The fund ledger your reporting and your investors read from.
Commitments, capital calls, distributions, NAV, holdings: in most operations these live in the administrator's workbooks, and every downstream artefact (the Annex IV filing, the investor statement, the auditor's request) re-keys them. On this platform the fund ledger is structured data with invariants, and the regulatory reporting and the investor portal are readers of it, not copies.
A fund register with a ledger attached.
A fund is a record: legal form, jurisdiction, base currency, LEI, inception, with a regulatory profile stating what the fund is under each regime: AIF or UCITS, SFDR Article 6, 8 or 9, FATCA, CRS and PRIIPs applicability. Share classes carry ISINs, fee percentages, distribution policy, and eligible-investor types.
The ledger sits underneath: commitments per investor, capital calls and distributions as dated cash events with per-investor allocations, NAV observations per fund or share class, portfolio holdings with sector, country, weight and valuation, and FX rates for reporting currencies.
Investors are not a new object. A commitment points at a customer record: the same record the AML and KYC module runs due diligence on. Fund operations and customer files converge on one identity instead of reconciling two.
Capital accounts are derived, never stored.
Fund spreadsheets fail in a specific way: the running balance. Called-to-date, uncalled, distributed-to-date are maintained as numbers, and the numbers drift from the events that should explain them. Every audit season begins with reconciling the balance column to the transaction rows.
This ledger stores no balances. An investor's capital account is computed, on read, from the commitment and the allocations of every cash event, so it cannot disagree with the events. The service layer enforces the invariant that allocations never exceed the event amount, and a health check watches for it structurally. IRR is computed from the same dated flows.
One consequence worth stating plainly: the IRR and capital account your investor sees in the portal, and the figures the Annex IV projection uses, come from the same events. There is no version question.
Not a general ledger. The regulatory spine of the fund.
Fund-accounting suites are built for the administrator: double-entry books, accruals, expense processing, NAV production. This module does not compete with them. It holds the regulatory shape of the fund (what a supervisor, an auditor, or an investor asks about) and takes the administrator's outputs, NAV figures and valuations, as dated observations.
What that shape buys is connection. The same fund record carries the AIFMD subject link for Annex IV generation, the marketing permissions that drive reporting frequency, the fund's documents (notices, statements, agreements) in classified form, and the investor grants that scope the portal. In a typical operation those live in four systems and a mailbox.
Every write (commitment, cash event, allocation, NAV observation) carries the platform's audit trail and version locking, and every table is tenant-isolated at the database layer with integration-tested row-level security.
A ledger of record, not a money mover.
The ledger records capital calls; it does not execute them. There is no bank integration, no payment initiation, no reconciliation against bank statements. A cash event's status (draft, notified, settled, cancelled) is maintained by your team as the money moves elsewhere.
There is no double-entry general ledger: no accruals, no expense processing, no NAV calculation engine. Firms keep their administrator or accounting system for that; this module holds the regulatory view and its evidence.
Approval gates on money-touching records are not yet wired: creating a capital call or a distribution is capability-gated and audit-logged, but does not yet demand a second approver in product. The workflow definitions exist; the enforcement is roadmap. Subscription and redemption order processing is likewise not modelled; commitments, calls, and distributions are.
A discovery call, not a product demo.
You describe the compliance problem consuming the most of your team's time. We walk the platform through an example close enough to your operation that you can judge whether this way of modelling compliance fits how you want to work.
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