Companion files · The Fund Administration Professional

The Fund Administration Professional

Inside the Administrator: Capital Calls, Equalization, Waterfalls, Closed-End and Evergreen NAV, Investor Services, KYC and the Audit, With the Models Supplied.

Julian R. Sterling

This is the companion file of the book. One workbook follows Kestrin Fund Services, the book's fictional administrator, through its mandate for one manager and two funds: a $500 million closed-end buyout fund with ten partners and an evergreen private credit fund that deals every month. It rebuilds the calls, the second close, the waterfall, the capital accounts, the monthly NAV, the gates and the NAV error with live formulas. No sign-up, no email is asked for, nothing is locked. Fund-level amounts are in millions of US dollars, investor lines in dollars and cents; blue type is an input, black type is a formula.

The files

• Chapters 2 to 17 · Appendix A

  Kestrin_Fund_Admin_Model.xlsx

  Fund IV's flows over forty quarters; every partner's share of the first eight capital calls with the rounding rule; the late payment interest; the second close and its equalization; the European waterfall with the compound and the simple preferred return side by side; the accrued carried interest at the end of year 5; the capital accounts at the end of year 1; the Lending Fund month by month with its gate and its performance fee; the NAV error and its correction; the administrator's economics; and the interview case. The Checks sheet sets each figure the book prints beside the cell that computes it.

  Download the workbook80 KB

• Read first

  00_START_HERE.md

  What the file is, which tab answers which chapter, and how to return to the book's figures.

  Download the read-me3 KB

Three numbers to reproduce first

The first call	Call 1 of Fund IV: $57,469,375.00, capital allocated on $360 million of commitments and the management fee on $353 million, every line rounded to the cent
The reconciliation	Year 9, Q2: the manager's simple-interest model pays $17.92 million of catch-up that the LPA's compound preferred return does not yet allow
The NAV error	A 0.80 percent overstatement: leavers overpaid $183,750.00, joiners short 1,763.02 units, a cash cost to the manager of $213,636.72

The file is provided as it is, without warranty of any kind. The model is illustrative: Kestrin Fund Services, Saltmarsh Capital, its funds and their investors are fictional, and the figures are the book's assumptions, not market statistics. Nothing here is legal, tax, regulatory, accounting or investment advice.