The stack is fragmented. The IC decision falls through the cracks.
A practical map of private markets tooling — and the decision integrity layer most stacks are missing.
Private markets firms rarely operate on one platform. They run a stack of tools across data, sourcing, CRM, AI, and fund operations. Each layer is useful. Together they leave the IC decision in a shared drive nobody reopens after Q+1.
Capital Refinery is the decision integrity layer for private markets. It takes the output of the rest of the stack and turns it into a graded IC record that survives the deal — and survives the LP question two years later.
The stack itself sits across:
- data and intelligence
- sourcing and relationship workflow
- CRM and pipeline coordination
- AI analyst and modeling tools
- extraction and diligence support
- fund administration and LP operations
The problem is not that each tool fails at its job. The problem is that the IC decision lives in the seams between the tools, and nothing carries it forward.
The six layers of the private markets stack
1. Data and intelligence
Examples: PitchBook, Capital IQ, PrivCo, Moody’s CreditLens, CB Insights.
What they do well: market context, comps, sector research.
Where they stop: data informs the decision but does not defend it.
2. Sourcing and relationship workflow
Examples: Grata, Axial, Affinity.
What they do well: discovery, relationship mapping.
Where they stop: finding the deal is upstream of underwriting it.
3. CRM and deal workflow
Examples: DealCloud, Dealpath, Altvia.
What they do well: process discipline, approvals, pipeline visibility.
Where they stop: process is managed but the IC memo, the risk signals, and the post-close drift live elsewhere.
4. AI analyst and productivity tools
Examples: BlueFlame, Endex.ai, Microsoft Copilot, Macabacus, Hebbia.
What they do well: accelerate analyst work, summarize documents, draft memos.
Where they stop: speed without structure produces faster artifacts that still age out on a shared drive.
5. Extraction, review, and diligence support
Examples: DataSnipper, DocuClipper.
What they do well: extraction support, review acceleration.
Where they stop: solves a slice of the document problem, not the IC defense problem.
6. Decision integrity layer
Example: Capital Refinery.
What it does: lane-aware IC memo, Risk Signals scoreboard graded against firm policy, source-backed numbers, IC anchor on approval, drift tracking after the room votes, provenance-signed exports for LP and audit.
How the stack breaks in practice
The typical workflow:
- opportunity found in sourcing tools
- context gathered in data platforms
- workflow managed in CRM
- analysis accelerated in AI tools
- reporting rebuilt manually in slides and memos
That stack creates handoff risk at every stage. Common failures:
- underwriting assumptions are not preserved after the deal memo
- downside scenarios live in isolated spreadsheets
- post-close monitoring is disconnected from original deal logic
- committee outputs are rebuilt instead of generated from the live record
- by the time a covenant breach is visible, the time to act has passed
- 01Market data & screeningPitchBook · S&P Capital IQ · Preqin · CoStar
- 02Deal CRM & relationshipDealCloud · Affinity · Altvia · Dealpath
- 03Diligence / VDRDatasite · Intralinks · Hebbia · BlueFlame
- 04Generative AI for PEHebbia · BlueFlame · AlphaSense · Endex · Eilla
- 05Portfolio monitoringiLEVEL · Allvue · Chronograph · Cobalt LP
- 06Accounting & operationsFundCount · eFront · Standard Metrics · QBO
- 07Decision integrityMissing layerCapital Refinery — early warning + decision record
What each layer does — and where decision integrity has to come from.
| Capability | Layer · Tools | Capital Refinery |
|---|---|---|
| Data and intelligence | PitchBook, Capital IQ, PrivCo | Informs the decision — does not defend it |
| Sourcing and relationships | Grata, Axial, Affinity | Finds the deal — does not own underwriting |
| CRM and deal workflow | DealCloud, Dealpath, Altvia | Manages process — IC record lives elsewhere |
| AI analyst tools | BlueFlame, Endex, Copilot, Hebbia | Faster drafts — output is unstructured |
| Extraction and review | DataSnipper, DocuClipper | Slice of the document problem |
| Decision integrity layer | Capital Refinery | IC memo, Risk Signals, drift tracking, signed exports |
Map your stack to the layer that owns the IC decision.
Bring us your stack and a deal you closed last quarter. Same-day diagnostic pack back showing exactly where the decision basis broke.