
Waterfall features
01
European (whole-fund)
Return of capital → Preferred return → GP catch-up → Carried interest → Clawback. Whole-fund distribution.
02
American (deal-by-deal)
Sequential deal processing sorted by realization_date (FP-096). Per-deal waterfall with cumulative clawback (FP-101).
03
Side letter overrides
Per-LP hurdle rate (FP-D05), carry %. WATERFALL_OVERRIDE side letter terms applied at run time.
04
LINEAR compounding
Preferred return uses LINEAR compounding (FP-D01), not compound. Deterministic.
05
Clawback calculation
Cumulative clawback (FP-101) when cumulative net profit < 0 and cumulative GP carry > 0. Amount calculated.
06
Deal events
DRAFT → POSTED. Only POSTED deals included in runs. Deterministic ordering.
Workflow
Waterfall run flow
1
Inputs
Contributions, distributions, side letters. European or American mode.
2
Run
Deterministic engine. Domain pure functions. Calc_run records version.
3
Review
DRAFT run reviewed. LP-level results. Clawback if applicable.
4
Finalize
Run moves to FINAL. Immutable. Superseded only by new run.
Controls
Institutional safeguards
Waterfall runs immutable (DRAFT → FINAL → SUPERSEDED)
Deal events (DRAFT → POSTED)
Idempotency keys on run endpoint
Calc_run records code version and inputs
Proof
Evidence and parity
Golden 08, 09
European simple and European + side letters. Validated against signed Excel references.
Golden 10, 11
American 3 deals with clawback. Multi-currency EUR/USD. All passing.
10 API endpoints
Waterfall runs, deal events, LP results. Full CRUD with fund-scoped RBAC.
See waterfall on your fund
Schedule a guided demo: European and American waterfall runs, side letter overrides, clawback calculation, and proof artifacts.