Capital calls kept in a spreadsheet
The notice goes out from one place. What each investor owes, and what has come in, often lives somewhere else.
You already have who committed, to which fund, and how much. Sending the notice, matching what came in, and catching up a later close are Finance. You cannot do that in this release.
- Commitments Who committed, to which fund, and how much.
- Finance Not in this release. Commitments, notices, receipts, and waterfalls.
Capsure is not a bank feed, and it is not your general ledger.
The quarterly investor report
The quarter closes. Then someone rebuilds the letter from exports.
Value shows what is already on the books. You do not type the mark in there. The letter is laid out from that, and someone at the firm still reads it before it goes.
- Value What the holding is worth, from a revaluation already on the books. You do not enter the mark here.
- Operating requests You ask the company for the quarter. They send it back against that request.
- Report templates The layout of a pack. The firm still reviews it before it goes out.
The report does not send itself.
The raise and the fund
The fundraising list sits apart from the fund. When someone subscribes, their commitment gets typed in again.
The raise keeps the prospect, the materials, and how far each conversation has gone. When they subscribe, that commitment is on the fund. It does not open a finance ledger.
- Campaigns A raise: the fund, who you are talking to, and how far each conversation has gone.
- IR datarooms Documents you share with investors for a raise or a report.
- Commitments Who committed, to which fund, and how much.
The raise is not your general ledger. Notices are not in this release.
The IC pack is assembled the night before
The meeting is on the calendar. The pack is still a folder.
The diligence, the comps, and the decision stay on the deal. The committee works from that, not from a document someone built the night before.
- Deals Every deal, including the ones you closed. Or start a new one.
- Pipeline The board of live deals. Open one, or move it on.
- Benchmark How a company compares with the peers you chose.
- Deal datarooms The files for diligence on a deal.
- Deal, company, and person The deal, the holding, and the people all sit on the company you already have. A later round does not create a second one.
Carry worked out in one place and paid from another
Carry is worked out in a model. The notice that pays people is a different document.
A notice calculated from a waterfall is Finance. That screen is not open. Capsure does not read the partnership agreement and invent the split.
- Finance Not in this release. Commitments, notices, receipts, and waterfalls.
- Commitments Who committed, to which fund, and how much.
Capsure does not read the LPA, it is not your general ledger, and it does not connect to a bank.
Notices and statements sent by email
Investors get the quarter as a handful of email attachments.
Documents for investors sit in a data room. Portfolio and sustainability asks are answered in the portal. Capital call notices are not something you can send from Capsure today.
- IR datarooms Documents you share with investors for a raise or a report.
- Operating requests You ask the company for the quarter. They send it back against that request.
- ESG requests Ask a portfolio company for those measures, for a period.
Portfolio numbers arriving as spreadsheets
The companies send the quarter into an inbox, and someone builds the pack from that.
You ask for the period. The company sends the update back, including a cap table when that is what you asked for. The board meetings sit on the same cycle.
- Operating requests You ask the company for the quarter. They send it back against that request.
- Board The board rhythm for a holding: meetings, packs, and what was agreed.
- Holdings One owned company. It usually appears when a deal closes.
A cap table sent in here is for the firm to review. Capsure is not a cap table product.
The fund and the co-invest
The fund and the co-invest are closed in two different files.
The fund, the SPV, the GP, and the management company each stay their own vehicle. The holding still points at the company. Notices for each vehicle are Finance, which is not open.
- Entities The fund, the SPV, the GP, the management company. Each one is its own vehicle.
- Holdings One owned company. It usually appears when a deal closes.
- Commitments Who committed, to which fund, and how much.
Keeping them separate is not a consolidation.
The same company in every tool
The company in the pipeline is not the company on the books.
You met them once. The deal, the holding, and the next round all use that same company. You do not type them in again.
- Deal, company, and person The deal, the holding, and the people all sit on the company you already have. A later round does not create a second one.
- Deals Every deal, including the ones you closed. Or start a new one.
- Holdings One owned company. It usually appears when a deal closes.
The round and what was booked
What you agreed, what you booked, and what the company owns are three different files.
The deal is the round you are pursuing. Value lists the instruments once they exist, and you do not enter the mark there. A later round does not create a second company.
- Deals Every deal, including the ones you closed. Or start a new one.
- Value What the holding is worth, from a revaluation already on the books. You do not enter the mark here.
- Deal, company, and person The deal, the holding, and the people all sit on the company you already have. A later round does not create a second one.
This is not a full cap table.
Sustainability collected separately
You already ask the company for the quarter. Sustainability is a second request.
The sustainability questions can go out with the same period. You decide what to ask. The company sends it back, and you review it before it is used.
- Frameworks The questions you have decided to ask, whether that is your own list or a named standard.
- ESG requests Ask a portfolio company for those measures, for a period.
- Review queue Accept what came back, or send it back.
Collecting a number is not the same as saying the firm complies.
