Verify what your GP tells you — before the governance question lands.
In the slowest exit environment in over a decade — longer holds, wider bid-ask spreads, thousands of unsold portfolio companies — LPs need a cleaner, more consistent view of what they already own before committing to what's next. Capital Refinery is the system of record your GPs use to give it to you.
You’re re-upping on NAV you can’t independently check — and asking the GP to prove it can strain the relationship.
The capital account is audited. The story around it isn’t. When the quarterly says a position is “on plan,” you take it on trust — or you ask the GP to substantiate it, a request that, in a re-up cycle, never quite comes free. With more continuation vehicles you’re now asked to underwrite — on positions whose original IC basis nobody can fully reconstruct — “take our word for it” is the answer you can least afford.
| Metric | Value | Traces to |
|---|---|---|
| Revenue | $228.4M | Financial workbook |
| EBITDA · 18.6% margin | $42.5M | Financial workbook |
| Leverage | 4.78x | Compliance certificate |
| DSCR | 2.53x | Compliance certificate |
Every figure traces to the document it came from — open it, follow the citation, the number matches. Contested values are flagged, not smoothed; absent ones are shown blank, not invented. You verify the pack yourself — without asking the GP.
Download the sample position pack (PDF) →The numbers are not subtle. The PE distribution-to-contribution ratio fell roughly 37 percent from its 2013 peak through 2024 (PitchBook via KPMG, Value Creation in Private Equity, October 2025). Median buyout hold periods extended from roughly 4.1 years in 2005 to 6.6 years in 2023, and global active buyout-backed unrealized value reached approximately US$3.6 trillion. Continuation vehicles grew from roughly 5 percent of sponsor-backed exits in 2020 to roughly 19 percent in 2025 year-to-date (Jefferies Global Secondary Market Review via the same report). DPI is now the metric LPs evaluate before they re-up.
What LPs care about right now
- KPIs that mean the same thing across managers, deals, and quarters
- Reports where every figure is source-backed — not LLM-generated narrative
- A way to verify that the GP's report matches what came out of the GP's system at the time
- Visibility into whether the original IC thesis on a position still holds — or whether the GP is reconstructing the case after the fact
- Comparable downside ranges, not partner-specific narratives
How Capital Refinery helps your GPs deliver
We help GPs encode KPI definitions once and reuse them across deals and funds. Every figure in the LP report carries a candidate trail back to the source cell. Every export carries a cryptographic fingerprint of the dossier state at the moment of export — so you can verify independently that the report matches what came out of the IC system.
Capital Refinery keeps the numbers grounded in the same data sources that drove the original IC decision, while giving GP IR and investment teams room to tell the story in context.
What you can ask your GPs for
- Provenance-signed exports — every docx and xlsx with a verifiable fingerprint
- “Since IC” reports — what changed against the original underwriting on each position
- IC anchor history — the full audit of decisions made and the basis at each commit
- Risk Signals graded against firm policy — observed value, firm threshold, verdict — not just industry averages
- Stress range outputs that compare across positions and funds
Want this in your managers' reporting?
If you'd like your GPs to adopt a more standardized, source-backed approach to KPIs and IC continuity, we're happy to talk directly or join a conversation with your managers.