Strategic partnership spotlight Entrilia

In this Partner Spotlight, we sit down with Gregor Kreuzer, Chief Product Officer & Co-Founder at qashqade, and Entrilia’s Co-Founders Yuriy Andrushchenko (CPO, CTO) and Eric Faw (CEO) to discuss the strategic partnership between qashqade and Entrilia. Together, the teams are bridging the gap between fund accounting and carry modeling, connecting two critical worlds that have long operated in silos. The result is a fully integrated, data-driven workflow that enhances accuracy, reduces manual effort, and gives fund managers and administrators a real-time, transparent view of their economics from accounting through to carry distribution.

What prompted qashqade and Entrilia to originally form this strategic partnership?

Gregor Kreuzer: From qashqade’s side, we were increasingly hearing from clients that while they could model complex waterfall scenarios in qashqade, connecting those results to live accounting data was still too manual. Entrilia shared the same feedback from their clients in reverse. By joining forces, we’ve been able to connect two critical worlds (accounting and economic modeling) to deliver a seamless, data-driven workflow that reduces friction and improves accuracy across the board.

Entrilia: Both companies were hearing the same thing from clients: waterfall modeling and carry tracking need to be better connected to the accounting source of truth. We saw a clear opportunity to bring together Entrilia’s strength in real-time fund accounting with qashqade’s flexible, LP-specific modeling and forecasting capabilities.

What specific gaps or client needs did you see that led to it?

Entrilia: Fund managers and administrators often manage unrealized carry offline or in Excel, disconnected from their actual books. That makes audits messy, forecasts error-prone, and stakeholder communication harder than it needs to be. This integration solves that by linking modeled carry entitlements back to structured capital data.

Gregor Kreuzer: From what we see, too many fund managers still rely on spreadsheets or ad hoc processes to manage unrealized carry. That not only introduces operational risk but also limits how confidently teams can make forward-looking decisions. By integrating directly with Entrilia, we’re solving this gap. Clients can now link their accounting “source of truth” to their carry models, creating a single, controlled environment for both calculations and reporting.

How does this partnership align with each company’s broader mission / roadmap?

Entrilia: Entrilia is building the most connected accounting platform in private markets. qashqade is focused on enabling better transparency and automation around complex economics. This partnership fits naturally - it’s about removing silos and enabling smarter workflows, not just more spreadsheets.

Gregor Kreuzer: We believe transparency and data integrity are the foundation of better decision-making. Working with Entrilia aligns perfectly with that philosophy. It enables our clients to move away from fragmented processes toward a more connected, automated operational model. Together, we’re building the infrastructure that allows private markets participants to trust their numbers end-to-end, from accounting through to carry distribution.

From Entrilia’s perspective, what does this enable for clients?

Mutual clients can now manage complex carry and waterfall allocations without needing to manually bridge between systems. For firms using Entrilia as their fund accounting engine and qashqade as their carry modeling tool, this reduces friction dramatically. You don’t have to do the accounting and the carry math separately—one flows into the other. It’s more than just syncing data; it’s enabling a smarter, cleaner process with less operational risk.

From qashqade’s perspective, what does this enable for clients?

This integration unlocks a new level of automation and accuracy in managing unrealized carry. What previously required manual data transfers or offline reconciliation can now be triggered directly from Entrilia’s accounting environment. The system automatically calculates NAVs and, based on that data, determines unrealized carry per partner, fully aligned with the waterfall models already configured in qashqade.

This creates a seamless loop between accounting and carry modeling: as financial data updates in Entrilia, qashqade reflects those changes in its carry calculations. The result is a fully connected, real-time view of economic entitlements without any additional manual steps.

For fund managers / administrators / investors: What changes will they see in their workflow?

Entrilia: They’ll spend less time reconciling models, more time analyzing outcomes. Fund admins can deliver unrealized carry insights alongside financials. Managers can make more informed distribution decisions. And investors benefit from greater transparency and consistency.

In which cases will this feature make the biggest difference?

Entrilia: Especially for funds with complex carry plans, multiple tiers of participants, or high volumes of simulations. It’s also a game changer for managers prepping for exits or distributions and needing defensible carry estimates ahead of time.

What distinguishes this feature from what was available before?

Gregor Kreuzer: In practical terms, this means clients can rely on a single, consistent data source for both accounting and carry forecasting. It not only improves operational efficiency but also strengthens the accuracy and defensibility of carry projections. For fund managers and administrators, this is a significant step toward true end-to-end automation of complex fund processes turning what used to be a time-consuming task into a streamlined, auditable workflow. A process that previously required reconciliation and manual intervention is now integrated and executed in real time. The result is greater efficiency, transparency, and accuracy, delivering tangible added value for fund managers, administrators, and investors alike.

How do you see integrations like this (Entrilia ↔ qashqade) changing the private markets fund operations tech landscape?

Gregor Kreuzer: From our perspective, this integration is part of a larger shift toward interoperability and openness in private markets technology. Clients no longer want monolithic systems; they want the best tools for each function, provided those tools talk to each other intelligently. This collaboration demonstrates exactly that: best-in-class accounting meeting best-in-class allocation management through smart, API-driven integration. Looking ahead, we see this as the foundation for even deeper connectivity where fund data flows securely and automatically across systems, giving clients real-time insight and control without manual effort.

Entrilia: This is a great example of how the industry is evolving. The old model of monolithic, do-everything platforms is fading. Clients want the freedom to work with best-in-class tools - but only if they connect intelligently. Entrilia’s role is to be the connective tissue: a powerful core system that makes it easier for firms to benefit from innovation across the market. We see this integration as part of a broader trend toward modular, API-connected ecosystems that serve firms better and evolve faster.