Fund admin · Fund · As terms change
LPA obligations register
The terms your fund runs on are read out of the LPA and every side letter, checked against their clauses, and set up in the fund.
PlanLPA obligations register
Read each document’s terms
HeldOperator reads the LPA and every side letter and pulls out each term with its page and clause. A fund admin takes over any document it can’t read.
Operatorper documentBuild the register
HeldOperator applies each side letter’s overrides, lists the MFN rights, maps the terms to the fund’s settings and fee schedule, and flags anything ambiguous.
OperatorConfirm each term
HeldAn accountant on the fund admin team checks every term against its clause before anything in the fund changes.
PersonAccountant approvesRule on the unclear terms
HeldCounsel gets each term Operator flagged as ambiguous, with its clause, and rules on it.
PersonCounsel approvesSet the fund’s terms
HeldUpdates the fund’s fee, carry, catch-up, term, extensions and reporting deadline to match the confirmed terms.
API actionFund admin confirmsBuild the fee schedule
HeldAdds each fee period the confirmed terms set, with its rate, basis and months.
API actionper fee periodFund admin approves all in one goFile the register
HeldFiles the register in the fund’s admin space. You see every term; a junior sees counts by type and no LP’s own terms.
API actionFund admin 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
- A fund is onboarded, or an LPA amendment or side letter is signed.
- How often
- As terms change
- 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
Read Fund III’s LPA and side letters and set up its terms and deadlines.
- You
Build the obligations register for the new side letter.
- You
Which reporting deadlines and fee terms does Fund II’s LPA set? Put them in the fund.
The outcome
A register of every term, each citing its clause, is filed with the fund, and its settings and fee schedule match the confirmed terms.
What it proves
- Reads every LPA and side letter side by side and cites the clause behind each term.
- Changes nothing in the fund until each term is confirmed and counsel has ruled on the unclear ones.
- Builds the whole fee schedule behind one approval.
- Hands a document Operator can’t read to a fund admin, who takes the step over.
- Keeps LP-specific terms from viewers who shouldn’t see them.