Every number in a fund, read correctly.
We built a complete private equity fund to the ILPA reporting standard, ran its entire paper trail through Quantistic, and scored the output against a verified answer key. The platform read every economic term correctly, resolved each investor's negotiated fee, and caught every overcharge, with nothing raised in error.
Quantistic Research · July 2026
Fee and economic terms read correctly
Investor fee rates resolved, inherited rates included
Overcharge detection, precision and recall
Correct charges flagged in error
A full fund, with a known answer key
A private equity fund leaves a long paper trail, and the money is in the details. Our benchmark fund carried the whole set: the partnership agreement, a capital call, a distribution, quarterly investor statements, and eleven side letters across six investors.
We deliberately included the arrangements that trip up manual review: direct fee discounts, most-favored-nation rights where an investor automatically receives the best rate any peer has negotiated, and fee offsets that are owed back to investors. Because we built the fund ourselves, every figure had a pre-verified correct answer, so every result could be scored, not estimated.
How it performed
Real money, named in dollars
Shortfall credited back
The fund earned income it was meant to return to investors as a fee reduction, and passed back only part of it. Quantistic flagged the exact gap.
Discount not applied
An investor with a directly negotiated lower fee was billed at the standard rate. The difference was caught the moment the statement arrived.
Inherited rate not honored
A second investor was owed a lower rate through most-favored-nation rights, not a discount of their own. Quantistic enforced the inherited rate too.
Charged correctly, no noise
The investor billed exactly at their agreed rate raised no flag at all. The check is precise enough to stay quiet when everything is right.
Behind every flag, the full financial picture
Checking a fee is the last step. To get it right, Quantistic first rebuilds the fund's economics from the source documents, the same analysis a seasoned investment office runs, on every statement, continuously.
Effective fee rate, per investor
Not the headline rate, but the rate each investor actually pays once side letters and most-favored-nation rights resolve. Across this fund's six investors that ran from 1.50% to 2.00%, a 50 basis point spread on otherwise identical terms.
Fee offsets and recapture
When a manager earns monitoring or transaction fees, investors are usually owed a credit against their management fee. Quantistic computes the entitlement, compares it to what was applied, and reports any shortfall to the dollar.
The distribution waterfall
Return of capital, the preferred return hurdle, the general partner catch-up, and the carried interest split, read as written, then checked so carry only accrues once the 8% hurdle is genuinely cleared.
Capital account roll-forward
Called capital, unfunded commitment, contributions, distributions, and net asset value, quarter over quarter, reconciled so each period's ending value ties exactly to the next period's opening balance.
Performance multiples
Distributed to paid-in, total value to paid-in, and residual value, built from the fund's own cash flows rather than a summary page. This fund stood at 0.75x returned and 1.67x total value.
Deployment and pacing
How much committed capital is at work versus still uncalled, the shape of the J-curve. This fund had drawn 16% of commitments and held $150.8 million in reserve for future investment.
Total fund size, across six investors and the manager
Effective management fee range after negotiated terms
Total value to paid-in, with 0.75x already returned
Committed capital still uncalled and tracked to the dollar
Half a percentage point of fee is $2.5 million over a fund's life on a $50 million commitment. The rate is negotiated once. Whether it is applied correctly is decided every quarter.
Fees leak in the details
A tenth of a percent, applied to the wrong base, compounds into real money over a fund's life, and it rarely announces itself.
Management fees, offsets, and side letters are exactly where value quietly slips. Quantistic reads the agreements, tracks what each investor is owed, checks it against what they were actually billed, and shows the difference in dollars. On this benchmark, it did that with complete accuracy.
This is a controlled test on a fund built specifically to be verifiable from end to end, modeled on the ILPA reporting standard and covering the arrangements that most often escape manual review. Every result was compared against a pre-verified answer key. It measures the accuracy of the platform's reading and checking on a known dataset, not the conduct of any real manager.
See it read your own fund
Bring a partnership agreement and a quarterly statement. We will show you every fee, every investor's true rate, and any gap between what was owed and what was billed.
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