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Quarter-end close for a client fund

Your quarter is hard-closed and its NAV frozen, with separate people preparing, reviewing and approving, then locked once the LP report is out.

PlanQuarter-end close for a client fund

  1. Close the quarter’s last month

    Held

    Runs the monthly fund close playbook for the third month of the quarter.

    Plan
  2. Check calls and fees

    Held

    Checks that every capital call sent this quarter is booked, and Operator checks the fee accrual against the fund’s fee periods. An unbooked call stops the close until it is fixed.

    Operator
  3. Post the approved marks

    Held

    Operator reads the valuer’s signed marks schedule, and each changed mark is posted to the books behind one approval.

    API actionper holdingAccountant approves all in one go
  4. Post accruals and review

    Held

    Posts the audit and admin fee accruals. A second fund admin, not the one who prepared the close, reviews and signs off the quarter’s adjustments.

    API actionReviewer confirms
  5. Hard-close and save the reports

    Held

    Takes the period through the hard close, freezing the NAV, and saves the NAV, capital account and performance reports. An open required task stops the plan until it is done.

    API actionAccountant confirms
  6. Finish the post-freeze tasks

    Held

    A fund admin works through the remaining tasks on the close checklist, and the accountant signs them off.

    PersonAccountant approves
  7. Approve the close

    Held

    You approve the close as the fund’s GP. The admins who prepared and reviewed it can’t approve it for you.

    API actionGP confirms
  8. Lock the period

    Held

    Locks the quarter once the LP report is out, so nothing in it can change.

    API actionWaits until the LP report dateGP confirms

The plan as it runs: each step waits for the one before it, and stops at its gate until the owner approves.

At a glance

Who runs it, and when

Who runs it
Fund admin
What starts it
Quarter end, with the hard close due 20 business days later.
How often
Quarterly
Vehicle
Fund

Ask Operator

Start it in a sentence

Ask Operator in chat. It drafts the plan for your fund, and nothing runs until you release it.

  • You

    Close Q3 for the client’s Fund I.

  • You

    Run the hard close for Fund II’s quarter.

  • You

    Freeze Q3 NAV and lock it after the LP report.

The outcome

The quarter is hard-closed with its NAV frozen and its reports saved, reviewed and approved by different people, and locked once the LP report is out.

What it proves

  • Runs the monthly close playbook as its first step.
  • Keeps preparing, reviewing and approving with three different people.
  • Posts every changed mark behind one approval.
  • Stops on an unbooked call or an open checklist task, and picks up once it is fixed.
  • Waits for the LP report date before it locks the period.
  • Shows you the status and NAV, and a junior admin only the count of open tasks.

Run it on your fund

Talk to the team about running this playbook on your own fund.