LP statements your investors can interrogate.
Your waterfall stays in your Excel. Your LPs get a live statement where every distribution traces through pref, catch-up, and promote to the exact cells in your model — without you handing over the workbook.
Sponsors and syndicators running distributions through a bespoke Excel waterfall.
Book a working session- $18,400Preferred Return (8%)Waterfall!D14= 8% × capital account × period
- $2,500,000Capital AccountCapAccts!C7
›Preferred return of $18,400 = 8% annual on the $2,500,000 capital account, accrued for the quarter (Waterfall!D14).
Click any figure — this is what your counterparties get. The trace walks the number through your model to the cells that produced it.
Your portal doesn't run your waterfall.
Investor portals compute distributions with their own engine, configured to approximate your model. When the numbers drift from your Excel, the portal's terms say that's your problem — so you hand-key every distribution and reconcile by eye.
“How did you get this number?” means email archaeology.
An LP questions a distribution and the answer lives three workbook versions ago. Reconstructing it means screenshots, attachments, and a week of back-and-forth that erodes exactly the trust the question was testing.
Opacity reads as evasion.
Your LPs are wiring you money on the strength of a PDF. The sponsors who win repeat capital are the ones whose numbers survive interrogation — visibly.
- Preferred Return 8%Waterfall!K10$0
- GP Catch-UpWaterfall!K14$0
- Hurdle 2Waterfall!F16$0
- 80 / 20 Promote SplitWaterfall!F18$0
Watch capital fall through the tiers of your waterfall — pref, catch-up, promote — each figure carrying the cell it came from.
How the counterparty experience works
Send your waterfall
Sanitized workbook — pref tiers, hurdles, promote splits, capital accounts, exactly as they are.
We map it in 48 hours
Inputs, waterfall tiers, per-LP outputs. Your formulas stay untouched; we run the actual graph.
LPs get live statements
Each investor sees their own capital account and distributions — permissioned, current, and click-traceable through every tier.
New period, one upload
Drop the new data, statements republish, and LPs see exactly what changed and why.
Questions
Do we have to migrate our waterfall into your system?
No. That's the point. We execute your workbook as-is — same formulas, same tier logic, same edge cases you've already fought through. There is no rebuild, no configuration to reconcile against your Excel.
What do our LPs actually see?
Their slice only: their capital account, their distributions, their pref accrual. Every figure is clickable — the trace walks through catch-up and promote tiers to the source cells, with a plain-English explanation. They never see the whole model or other LPs' positions.
We already use an investor portal. Why this?
Portals are documents-and-dashboards; the distribution math still happens in your Excel, and you re-key results into the portal. Formualizer runs the Excel itself, so the statement is the calculation — nothing to reconcile.
What does it cost?
A paid pilot: $2–3k setup with your portal live in 48 hours, then a monthly per-LP fee. Paid pilots keep us both honest — if it doesn't earn the subscription, walk away.
48 hours from workbook to live statements.
Concierge pilot: send a sanitized workbook, we map it and stand up your counterparty portal in 48 hours. Pilots are paid — $2–3k setup, then a monthly fee per recipient. If the pilot doesn't earn the subscription, walk away.