GP · Fund · Once per fund
Set up the fee schedule from the LPA
The fund’s fees are read from the LPA, confirmed by counsel and set up to compute and accrue each quarter.
PlanSet up the fee schedule from the LPA
Read the fee terms from the LPA
HeldOperator pulls every fee term from the LPA and side letters, with the passage it came from: rate, basis, step-down, offsets and discounts.
OperatorConfirm the terms
HeldYour counsel checks the extracted terms against the documents and the fund’s settings before anything is written.
PersonCounsel approvesCreate the fee periods
HeldSets up each fee period the LPA describes, with its rate, basis and months, all approved in one go.
API actionper fee periodGP approves all in one goSet the headline fee
HeldUpdates the fund’s headline fee and fee note to match, once you confirm.
API actionGP confirmsSet up the quarterly accrual
HeldCreates a quarterly management fee accrual in the fund’s books that runs until the investment period ends.
API actionAccountant confirmsConfirm the step-down
HeldYou are reminded to check that the step-down took effect and to set up the accrual on the new fee basis.
PersonWaits until the investment period ends
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
- GP
- What starts it
- Your first close, or an LPA amendment that changes the fees.
- How often
- Once per fund
- 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
Set up our management fee schedule from the LPA.
- You
The LPA amendment changed the fee; update the schedule.
- You
Make the fund accrue its fees every quarter.
The outcome
Every fee period in the LPA is on the fund, confirmed by counsel, and a quarterly accrual books the fee until the investment period ends.
What it proves
- Reads every fee term from the LPA and side letters, and cites the passage.
- Writes nothing to the fund until your counsel has confirmed the terms.
- Creates every fee period in one approval.
- Sets up an accrual so the fee books itself each quarter.
- Reminds a person to confirm the step-down when the investment period ends.