We sit on operating reality, not vendor data licenses.
Capital Refinery connects directly to portfolio-company accounting and banking systems. When a CFO closes the books, Capital Refinery sees it — the deal home, the KPI strip, the covenant headroom, the IC memo all recompute on the next read. Monthly cadence becomes invisible plumbing instead of email gymnastics.
The monthly close was never the problem. The wait was.
Most PE and credit teams still get portfolio-company numbers the way they did a decade ago — a CFO emails a workbook on the fifteenth, an analyst reconciles it against the prior month, and the resulting figures land in a board pack roughly four to six weeks after the period actually closed. The investment decision that needs those numbers gets made against data that is, on a good day, thirty days stale; on a bad day, an entire quarter behind.
The industry response has been to buy vendor data licenses — PitchBook, Preqin, the usual set. These are useful in their own right, but they are LP-marketing and fundraising-history data. They do not, and were never designed to, tell you what your own portfolio company's accruals, AR aging, or customer concentration look like this week. The gap between "market data" and "operating data" is the gap most software quietly fails to close.
The working answer at most firms is human glue — an associate pings the CFO, the CFO promises numbers by Friday, Friday becomes Tuesday, and the IC moves the meeting. The cost is not just the chase. The cost is that every covenant test, every variance check, every memo update is anchored to whatever the operator last had time to upload.
Direct reads of the systems your portfolio companies actually run on.
Capital Refinery authenticates to the portfolio company's accounting, banking, and contracting systems with the operator's consent, then reads the underlying ledger on a continuous cadence. The numbers on the deal home are the numbers in the operator's books — not a screenshot, not a quarterly upload, not a reconciliation against an export.
QuickBooks Online
Direct read of accruals, AR aging, AP aging, customer concentration, and the trial balance the operator closes the month against.
Xero
The same monthly close picture for portfolio companies running on Xero — revenue recognition, working capital, concentration — pulled from the operator's live books.
NetSuite
For the larger and more financially mature portfolio companies — direct read of the GL, segments, and customer-level activity NetSuite already maintains.
Dynamics 365 Business Central
For Microsoft-stack portfolio companies — direct read of the same ledger the operator's controller closes each month, including dimension-level detail.
Sage Intacct
For multi-entity and services-heavy portfolio companies — direct read of the consolidated ledger, dimensions, and project-level revenue Sage Intacct already tracks.
Plaid
Direct read of operating-account balances, transaction flow, and cash position — so liquidity is a live number on the deal home, not a CFO email from last Friday.
DocuSign
Direct read of executed credit agreements, amendments, and consents — so the covenant package the platform tests against is the package the borrower actually signed, not a redlined draft.
Juniper
Sponsor and lender-side connectivity for the closing event itself — so when the deal closes, the platform sees it and the position begins reporting from day one, not from the first board cycle.
What this enables.
The IC memo carries today's numbers, not last quarter's. When the committee opens a portfolio company's memo on a Tuesday morning, the revenue, gross margin, working-capital and concentration figures on the page are anchored to whatever the operator's books were closed against the night before — not the last board pack, not the last quarterly upload, not the numbers an associate hand-keyed into a model two weeks ago.
Covenant headroom updates when accruals shift, not when the operator remembers to upload. For credit positions, the headroom number on the deal home is a function of the live ledger — the moment a large receivable is written off, or a deferred-revenue release lands, the covenant test reflects it. The borrower does not have to be the messenger of their own degradation.
Variance against the IC baseline runs every night, not every board cycle. The plan the committee approved at underwrite is a permanent reference; the operating reality is read continuously from source systems. The gap between them — by line, by month, by quarter — is recomputed on a nightly cadence rather than waiting for a quarterly reforecast.
The "stale data" gate described on the Decision OS page actually clears because the data is live, not because an associate uploaded an artifact under deadline pressure. The gate is a system test of how fresh the underlying numbers are; when those numbers are read directly from the operator's books, the test passes for the right reason instead of being papered over.
Who reaches for this first
- PE operating partners who run monthly close cadence and currently spend half their week chasing CFO updates across portfolio companies
- Credit funds where covenant tests are agreement-aware but reporting cadence is slower than the covenant period — the test is current but the inputs are not
- IR and LP-facing partners whose quarterly letters are six to eight weeks stale by the time they ship, because the underlying portfolio numbers were closed a month before drafting began
- Risk officers who need to know which positions have data older than thirty, sixty, or ninety days — as a tracked state on the platform, not a calendar reminder on an associate's desk
What makes this work
Connector sync triggers a per-deal recompute on close events. When the operator's accounting system records a month-end close — or when banking activity, an executed amendment, or a sponsor-side closing signal lands — the platform reads the change and the affected deal's KPI strip, covenant headroom, variance, and memo recompute on the next read. Monthly cadence stops being a coordination problem and becomes invisible plumbing.
The connection itself is consented, scoped, and revocable at the portfolio-company side. The operator authenticates once with their accounting and banking providers; the platform reads what it needs and nothing else; the operator can withdraw the connection at any point. Nothing about this requires the operator to change how they close the month — only that they let the platform read what they've already closed.
Bring us one portfolio company. We'll connect it in an hour.
Sample diagnostic on a live OAuth-connected position, with the same numbers your CFO is closing the books on this week.