Directory · Private markets and alternatives
Capital calls and waterfalls
44 products carry this category. Categories are tags, so several of these also appear elsewhere.
What is meant by Capital calls and waterfalls?
Management of capital called from and distributed to limited partners, and calculation of how proceeds are split between investors and the manager under the fund's distribution waterfall, including preferred return, catch-up and carried interest.
Who uses Capital calls and waterfalls?
Fund finance.
What gets confused with Capital calls and waterfalls?
Fund accounting generally. The waterfall is a specific, contractual calculation, and it is the one most often still run in a spreadsheet.
What should you ask a vendor about Capital calls and waterfalls?
Bring your actual limited partnership agreement to the demonstration. Waterfalls differ in ways generic software does not anticipate.
This definition is Buyside Fintech’s own editorial work, not a vendor’s. The products listed below carry the sources we read.
Capital calls and waterfalls products
44 PRODUCTS
6lock6lockVerifies investor bank accounts and identities and moves money for capital calls and distributions in private funds, replacing wire instructions sent by email and spreadsheet.aama.ioaama.ioCloud fund administration and fund accounting platform for PE, VC and private credit managers and boutique administrators in Singapore and APAC, covering capital calls, distributions, NAV calculation, investor onboarding and a white-labelled investor portal.AgoraAgoraInvestor portal, investor CRM, digital subscriptions and capital call/distribution tooling aimed at real estate investment firms; $63M raised through a 2024 Series B.AURUMAlchelystFund operations platform covering fund accounting, waterfall and fee calculations, investor servicing and transfer agency; formed in March 2026 from a business spun out of Apollo in 2025 and an Irish fund administrator founded in 2023, backed by Motive Partners.AllocationsAllocationsFlat-fee SPV and fund formation plus ongoing administration, covering entity setup, banking, investor onboarding and closing, with an affiliated alternative trading system.Allvue Fund AccountingAllvue SystemsFund and investment accounting for private capital managers, formed in 2019 by merging Black Mountain and AltaReturn.FirmViewAllvue SystemsCarry, co-investment and compensation management with waterfall and carry distribution for private funds; Allvue's site states the product came with its acquisition of PFA Solutions.Portfolio MonitoringAllvue SystemsAutomates collection of financial and operating KPIs from portfolio companies and feeds fund accounting and investor reporting on the same platform.Alter Domus Fund AdministrationAlter DomusFund administration for closed-end private equity, private credit, real estate and infrastructure, paired with its own fund accounting and investor management technology.Alter Domus Private Equity Fund ServicesAlter DomusPrivate-markets specialist administrator doing fund accounting, capital administration, waterfall and GP carry reporting, delivered on eFront, Allvue or FIS Private Capital Suite.Flow Capital CallsApex GroupGenerates and distributes individualized capital call notices to limited partners from uploaded commitment and fee data, with an LP dashboard of issued calls.ArchArchAggregates private markets documents and data for LPs, family offices and advisors; site announces a Series B with MUFG Innovation Partners and Franklin Templeton.AtominvestAtominvestCovers the investor side of a private markets manager — fundraising, data rooms, investor onboarding, the LP portal and lifecycle management — alongside portfolio management for private equity and private credit holdings.eFrontBlackRockEnterprise alternative investment operations and analytics suite, sold by BlackRock alongside Aladdin.bunchbunchEuropean private-markets fund operations platform covering fund accounting, NAV reporting, capital accounts, transfer agency and treasury; the site cites a $35M Series B.Canoe IntelligenceCanoe IntelligenceCollects alternatives documents from GP portals and extracts fund and asset level data; Bloomberg completed its acquisition of Canoe on 1 October 2026.Carta Fund AdministrationCartaSoftware-led fund administration for private equity and venture funds, marketed around agent-driven automation and fund CFO visibility.CarusoCarusoAI-native fund administration software for private markets whose reconciliation matches bank deposits to outstanding capital calls and flags partial matches.Cascata digital waterfall administration platformCascataWaterfall and carried interest calculation engine that FIS embeds inside Private Capital Suite, covering American and European carry models.Citco WaterfallCitcoTool that calculates realised and unrealised carried interest waterfalls for closed-end funds, with multi-tier support and a dashboard showing the underlying formulas and data.Covercy OneCovercyPlatform for real estate GPs to raise capital, manage investors and automate distributions.DynamoDynamo SoftwareCloud platform covering fundraising and investor pipeline CRM, investor relations and an LP portal for alternative investment managers.FIS Private Capital SuiteFISPrivate equity fund and partnership accounting with digital waterfall administration, automated carried interest and capital call tracking; the vendor's own page states it was formerly named Investran.FundCountFundCountUnified accounting and investment platform joining portfolio accounting, partnership accounting, a general ledger and investor reporting.FundwaveFundwaveFund accounting and LP reporting for venture, private equity and SPVs, including carry and management fee allocations and portfolio IRR tracking.Gen II Fund AdministrationGen II Fund ServicesPrivate capital fund administrator serving 12,000+ fund entities, with its own Funded subscription tool, investor portal, analytics and DataBridge data delivery.Hanover ParkHanover ParkAI-native fund administration platform that continuously three-way matches bank feeds, source documents and the general ledger, claiming 90 percent of cash auto-reconciled.HRSoft Carried Interest ManagementHRSoftCompensation management platform module for carry allocation tracking, waterfall calculations, vesting logic and participant distribution reporting.Bite StreamInvestor PointeFundraising and investor management platform with a branded LP portal and reporting for capital calls, NAV updates and portfolio reporting; the company site announces that Bite Investments is now Investor Pointe.Investor CRMJuniper SquareAI CRM for investor relations and fundraising pipeline inside a wider private markets fund operating system that also covers portals, data rooms and fund administration.Juniper SquareJuniper SquareInvestor relations CRM, investor onboarding, LP portal and investor reporting for private funds, with a JunieAI agent layer; raised a $130M Series D in June 2025 at a $1.1B valuation.Juniper Square Fund AdministrationJuniper SquareFund accounting, treasury and waterfall modeling across the private fund lifecycle, covering fee and distribution calculations for GPs.Juniper Square Investor PortalJuniper SquareBranded LP portal plus investor reporting, onboarding and fund administration for private markets GPs.LemonEdgeLemonEdgePrivate markets accounting engine with event-driven transactions, multi-ledger allocation paths and embedded waterfalls; raised a $21M Series A led by Blackstone with BNY in July 2026.MasttroMasttroWealth and portfolio platform for family offices covering liquid, alternative and physical assets across entities and currencies.Masttro Alternatives AIMasttroFamily office wealth platform module that extracts capital call and distribution notice data from documents, maps the cash flows and reconciles them against bank transactions.MaybernMaybernPrivate fund operating system that configures custom fee bases and fee breaks to calculate management fees, and runs waterfalls, carry and capital calls; raised a $50M Series B and $76M in total per Forbes.NavableNavableCloud platform for carried interest, GP compensation and employee co-investment, automating carry waterfall calculations, vesting and forfeitures.PE Front Office Investor PortalPE Front OfficeWhite-labelled LP portal covering fund performance, documents, capital call and NAV statements, investor onboarding with e-signature and an investor help desk.qashqade Allocation Calculation EngineqashqadeSpecialist allocation suite for private funds covering waterfall calculation, GP incentive and carried interest calculation, and independent LPA validation of the results.Capital Call, PCAP and IRR AutomationQuantium TechnologyAutomates capital call and distribution notices, partner capital account reporting, IRR and TVPI, and European and American waterfall models; operated by Round Square Pte Ltd.SS&C GenevaSS&C TechnologiesInstitutional multi-asset investment accounting platform that comparison sites position as an alternative for partnership accounting and allocation work.Standish Fund AdministrationStandish ManagementPrivate-fund specialist administrator built for PE CFOs, running fund administration on top of the leading third-party private fund technology platforms across 19 offices.Zapflow Capital Call and Distribution NoticesZapflowAutomates capital call and distribution notice generation, commitment tracking and investor document management for GPs.