Field guide to alternative asset operations.

The statutory carrying value an insurer holds an investment at on Schedule BA. Built from cost, amortization, impairments, and FX. The number must reconcile to the cent and survive an actuarial audit.

Tying each LP's capital account balance to contributions, distributions, allocations, and fees across every quarter since inception. The work that breaks at scale because every fund document is shaped differently.

The deal-by-deal or whole-fund calculation that splits profit between LPs and the GP after preferred return and catch-up. A waterfall predicted by a language model is a guess. Aktus runs it through deterministic code.

European waterfalls pay GP carry only after every LP gets capital back plus preferred return across the whole fund. American waterfalls pay carry deal by deal, with clawback. The LPA language decides which math runs.

The investment committee memo an allocator writes to recommend a manager or deal. Built from a PPM, DDQ, performance file, and house view. The first draft is repetitive work. The judgment in it is not.

The fund tax workpaper and Schedule K-1 issued to each partner. Pulls from the trial balance, allocations, side letters, and prior year carryforwards. Every line must trace to a primary document a partner can sign.

The quarterly net asset value report a fund sends to LPs. Built from valuations, accruals, fees, and FX. The number on page one is the number that goes into every LP system downstream, so it cannot drift.

Reading a private placement memorandum and extracting strategy, terms, fees, key person language, and risk factors into a comparable schema across managers. The first step before any allocator can compare two funds.

Turning a property's lease pack and rent roll into a structured table of tenants, terms, escalations, recoveries, and options. The foundation under every underwriting model and every asset management report.

The NAIC statutory filing schedule for an insurer's other long-term invested assets, which is where alternatives sit. Built from K-1s, capital account statements, and manager letters. Feeds Clearwater clean or feeds it dirty.

A bilateral agreement between an LP and the GP that modifies the LPA for that investor, covering fees, MFN rights, reporting, or excuse rights. The provisions reshape allocations and reporting for the life of the fund.

The gap between a portfolio's total value to paid-in capital and the underwrite plan, broken out by vintage, strategy, and manager. The number that drives every IR conversation and every reallocation decision.