Scaling carry modelling

In this article

Below is an excerpt from a recent case study developed with our client IQ-EQ, highlighting how the team managed to scale its carry modelling through technology and trusted expertise.

IQ-EQ is a global fund administrator with deep technical accounting expertise, supporting private market managers globally. As client demand grew and fund structures became more complex, the team sought to enhance and scale their carry modelling service for fund manager clients across the EMEA region.

The challenge

Carry models were traditionally built and reconciled in spreadsheets. Thorough, but partly manual, time-intensive, and increasingly difficult to scale.

To maintain high service standards without increasing operational risk or internal workload, IQ-EQ needed a way to automate calculations, standardise reporting, and reduce dependency on spreadsheets while preserving the accuracy and technical validation their clients rely on.

The solution

IQ-EQ worked closely with qashqade to co-develop an enhanced carry modelling solution powered by the qashqade platform and its Services for Private Markets (SPM) team.

The results

Key outcomes include:

  • Accelerated delivery, enabling quicker model builds, reviews, and approvals
  • Reduced operational risk through the elimination of spreadsheet-based calculations
  • Greater transparency, giving clients clear fund- and LP-level reporting
  • Enhanced accuracy and compliance, supported by built-in controls and audit-ready logic
  • Strengthened data protection via secure, industry-standard infrastructure
  • Consistent, scalable delivery, allowing support for multiple complex funds without additional headcount

IQ-EQ can now deliver a modernised, technology-enabled carry modelling service that strengthens internal workflows and provides greater value to GP clients, meeting rising market expectations for digital-first solutions.

The full case study can be found here.

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