Exit day is when fund administration earns its keep.
Waterfall math across dozens of LPs, preferred returns accrued over years, and carry calculations that have to be right the first time, all land at once.
Allocations calculates the waterfall against your operating agreement,
Allocations
620 posts
Global fund administration platform with $2bn+ assets, 1,600+ private funds and 24,000+ high net worth investors
- Global private debt AUM grew from just over $500 billion in 2014 to more than $1.8 trillion by 2024. More than three times larger in a decade. Loans that once sat on bank balance sheets now sit in funds, and the borrowers followed. Mid-market companies increasingly raise debt
- 70% of family offices now make direct investments. 64% expect to complete six or more direct deals in the coming year. The number of family offices worldwide tripled between 2019 and 2023 and now exceeds 8,000. Fee savings started this shift. Control is sustaining it. Families
- Secondaries strategies took 18% of all private capital raised in 2025. In 2021, that number was 7%. Three of the ten largest PE funds closed last year were secondary-focused. Capital formation tells you where the market believes the next decade of returns will come from. Right
- Corporations are restructuring around their core businesses in response to shifting trade flows, energy transition, and AI-driven change. This has driven a surge in PE-backed carve-outs, particularly in North America and across industrials, energy, and utilities, per McDermott
- A single LP writing a large check into a deal still needs the same legal and compliance infrastructure as a fully subscribed SPV. Operating agreements, subscription documents, accreditation verification, Form D, and Blue Sky filings do not disappear because there is only one
00:00 - Global VC deployed $512.6 billion in 2025, the third-highest year on record, Q1 2026 alone hit $300 billion across 6,000 companies, putting 2026 on pace to surpass $1 trillion for the full year. The 2030 trajectory depends on one variable: whether AI companies deliver exits at
- Q1 2026 was the strongest PE fundraising quarter since 2021. $86 billion raised in US PE alone, and nearly half of all funds that closed met their original targets, the highest proportion in at least five years, per PEI. Concentration is defining the recovery: - Five firms
- LP due diligence in 2026 runs on two tracks. Investment performance is one. Operational infrastructure is the other, and both need to pass before capital moves. 85% of LPs evaluated back-office quality as a standalone criterion in 2025. 79% increased the depth of that evaluation
- 59% of GPs are optimistic about their 2026 fundraising targets, per S&P Global's April 2026 Private Equity Outlook. 47% cite shifting LP priorities as their primary challenge. The GPs gaining ground are the ones who have updated their approach to match what LPs now expect: -
- Private credit is no longer a substitute for bank lending. It is now the primary financing mechanism for mid-market buyouts, growth equity deals, and infrastructure transactions. @Preqin 2026 Global Report describes 2025 as a year of strategic evolution for private credit,
- Calculating distributions across hurdle rates, preferred returns, catch-up provisions, and GP carry splits is one of the most error-prone parts of fund administration. Precision is essential, as allocation outcomes are reflected across every LP in the vehicle. Allocations
00:00 - Institutional LPs run structured due diligence before committing capital. They expect audited financials, clean compliance documentation, and a reporting layer that matches their own internal standards. Emerging GPs with strong deal flow often lose LP commitments at the due
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