LPA Validation
Independent Verification of Private Equity Fees and Waterfalls_
Designed for LPs and FoFs who need defensible, repeatable verification of the LPA terms and underlying calculations for their management, performance and carry fees.
Validate every LPA with the precision you expect
LPAs are complex, highly bespoke documents where small interpretation differences can result in material financial impact. Even minor discrepancies can compound over time and materially affect returns, creating operational, financial and reputational risk for fund managers and their investors.
qashqade’s LPA Validation module combines purpose-built private markets waterfall software with expert review to deliver fast, transparent, and repeatable validation.
For Investors
LPA Validation at qashqade provides investors with independent verification that management fees, fund expenses and carried interest are calculated in line with contractual terms.
For Fund of Funds Managers
qashqade’s product suite enables FoF managers to guarantee correct and defensible calculations, aligned with both investor expectations and regulatory standards.
In private markets, verifying the calculation protects capital
Every calculation determines who gets what. Even small errors can cost millions or damage credibility. qashqade ensures governance, auditability, and contract-aligned integrity so capital can be moved with confidence.
Get your LPA-based calculations independently verified
We replicate your LPA logic in our calculation engine and validate it through expert review - independent of internal models or spreadsheets.
You gain defensible numbers, audit-ready transparency, and confidence that fees and carry reflect the actual terms in your agreement.
Prevent compounding errors before they distort your result
By testing waterfall logic, fee mechanics, and cash flow treatment against the governing documents, discrepancies are identified before they scale.
That means fewer surprises, less regulatory and reputational exposure, and the reassurance that small misalignments won’t turn into material financial issues.
Scale your portfolio oversight without scaling your workload
Validation is implemented within a structured platform environment with controlled logic and repeatable workflows.
Your team moves from reactive reconciliation to proactive oversight, creating continuity, operational resilience, and peace of mind as your portfolio grows.
How LPA Validation Works at qashqade
From detailed LPA review to expert implementation in our calculation engine, we replicate economics with precision.
Discrepancies are identified, documented, and delivered in clear reports you can act on.
LPA & Legal Review
The initial step is a thorough review of all relevant legal documents, including LPA, side letters, supplementary agreements as well as the latest ILPA or financial statements reported by the manager. We pay close attention to the logic for distributions waterfalls and management fee calculations.
Full Data Analysis
Next, we prepare a tailored data request – this includes relevant cash flow data from the investor to the fund, inception-to-date realized carry, unrealized carry and inception-to-date management fees.
Implementation
Then, the LPA logic is implemented directly into the qashqade calculation engine (waterfall and management fee structure). The cashflows are uploaded to your secure instance environment of the qashqade platform. All fund reports are available in the platform (LP Cockpit).
Validation & Reporting
Finally, discrepancies and anomalies are highlighted in clear, structured reports, with optional advisory support.
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.
Case Study
LPA Validation for a large pension fund
Learn how qashqade assisted a large European pension fund, investing in close to 100 funds diversified across a variety of general partners, with considerable exposure to fee payments.
White Paper
LPA Validation – trust but verify
Do you have confidence in what is happening across all of your partnership agreements? In this white paper we look at examples of misinterpreted terms and their consequences as well as a solution. Learn how we help LPs get the deal they signed up for.
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
Quick answers to the questions we hear most.
Still have questions?
Reach out to our team.
We're here to answer your questions.
LPs need a way to validate their LPAs to ensure that they are charged and they receive what has been agreed. As LPAs are often highly complex, small language differences can make huge monetary differences with interpretation becoming key. Examples of errors we have come across during LPA Validation are strict compounding errors (e.g. accumulated interest may be overlooked and not added at year end resulting in lower preferred return), hybrid waterfall miscalculations, mixing terms (e.g. IRR hurdle with continuous compounding discrepancy). At qashqade we enable LPs to achieve transparency and clarity to be able to address any discrepancies with their fund managers.
Unlike Excel-based solutions, qashqade’s LPA Validation runs on purpose-built software, letting users implement new funds, adjust assumptions, and validate LPAs quickly and accurately. Instead of having to re-calculate the LPA every time when new transactions are being provided, with the qashqade software you only need to upload the new transactions and run the LPA validation report to see what potential differences may be. Something that can be done in less than an hour. To ensure the calculations are correct, qashqade is not only SOC II certified but also audits the calculation during each product release and uses an external auditor to verify its calculation annually.
qashqade combines automated technology with industry expertise to validate LPAs efficiently and accurately. We analyze legal agreements, fund data, upload the cashflows into the platform, set up waterfalls, and generate transparent reports highlighting discrepancies. This gives LPs faster validation, reduces errors and compounded inaccuracies.