One engine, three views of ownership
At the LPGP CFO/COO in Chicago in October, we showed cap table management that runs in the same calculation engine as our waterfalls and carry. This post explains what was shown, and why we built it that way.
Private Markets Software
Calculations that
hold up to scrutiny create clarity deliver transparency
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qashqade is a proprietary financial calculations engine, built over years alongside real fund managers, administrators and investors. Deterministic and auditable, it’s the system of record behind your waterfalls, carry, and fund economics, and the guardrail beneath any AI tool you use to get there. Trust your numbers. Explain them with confidence. Every single time.
Trusted by fund managers, institutional investors, and administrators
qashqade MCP Layer
One request. A full waterfall run. A report ready to analyze.
An AI assistant calls one MCP server. That server carries the caller’s own qashqade credentials into a real login, drives a complete planner run, and hands back a finished report, ready to chart, summarize and question.
AI Assistant
MCP Server
qashqade Platform
MCP Server
AI Assistant
AI Assistant
Step 1
Call the MCP server
Your own qashqade credentials travel with the call — never a shared service account.
Steps 9–10
Receive, analyze & visualize
The report flows straight into charts, summaries and Q&A.
MCP Server
Authenticates & opens the run
Carries the caller's credentials into a real login on the qashqade platform.
request
Returns the finished report
Hands the completed target report back to the assistant.
report
qashqade Platform
02
Log in to the platform
Exchanges the supplied credentials for a session.
03
Find the planner
Locates the planner for the requested fund.
04
Trigger the planner
Starts the planner on the platform.
05
Load transaction data
Pulls in the source transactions the run needs.
06
Run the waterfall
Executes the distribution waterfall on the data.
07
Check planner status
Polls until the run reports it has finished.
08
Create the output report
Assembles the finished target report.
Solutions
One platform. Zero spreadsheet risk.
No matter who you are.
One shared private markets allocation software for all allocation types.
From fund distributions and GP carry to share-based and cap table–driven waterfalls: everyone works from the same trusted and transparent logic — powered by a universal waterfall engine.
Fund Managers
Trust your distribution, carry and fee calculations and explain results to investors with confidence.
Fund Administrators
Deliver tech-enabled fund admin services at scale. Run bulletproof calculations across funds without Excel risk.
Institutional Investors
See how your fees and returns are calculated and trust that distributions follow the rules you agreed to.
Law Firms and Advisors
Turn legal waterfall language into live models and prove that the terms deliver the expected outcomes.
Proven track record
Built for complexity.
Trusted at scale.
10,000
# of vehicles
$1tn
Total AuM modeled and calculated
100%
Accuracy every time
Product
The system for complex fund calculations
Each module handles a specific part of allocation management.
Together, they form a single, consistent private equity software solution for calculation, validation, and reporting.
Automated Allocation Calculation
The core. Turns your waterfall rules into structured calculation logic for accurate allocations.
Accurate GP Incentives Allocation
Model, allocate and track carried interest precisely with customizable structures, vesting schedules, and automated waterfall integration.
Dynamic Cap Table Management
Visualize ownership, investment values and impact of different funding scenarios in real time.
Customized Investor Reporting
Deliver clear, investor-ready reports with flexible components and formatting, and consolidated fund insights.
Secure Stakeholder Portal
Share documents, rewards, and updates securely with full control over who sees which information.
Seamless Data Exchange
Integrate, map, and sync data from multiple sources automatically, reducing manual work and errors.
Verified LPA Validation
Gain clarity on all your agreements and ensure you receive what you signed up for.
Your platform, your way
Best in allocation - with or without AI
qashqade doesn’t force AI on you. The traditional platform is already the industry benchmark. Switch AI on, and every step gets faster.
Already the best. The complete allocation platform, trusted at scale. No AI required.
Now unstoppable. Everything you already trust plus intelligence that makes you measurably faster.
Next Steps
From data to certainty
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Three clear steps to calculations you can trust.
Book your demo
See how qashqade handles real-world carry and waterfall structures. No sales pitch.
Model your logic
Once you’re ready, your rules are translated into clear, structured logic. Not spreadsheets.
Run with confidence
Get audit-ready results with full traceability. Explain every number with confidence.
Clients
Private markets teams trusting qashqade
How teams use qashqade to eliminate calculation risk in practice
Gaurav Marwah
By pairing our technical expertise in LPA validation and carry modelling with qashqade’s collaborative advisory team, we’ve created a synergy that delivers deeper insights and shared learning, strengthens carry analysis and fund accounting practices, and achieves faster resolution of complex carry scenarios – far beyond what standalone technology can achieve. qashqade doesn’t just provide technology, they provide tailored support and work closely with their clients to drive better outcomes.
Jørgen Axelsen
This is about trust at the end of the day. That’s what our clients are really paying for – knowing that everything’s being handled properly, with full transparency. qashqade helps us deliver the best solutions to fund managers’ most complex challenges, which is our core mission.
Erik Kindblom
After a careful selection process, qashqade became the natural choice for us, not just for the technology but also their deep understanding and expertise of our challenges and how to address them.
About
Built for the realities of private markets
qashqade was created to solve a problem we kept seeing in private markets: as complexity grows, critical calculations can no longer live in spreadsheets owned by a few people, hard to explain, and risky to change. Over years of working directly with fund managers, administrators and investors, we turned that fragile logic into a proprietary calculation engine: deterministic, auditable, and built to serve as the system of record for fund economics. Today, as AI enters every workflow, that same engine is what keeps the numbers underneath it right.
Release Highlight
Check out the features in qashqade's release
Sharper insight, enhanced usability: From a new, configurable reporting to risk-free scenario testing, from a more transparent calculation to clearer governance, qashqade 26.0.0 gives you sharper insight and enhanced usability at every step of allocation management.
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Insights
Perspectives from Private Markets Experts
Private Markets Technology: Buy or Build?
In 2023, we made the case against building private markets tech in-house. That case still holds but AI has changed the calculus. We revisit build-vs-buy through a 2026 lens, and add a dimension our original piece didn’t cover: the compliance, operational, and LP-facing risk that any build must own.
Behind the Waterfall: Paul Foley
In this edition of Behind the Waterfall, we speak with Paul Foley, CTO of qashqade. Paul talks about what that unusually global, cross-sector path teaches you about building mission-critical systems, and why he doesn’t see innovation, stability and security as competing objectives.
One engine, three views of ownership
At the LPGP CFO/COO in Chicago in October, we showed cap table management that runs in the same calculation engine as our waterfalls and carry. This post explains what was shown, and why we built it that way.
Private Markets Technology: Buy or Build?
In 2023, we made the case against building private markets tech in-house. That case still holds but AI has changed the calculus. We revisit build-vs-buy through a 2026 lens, and add a dimension our original piece didn’t cover: the compliance, operational, and LP-facing risk that any build must own.
Stop worrying about whether your numbers are right
You don’t need more flexibility. You need calculations you can trust, explain, and defend. Every single time.
FAQs
Common questions about qashqade and how it works for your business.
Still have questions?
Reach out to our team.
We're here to answer your questions.
qashqade is a dedicated platform designed by private markets experts, for private markets experts. It helps replace the risk of human errors in manual spreadsheets with a powerful waterfall calculation engine at its core. We believe the risks and costs to a business using spreadsheets with errors can outweigh the costs of our application, which can also scale with your business.
Yes, the application has been designed and built with data security as a paramount concern. qashqade is certified SOC II (AICPA) for controls on security, availability, processing integrity, and confidentiality.
qashqade reduces allocation errors by replacing manual, spreadsheet-based processes with a purpose-built, automated calculation engine. Instead of relying on fragile Excel models, qashqade applies consistent, rules-based logic aligned to fund documents and economic terms.
Key ways qashqade minimizes errors include:
- Automated, rules-based calculations that remove manual inputs and formula mistakes
- Separation of data and calculation logic, preventing broken or overwritten formulas
- Built-in validations and controls that flag inconsistencies early
- Centralised data management that eliminates re-keying and version issues
- Full audit trails and transparency, so every result is traceable and explainable
The result is faster, more accurate, and more reliable allocation calculations.
qashqade is built to handle allocation calculations for any asset class from traditional private equity and venture capital funds to private credit, infrastructure, hedge funds and many other types of funds. Its calculation engine applies step-logic modeling to all distributions, carried interest, and capital events, ensuring accurate results regardless of asset type or complexity. qashqade 25.0.0 made the waterfall engine universal. Meaning it can now handle any type of allocation calculation, not just fund distributions. That opens the door to entirely new use cases across asset classes.
The majority of our clients rely on us for fund operations and fund economics, which represent the core strengths of our software. Within a single platform, users can perform complex calculations such as management fees and carried interest, issue capital call notices and generate reporting.
We work across the full fund ecosystem, partnering with General Partners, fund administrators, Limited Partners, and audit firms. Our client base spans a wide range of firm sizes, from emerging managers operating a smaller number of funds (with complex structures) to large, institutional organizations managing hundreds of funds. This breadth reflects the flexibility and scalability of our platform.
Across our client base, the total assets under management modeled and calculated on the qashqade platform exceed $1 trillion, underscoring both the scale of our presence and the trust our clients place in our technology.