Distribution Waterfall and Capital Call Agent
The Distribution Waterfall and Capital Call Agent applies the terms of your fund partnership agreement to calculate capital calls, distribution waterfalls and carried interest, stepping through return of capital, preferred return, GP catch-up and the carry split. It prepares investor notices and LP capital account statements, and checks every calculation against the agreement and prior periods. The GP reviews and approves every notice before it goes to investors.
Ideal forFund managers
The difference
From 16-24 hours per distribution to 3-5 hours
Your fund finance team spends its time reviewing and explaining results to LPs instead of rebuilding waterfall spreadsheets each quarter.
Done by hand
16-24 hours per distribution
With the Vanine agent
3-5 hours
Time returned to your team
80%
Indicative figures. We measure your own baseline in the first fortnight so the numbers you see are yours.
Errors that investors notice
A mistake in a distribution or capital call damages LP trust and can take months to unwind. The agent traces each figure back to the partnership agreement clause and the underlying cash flows, so every number is explainable.
Complex terms applied consistently
En commandite partnership agreements often include side letters, fee offsets, clawback and different LP classes. The agent applies these terms the same way every time, rather than relying on a spreadsheet only one person understands.
Reporting LPs expect
DFIs and institutional LPs expect clear capital accounts, often aligned to ILPA templates. The agent prepares notices and statements in that format, ready for GP approval.
Capabilities
Accurate waterfalls, capital calls and carry, checked against your partnership agreement.
Built for private equity, infrastructure and venture capital fund managers, fund CFOs and finance teams, and fund administrators running South African en commandite partnerships and DFI-backed funds.
Partnership agreement mapping
Reads the fund partnership agreement and side letters and maps the waterfall, fee, offset and clawback terms into a documented calculation model.
Capital call calculation
Calculates each LP's share of a drawdown for investments, fees and expenses based on commitments, with undrawn commitment tracking.
Distribution waterfall
Runs the waterfall from return of capital through preferred return, GP catch-up and carried interest split, on a whole-of-fund or deal-by-deal basis as the agreement requires.
Carried interest and clawback
Tracks accrued and paid carry over the fund's life and tests clawback exposure at each distribution.
Investor notices
Drafts capital call and distribution notices for each LP with amounts, dates, bank details and supporting calculations.
LP capital accounts and checks
Maintains LP capital accounts in ILPA-aligned formats and reconciles contributions, distributions and allocations to the fund ledger and bank records.
How it works
From your systems to a result you sign off
The GP reviews and approves every calculation and notice before release, and payments stay in your bank's own approval process.
Connect the places your fund records already live.
The partnership agreement and side letters, the fund ledger, bank statements and investment cash flows from your fund administrator or SharePoint. Already use something else? We connect that too.
- OpenAI Frontier
- Your own AI platform or models
- Microsoft 365 (Teams, SharePoint, Outlook, Excel)
- Copilot Studio
- Fund administrators such as Maitland, Apex and JTC
- ILPA reporting templates
- Fund accounting ledgers and bank statements
Runs on request when a capital call or distribution is planned, in Teams, Copilot Studio or OpenAI Frontier, using the models your organisation approves.
Waterfall and capital call calculations in Excel, draft investor notices and updated LP capital accounts.
Step by step
- 01
The GP plans a capital call or distribution and triggers the agent.
- 02
It applies the partnership agreement terms to the latest commitments, cash flows and valuations.
- 03
It calculates each LP's allocation and runs the waterfall and carry checks.
- 04
It drafts the investor notices and updates LP capital accounts.
- 05
The GP reviews and approves the notices, and the fund administrator issues them.
Deployment
Runs inside the tools your team already uses
The same agent and the same cited output, delivered three ways: through the AI assistant you have rolled out, on a model you host yourself, or inside your own software.
In the frontier assistant you already pay for
We publish the agent as an MCP server. Add it as a connector and your team calls it from the chat they use every day, with no new tool to learn.
"Map the waterfall terms from the agreement"
- fund
- Infrastructure Fund II
- event
- Partial exit
On a model you host yourself
Run the agent on open-weight models in your data centre or private cloud. Your fund records never leave your network, which keeps POPIA and data residency straightforward.
- Llama
- Mistral
- Ollama
- or any OpenAI-compatible endpoint
Inside your own software
Trigger a run from your own workflows, and push the finished output into your ERP, GRC or reporting systems. We build the integration with your team.
- REST API
- Webhooks
- Batch jobs
- Embeddable review panel
Governed the same way, every route
Whichever way your team reaches the agent, identity, permissions and audit stay with your existing controls.
- Single sign-on through Entra ID, Okta or Google Workspace
- Reads only the documents each user is already allowed to open
- Every tool call written to an audit log you can export
How we deliver it
One agent, three ways to hold it
Start where your team already works, then take it as far into your systems as the value justifies.
DATA SECURITY & PRIVACY
Your fund records stay yours.
The agent runs inside your tenancy, reads only what each task needs, and never trains on your fund records. Every step is logged so your auditors can see exactly what it touched.
Built for regulated work.
+YOUR FUND RECORDS NEVER LEAVE YOUR ENVIRONMENT
More agents
More agents we build for South African enterprises
Each one is built on the same foundation: your documents, your rules, and your people signing off.
Precision AI for Institutional Workflows
