Ready when your LPs are.
Capital Refinery does not replace your fund admin, investor portal, or quarterly reporting process. It gives you the traceable decision record underneath them — so when an LP asks the harder question, the partner who owns the answer is not searching folders.
An optional LP-facing layer over the same evidence trail.
Most LP-reporting pressure starts as a reconciliation problem. The narrative in the quarterly letter has to tie back to the operating record. The operating record is scattered.
The LP layer is a read-only view that turns the source documents, KPI lineage, decision timeline, and risk signals you already use internally — for IC, monitoring, covenant review, and portfolio stress — into a sanitized artifact for LP-facing conversations. Same evidence trail. Different consumers. The full operating record stays internal.
You do not have to expose the LP layer on day one. But if an LP asks for more transparency, the partner who owns the answer is not starting from scratch.
Not what you already buy somewhere else.
- Not a fund administration system
- Not an investor portal
- Not a capital account platform
- Not a quarterly letter generator
- Not a replacement for your existing LP reporting stack
It is the proof layer underneath those workflows.
Five moments.
You don't need to surface the LP layer on day one. These are the situations where flipping it on starts to pay back.
- 01
An LP asks where a portfolio-company KPI came from.
The number was in last quarter's letter. The basis for it was in someone's local model. Now the LP wants the trail.
- 02
Valuation support needs to tie back to current evidence.
The mark held last quarter. The conditions that justified it have shifted. The LP wants to know whether the support is still there.
- 03
A lender, auditor, or LP asks when a risk first became visible.
The room searches folders. The honest answer requires reconstructing a decision chain from email and chat history. Or it doesn't, if the chain was already structured.
- 04
Your team wants to share a sanitized decision timeline without exposing internal notes.
PII stripped. Operator metadata removed. Cause labels translated into LP-safe language. Same trail, different shape.
- 05
ILPA-style portfolio-company metrics enter the reporting conversation.
The Portfolio Company Metrics Template raises the bar from narrative to per-company line items. The substrate has to support the disaggregation.
Concrete artifacts. Not promises.
The LP-facing layer is built from primitives that already ship in the platform — not a separate tool, not a different database, not a parallel reporting system.
- ▸A read-only HMAC-signed page — a single URL, no login, no app access for the LP
- ▸The decision timeline with PII and internal notes stripped
- ▸Anchored exports with the alignment banner: Aligned, Superseded, or No current anchor
- ▸Source-document lineage — leaf filenames only, paths and opaque tokens scrubbed
- ▸Rerun-cause labels translated into LP-safe language (data refresh, not internal event IDs)
- ▸Links back to approved source evidence — not internal workpapers
Same evidence trail you already operate on. Different shape. LP-tailored, internally inert.
Give LPs the proof without handing them the operating room.
Keep the full decision system internal. Turn on the LP-facing layer only when a conversation, request, or reporting standard requires it.