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Capital calls and waterfalls: a buyer's guide

What we list in this category, how the field splits between long-established products and newer ones, and the questions worth pressing on before you commit.

Every entry below was recorded from a page we opened, and each carries the source we read. Where we could not establish something it is left blank rather than guessed. Read how this site works if you want the detail.

Long-established products

Recorded as established: in production for many years, usually with a deep reference base and broad coverage. Those are real advantages, and so is the fact that a fifteen-year horizon is easier to argue for a supplier that has already lasted one.

• Allvue Fund Accounting (waterfall module) — Private capital fund accounting on Microsoft Dynamics 365 Business Central with an optional waterfall module for carry calculations and automated capital call processing. source
• Alter Domus Fund Administration — Fund administration for closed-end private equity, private credit, real estate and infrastructure, paired with its own fund accounting and investor management technology. source
• Alter Domus Private Equity Fund Services — Private-markets specialist administrator doing fund accounting, capital administration, waterfall and GP carry reporting, delivered on eFront, Allvue or FIS Private Capital Suite. source
• Dynamo Platform — Alternatives platform listed as a fund accounting and administration alternative for private equity managers; the vendor site blocked automated access so the detail is second-hand. source
• FIS Private Capital Suite — Private 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. source
• FirmView — Carry, 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. source
• FundCount Private Equity Accounting — Partnership accounting with waterfalls, capital accounts and LP statements held on one record alongside the general ledger. source
• Gen II Fund Administration — Private capital fund administrator serving 12,000+ fund entities, with its own Funded subscription tool, investor portal, analytics and DataBridge data delivery. source

Newer products

Recorded as modern or emerging. Newer suppliers often offer capability and pricing the incumbents do not, and they carry risks the incumbents do not: fewer references at your size, less operating history, and concentration if they are small. Both belong in the same comparison, on the same fields.

• AURUM — Fund 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. source
• Agora — Investor portal, investor CRM, digital subscriptions and capital call/distribution tooling aimed at real estate investment firms; $63M raised through a 2024 Series B. source
• Allvue Fund Accounting — Fund and investment accounting for private capital managers, formed in 2019 by merging Black Mountain and AltaReturn. source
• Arch — Aggregates private markets documents and data for LPs, family offices and advisors; site announces a Series B with MUFG Innovation Partners and Franklin Templeton. source
• Canoe — Collects alternative investment documents and extracts structured data from capital calls and distribution notices; Bloomberg has announced an intent to acquire, which I could not confirm as closed. source
• Canoe Intelligence — Collects alternatives documents from GP portals and extracts fund and asset level data; Bloomberg announced an agreement to acquire Canoe on 29 July 2026, still pending regulatory approval. source
• Juniper Square — Investor 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. source
• Juniper Square Fund Administration — Fund accounting, treasury and waterfall modeling across the private fund lifecycle, covering fee and distribution calculations for GPs. source

What to ask

These come from the same question bank our request-for-proposal process uses, so a guide and an RFP never drift apart. The four sections below carry the most weight in that bank.

Functional fit

Whether the system does the job for YOUR instruments, markets and volumes — not for the demonstration portfolio. The questions separate what runs in production today from what is on the roadmap, because that distinction disappears in a sales meeting and reappears during implementation. It also asks what still has to be typed in by hand, which every system has and few volunteer.

• Which asset classes does the product support in production today?
• Is there a full audit trail of who changed what and when, and can it be exported?
• Does the system enforce segregation of duties between front and back office?
• Is maker-checker approval supported on material actions, and is it configurable by action type?
• Can a valuation be sourced and approved independently of the people who trade?

Security and resilience

Whether the vendor's security is independently attested or merely asserted. The questions ask for certifications you can read, penetration tests you can see the summary of, and recovery objectives that are written down. Incident history is asked directly, because a vendor that has handled a breach well is often a safer choice than one that has never been tested.

• Which independent attestations do you hold currently?
• Will you provide the most recent report under a non-disclosure agreement?
• Is data encrypted in transit and at rest?
• Is single sign-on supported, and is multi-factor authentication enforced?
• Can your own staff see our data, and is that access logged and reviewable by us?

Commercial terms

Total cost across the whole term, and what happens if you leave. Year one is asked separately from years two to five because year one hides where the money goes. The section asks explicitly what is NOT included, since the gap between the quote and the invoice lives there, and it asks about exit terms while you still have the leverage to negotiate them.

• How is the product priced?
• What is the total first-year cost for our stated requirement, including implementation?
• What is the total annual cost in years two through five?
• What is NOT included in that figure?
• Is there a contractual cap on annual price increases?

Artificial intelligence

If a model touches your data, on what terms. This section exists because the answers differ enormously between vendors and are rarely offered unprompted. It asks whether your data trains models serving other clients, whether you can opt out and keep full function, whether a human reviews output before it affects a book or a client report, and who is liable when a model is wrong. Skip it only if you genuinely do not care.

• Does the product use machine learning or generative AI anywhere in its normal operation?
• Is client data ever used to train models that serve other clients?
• Can we opt out of AI features entirely and keep full product function?
• Does our data leave your infrastructure to reach those providers?
• Is a human review step required before an AI output affects a book, a trade or a client report?

See all 47 products in Capital calls and waterfalls · Glossary