Your portfolio data, already working.
Capital Refinery doesn’t sell data. It turns the data you already have into decisions you can defend. Live where it matters — directly from portfolio-company accounting systems. Uploaded where it doesn’t — deal documents, vendor exports, internal models. Every number flows into the same canonical shape, carries an evidence fingerprint, and anchors to a verifiable provenance trail.
Accounting + treasury + fund-admin systems.
One OAuth connection per portfolio company. Monthly close data flows automatically — revenue, EBITDA, debt, coverage ratios — and lands in the covenant monitor, the variance dashboard, and the IC memo’s refresh cycle.
No waiting for management packs. The data is already in the system.
Accounting systems
HardenedGeneral-ledger sync via OAuth. P&L + balance sheet extracted; mapped to canonical KPIs; bridged to linked deals.
- QuickBooks Online
- Xero
- NetSuite
- Microsoft Dynamics 365 Business Central
- Sage Intacct
Treasury & banking
HardenedCash position, transaction feeds, liquidity signals.
- Plaid (banking / cash)
- Kyriba (treasury)
Fund admin & signature
In firmsFund-level administration, cap-call mechanics, signed instrument flows.
- Juniper Square (fund admin)
- DocuSign (signature)
Multi-pass parsing with evidence trail.
Credit agreements don’t read themselves. Our extraction engine runs three passes — structural segmentation, targeted element extraction, cross-reference validation — and surfaces every covenant, definition, basket, and carve-out with a per-clause confidence score. Human review approves before it hits the covenant engine.
Same discipline applies to QoE PDFs, term sheets, and management packs. Every extracted value carries an evidence fingerprint back to the source paragraph.
Credit agreements
HardenedCovenants with operators + thresholds + step-downs; EBITDA definitions and addbacks; permitted-debt / lien / investment / payment baskets; events of default.
- Multi-pass LLM extraction
- Per-clause confidence scoring
- Human-review approval workflow
- Amendment overlay with sequence tracking
Deal documents
HardenedStructured extraction with evidence-linked provenance on every value.
- Term sheets
- Quality-of-earnings reports
- Management presentations
- Compliance certificates
- Offering memoranda
Financial statements
HardenedTrailing-twelve, balance sheets, sources & uses, CapEx schedules — with scale detection (amounts in thousands / millions / billions) and reconciliation across sources.
- Audited and reviewed financials
- Management packs (quarterly + monthly)
- T12 operating statements
- Rent rolls (real estate)
- Sources & Uses schedules
Bring the exports. Skip the procurement call.
Your firm already licenses the data vendors your team needs. You don’t need to re-procure anything to run Capital Refinery — upload the exports you’re already producing, and we normalize them into the same canonical shape the live feeds use.
This includes the custom work your analysts do today: internal comp sheets, portfolio-tracking workbooks, associate-maintained precedent-transaction files.
Deal intelligence exports
Hardened on requestComparable companies and precedent transactions from the data tools your firm already licenses.
- PitchBook exports
- S&P Capital IQ exports
- FactSet exports
- Mergermarket / Dealogic
- Custom precedent spreadsheets
Real estate data
In firmsRE-specific feeds and operating exports for CRE and multifamily.
- CoStar exports
- Yardi exports
- Hotel STR data
- Rent-roll workbooks
Your team's own files
AlwaysThe work that lives in Excel today — still yours, now canonical.
- Excel financial models
- CSV exports from internal tools
- Portfolio tracking workbooks
- Associate-maintained comp sheets
- Any xlsx / csv / pdf
Three steps. One canonical shape. One fingerprint.
Whether data arrives via live OAuth sync or file upload, the path is the same — and every artifact that ships downstream carries proof of where each number came from.
Ingest
Connect once (accounting systems) or upload what you have (documents, vendor exports, custom files). No vendor API key required for data you licensed.
Normalize
Extract, reconcile, canonicalize. Scale detection (thousands/millions/billions), cross-source conflict resolution, KPI canonicalization into a single schema.
Decide
Canonical KPIs feed the IC memo, covenant monitor, stress engine, variance dashboards, and the portfolio operating loop. Every output carries an evidence fingerprint.
The sample evaluation page shows exactly what the pipeline writes — four files, one evidence state, one fingerprint on every footer.
See the sample output →Honesty builds trust faster than features do.
A decision platform that misrepresents its own plumbing earns exactly one skeptical look from a real IC. We’d rather tell you what doesn’t work than have you find out in committee.
- We don’t sell data
PitchBook, S&P, FactSet, Moody's — you license them. We ingest what you export. That keeps the vendor relationship in your hands and keeps procurement conversations short.
- We don’t require new vendor licenses
Our accounting-system connectors use your portfolio companies' existing QuickBooks / Xero / NetSuite / Intacct logins. Nothing new to buy, nothing to re-procure.
- We don’t depend on perfect data
Missing T12? Unbalanced S&U? Negative book equity with no driver? The memo writes a “What This Decision Needs” section that states exactly what's missing and why it matters. Committees read honesty better than they read optimism.
- We don’t replace your analysts
The platform handles extraction, reconciliation, covenant math, and evidence tracking. Your analysts handle judgment, thesis work, and the committee conversation. The platform makes their prep faster; it doesn’t substitute for their read.
From analysis tool to operating layer.
Most PE and PC tools are dashboards that summarize static uploads. Capital Refinery runs on live accounting data mapped to KPIs, feeding covenants and decisions in a continuous loop — with a cryptographic fingerprint on every output so readers can verify the evidence state for themselves.
That’s not a feature. It’s a category shift in what an IC tool can be responsible for.
We don’t sell data. We turn the data you already have into decisions you can defend.
Two ways to see it work. Run the diagnostic on a deal you’re looking at now — a 3-page signed verdict lands in 2–4 hours. Or walk through the platform with us and bring a deal of your choice.