# Kestrin_Fund_Admin_Model.xlsx: start here

## What the file is

The companion workbook of *The Fund Administration Professional* (Julian R. Sterling). It rebuilds, with live formulas, the calculations the book follows at Kestrin Fund Services, the fictional administrator, for its fictional client Saltmarsh Capital: Saltmarsh Capital Partners IV (a closed-end buyout fund) and the Saltmarsh Senior Lending Fund (an evergreen private credit fund). Fund-level amounts are US dollars in millions; investor lines are in dollars and cents. Every input is an assumption of the case, not a market statistic.

Blue numbers on a pale blue background are inputs you may change. Black numbers are formulas.

## Which tab answers which chapter

| Tab | What it holds | Chapters |
|---|---|---|
| Start Here | How to use the file and the manipulations the book suggests | |
| Inputs | Partners, terms, deals, the waterfall method switch, the call selector, the Lending Fund, the economics, the interview case | All |
| Flows | Fund IV quarter by quarter: fees, offset, investments, expenses, calls, distributions, LP pool | 5, 7, 8 |
| CallGrid | Every partner's rounded share of calls 1 to 8, with the residual rule | 5, 6, 9 |
| Calls | The selected call notice; the late payment interest and its allocation | 5 |
| Equalization | The second close: target, capital, interest, catch-up fee, the GP netted | 6 |
| Waterfall | Compound and simple preferred return side by side; the reconciliation and the clawback exposure | 7, 8 |
| AccruedCarry | Hypothetical liquidation at the end of year 5 | 9 |
| CapitalAccounts | The ten capital accounts at the end of year 1, footed to the NAV | 9, 10 |
| Evergreen | The Lending Fund month by month, as published and after the correction; gates; performance fee | 11, 12, 13 |
| NAVError | The NAV error, the leavers, the joiners, the excess fees, the manager's cost | 14 |
| Economics | The administrator's fees, hours and contribution | 2 |
| Interview | The interview waterfall and the call question | 17 |
| Checks | Identity checks and the book's printed figures; reads ALL CHECKS OK | Appendix A |

## Recalculation

The file recalculates when you open it. It has no macros, no data tables and no circular references, so it works the same in Excel, LibreOffice and Google Sheets. After you change an input, the Checks tab reads IDENTITIES OK (inputs differ from the book): the comparisons with the printed figures differ by design, the identities must still pass. To go back to the book's figures, download the file again.

The file is provided as it is, without warranty of any kind. Nothing in it is legal, tax, regulatory, accounting or investment advice.