Allocation Calculation Engine
Precise allocation calculations built for complex private markets structures_
Designed for fund managers, investors and admins who need flexible, transparent, and fully configurable waterfall calculations built out to the exact specifications written in complex private markets agreements.
Configure and run waterfall allocations with complete precision and flexibility
Waterfall terms define how capital flows through your structure. Even minor inaccuracies can compound to drastically impact outputs, reporting, and stakeholder trust.
qashqade’s Allocation Calculation Engine transforms complex waterfall modelling into a structured, transparent, and repeatable process. In essence, by using a universal, rule-based engine, you can configure any structure and term ensuring every allocation is calculated consistently and accurately. Instead of relying on fragile spreadsheet logic, you gain a universal engine capable of handling any private markets allocation with full flexibility, auditability, and control.
Separate logic from data to unlock powerful waterfall modelling
The allocation engine separates the logic of your private equity waterfall from the underlying data of your fund. Ultimately, this architectural principle allows you to scale while ensuring 100% accuracy in both the structure and data. Configure waterfall steps once and reuse them across multiple funds, vehicles, or structures. This means consistent interpretation of LPA terms, reduced duplication of work, and significantly lower operational risk. Ultimately, you can onboard new funds faster, calculate consistently across structures, and the system doesn’t slow down when complexity increases.
A universal engine for every allocation use case
The universal allocation engine goes far beyond traditional private equity fund distribution waterfalls, including management fee calculations, performance fee, Special Purpose Vehicles (SPVs) and Co-Invest structures. It provides a single calculation framework capable of handling all types of allocation logic across your platform. From classic fund waterfalls to GP carry workflows, share-based waterfalls, and cap table–driven capital events, the same engine powers every calculation. In essence, this ensures consistency in logic and transparency in outcomes.
Gain full visibility into GP economics
You can fully customize each waterfall step to reflect your exact LPA wording. Configure preferred returns, multiple hurdles, GP catch-ups, tiered splits, restrictions, periods, and mixed calculation levels across fund, deal, or partner level. Additionally, define beneficiary selection, paydown logic, and allocation mechanics exactly as required. From master feeder structure to partner transfers the system can handle the utmost complexity. Because every rule is explicitly configured, cash flows move through the structure transparently and deterministically. As a result the waterfall mirrors your legal documentation exactly, ensuring allocations are accurate, defensible, and fully aligned with the agreed economics.
Full transparency across all outputs
Each waterfall run produces a full report with custom granularity down to the fund or LP level, alongside customizable metrics you can tailor to your LPA definitions and reporting requirements. Results are stored in the database, enabling reporting, document generation, and secure stakeholder sharing. You can define metrics and reuse these within both reporting and waterfall logic, which creates a consistent analytical framework across your entire allocation process.
How Allocation Calculation Works at qashqade
Configure waterfall logic, data, and reporting directly in the platform. Once defined, you are able to execute calculations repeatedly with full control and traceability.
Create Step Logic in the Step Creator
Define the logic behind each waterfall step. Configure funding rules, paydown transaction types and allocation splits between GP and partners. You have the option to choose from standard rules as well as customizing bespoke rules.
Define Metrics
Define your own metrics based on your LPA definitions, transaction types and reporting needs. This goes for reporting but as well to use within the logic of the waterfall. Examples include custom IRR, TVPI, DPI and many more.
Set up the Waterfall
In the Waterfall Set-up, arrange the sequence of logical steps representing your LPA terms. Configure sequence order, calculation levels (fund, deal-by-deal), partner level (partner independent or by partner-split), beneficiary selection and periods.
Execute the Waterfall Run
On the Waterfall Run screen, you configure the parameters of how the calculation of the waterfall will be executed. Trigger the calculation and generate structured outputs at fund and LP level. Finally, automatically save all runs in the waterfall run history.
Review and Communicate Results
Analyze outputs, compare scenarios, and use stored results for reporting, documentation, and stakeholder communication. Because logic and data are separate, you can test alternative scenarios without rebuilding the structure. Get full forecasts for future values instantly.
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
Increasing operational excellence for a large GP
Our client is a large fund manager with over USD $100 billion in assets under management and dozens of complex fund structures. The fund manager needed to generate infallibly correct calculation results and reports for the investors every period throughout the year.
White Paper
Making sense of distribution calculation models
The term "waterfall" in private markets can mean different things to different people, often leading to confusion, misunderstandings and ultimately, wasted time. This white paper helps to make sense of waterfall calculation models in context of different allocation scenarios.
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.
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We're here to answer your questions.
Our software houses all of this data internally. Store all funds and fund data securely within the qashqade platform. Access them at any time, with automatic saving and backups in place for audit purposes.
All legal entities, investors, and contacts can be maintained within the portal. The client can communicate directly with each entity through the platform. All commitments are stored in the fund data and displayed on the fund’s main screen.
The primary user on the client's end manages permissions, allowing them to control who has access to the software and which features each user can access.
Our engine can handle all waterfall complexities as that is what the software was originally built for. Our team of experts have built out many complex funds, and they have seen the majority of possible structures.
Our waterfall structures are completely flexible to any complexities the client wants to build in. You can fully customize every step of each waterfall. We can configure any proceeds for deal by deal, whole fund, or partner level. Our platform takes in and ingests all preliminary fund data as well as commitments, invested capital, NAV. All of these calculations are used in the waterfall solution however is needed.
All funds are allocated based on waterfall steps that are easy to build out and customize. All transactions in our system are mapped, showing where money is flowing.
Scenarios forecasting is easy to do within our system. This is because we separate the logic of the LPA or the logic of the waterfall structure from the data itself. So, the client can actually take any data and run it through the waterfall structure to compare results.
Yes, this can be done through our waterfall engine. Since the waterfall structure remains the same, the client can run any data through it and compare results.