Seed & pre-seed
Many small cheques, one long carry clock.
Hundreds of small positions and notes that convert years later. Sequifable tracks the instrument, not just the cheque, so carry is right when the conversion finally lands.
Carry, calls and distributions in one platformCarry, calls, distributions
Complex carry.
Paid right.
Sequifable reads your fund terms and calculates tiers, splits, clawbacks and GP commitment automatically. The results settle straight into distributions, so partners and LPs are paid right the first time.
- Waterfall in minutes, not quarters
- Zero disputed distributions
- LPs see what partners see
Illustration of the Sequifable fund dashboard for a fictional fund, Northlane Ventures III: TVPI 2.4x, DPI 0.9x, IRR 27 percent, 71 percent called, with capital calls settling one by one. Beside it, a phone notification reads Distribution 12, 1.84 million dollars to 34 LPs, settled at 09:14, plus a distribution summary, a carry tier ladder and a clawback reserve meter.
Trusted by funds that pay partners on time
01 Why funds switch
The friction that shows up when you raise fund two
Fund one runs on goodwill and one spreadsheet. Fund two brings a new LP base, a second carry plan and an auditor who wants to see the maths. These four things break first.
Three versions of the waterfall live in three inboxes. The one the auditor receives is never the one the partners signed.
InsteadOne waterfall on one ledger. Every change carries a name, a time and the document that justified it.
Capital accounts get rebuilt by hand every quarter. By the time the pack ships, LPs are already asking about the next one.
InsteadCapital accounts post as events happen. Quarter close becomes a review, not a rebuild. Six days, not six weeks.
Tiers, vesting, departures and a clawback reserve, all in one tab with a formula nobody remembers writing. The partners want to sign. The CFO will not.
InsteadEvery carry figure traces to a rule, a date and a document. Sign-off takes an afternoon, with the audit trail attached.
The wire lands before the notice. Your largest LP's first question is what the money is for.
InsteadThe notice goes out first, with the waterfall and the statement attached. The wire follows and is reconciled by morning.
01 / 04
Three waterfalls, one ledger
02Built for every vehicle
Fourteen vehicles. One ledger.
Seed, growth, debt, secondaries. Each structure has its own waterfall quirks, and each one ships already modelled. Your second vehicle is a template, not a rebuild.
Series A to C
Reserves, pro-rata and recycling, modelled together.
Pro-rata rights, follow-on reserves and a recycling provision your LPA allows but your spreadsheet forgot. Reserves are modelled against the waterfall, not beside it.
Growth
Preferred stacks that know their own exit.
Fewer, larger positions with preferred terms and ratchets. Liquidation stacks are modelled per round, so the distribution waterfall reads the right exit proceeds.
Venture debt
Interest, warrants and fees, each on its own schedule.
Interest, warrants and fees arrive on different schedules. Each one posts to the ledger as its own event, so the yield to LPs is never a guess.
SPVs
From template to first capital call in an afternoon.
One deal, one wrapper, one carry rate, and a close that has to happen this week. A new SPV goes from template to first capital call in an afternoon.
Fund of funds
Twenty managers, one capital account per LP.
You are an LP to twenty managers and a GP to your own investors. Underlying calls, distributions and tax packs roll up into a single capital account per investor.
Family office
Direct deals beside fund commitments, kept apart.
Direct deals sit beside fund commitments and co-investments. Entity-level reporting keeps each household share separate without three sets of books.
Angel syndicate
Per-deal carry for dozens of backers.
Dozens of backers, small tickets and a lead who carries. Carry is calculated per deal and per backer, with the lead's split settled from the same ledger.
Secondaries
Imports the history, then runs the waterfall.
You buy positions mid-life, so the cost basis, prior distributions and remaining hurdle each need their own history. Sequifable imports it and runs the waterfall from there.
Search fund
A step-up that vests on performance, not memory.
A single acquisition, a step-up on close and a carry that vests on performance. The step-up schedule is a rule on the ledger, not a cell someone has to remember.
Corporate VC
Carry that stands up to internal audit.
Strategic objectives, a parent balance sheet and a carry plan that has to survive an internal audit. Every allocation traces to a policy document and an approval.
Impact
Financial and impact hurdles, side by side.
Impact hurdles alongside financial ones, and a carry that steps down if the targets are missed. Both sets of metrics live on the same ledger and the same statement.
Accelerator
Cohorts of forty, posted in one action.
Cohorts of forty with standard terms and tiny cheques. Cohort-level batches post in one action, and each company still gets its own line and its own carry history.
Real assets
Income and capital, never confused.
Long holds, periodic income and capital events that stretch over a decade. Income and capital are tracked separately, so distribution types stay correct on every statement.
Something else?
Tell us your structure. If it has a waterfall, it fits, and we will show you the template on the call.
Talk to us03Integrations
It already talks to your stack
Sixteen connectors, each one reading and writing the same event ledger the waterfall runs on. Pick a category to see what lights up, or hover a node.
Missing one?
Request an integration. Common ones ship in weeks, and we tell you which week.
Logged.
We reply within two working days.
04 Core modules
Four modules. One ledger.
No reconciliation.
Onboarding, calls, carry and performance read and write the same capital accounts. Nothing is exported to a spreadsheet to be checked against something else. When a wire lands, every module knows at the same moment.
LP onboarding
Every LP walks the same six steps, from accreditation to wire instructions, inside one portal. Nothing is called until the last item clears.
Learn more about LP onboarding
0/6
- AccreditationVerified
- KYC / AMLCleared
- Subscription agreementSigned
- Side letterAgreed
- Wire instructionsConfirmed
- Tax formsW-9 on file
Capital calls & distributions
One notice goes to every LP with their own pro-rata amount and wire detail. Receipts post against the call as they land, so you see who has funded without opening the bank.
Learn more about capital calls and distributions- DraftedMon 09:12
- Sent to 34 LPsMon 09:40
- 29 fundedThu 16:05
- SettledFri 10:30
- Carrow Endowment$2.5MFunded
- Brightwater Pension$1.8MPending
- Halvorsen Family Trust$1.2MFunded
- Ravenor Capital$0.7MPending
- Okafor Holdings$0.6MFunded
Carry & comp
Carry points, vesting schedules and departures live on the same ledger as the fund. Each partner sees their vested share, and the clawback reserve is held before anyone is paid.
Learn more about carry and comp
$9.4M carry pool, 20% over an 8% hurdle
AO
MV
RS
TK
JL
Unvested
Unvested remainder 29.5%, about $2.8M, stays in the pool until each cliff passes.
- Adaeze Okonkwo-HaleManaging partner · fully vested0.0%of pool
- Mats VinterbergGeneral partner · 80% vested0.0%of pool
- Rhea SandovalGeneral partner · 60% vested0.0%of pool
- Tomasz KowalPartner · 40% vested0.0%of pool
- June LindqvistPrincipal · 25% vested0.0%of pool
- Elias BrandtDeparted Mar 2025 · 6 points vested, held$412K clawback reserve
Performance
TVPI, DPI and IRR are computed from the same cash flows the LPs were paid from, every quarter, by vintage. Marks come in from founders and roll into the dashboard the day they are approved.
Learn more about performance reporting
Net, by quarter
TVPI rose from 1.00x in Q1 2024 to 1.71x in Q4 2025. DPI rose from 0.00x to 0.62x over the same eight quarters.
- 0 of 6 capital calls settled same day
- 0 quarters without a reconciliation break
- 0 from notice to 31 LPs funded
05 Carry clinic
Run the waterfall before the wire
Set the terms, drag the exit and watch every dollar find its tier: capital back, the hurdle, the catch-up, then the split. Same engine as your live distributions, with the maths shown so a partner can check it.
Where the proceeds go
$306.0M
- LPs
- GP commitment
- GP carry
LP total
GP carry
GP commitment
DPI
LP net multiple
IRR
Cash flows
Four tiers, in order
Tier 1Return of capital
- LPs
- GP commit
- Carry
Tier 2Preferred return
- LPs
- GP commit
- Carry
Tier 3GP catch-up
- LPs
- GP commit
- Carry
Tier 4Carry split
- LPs
- GP commit
- Carry
The maths, with today's numbers
Ledger, event by event
Compare
A, pinned, against B, now
| Metric | A | B | Delta |
|---|
06 Toolkit
The deal maths, shown in full
Ten calculators for fund returns, cap tables, exits and equity tax. Each one shows its working, runs in your browser and keeps its inputs in the link.
Fund returns
Cap table & exits
Equity & tax
Educational estimates, tax year 2026, US federal only. Not tax or legal advice.
Pick a tool above. Every figure is worked out in your browser, and nothing you type leaves the page.
Fund returns
XIRR, TVPI and DPI
What is the fund's real IRR from dated flows, and how much is the credit line flattering it?
Cash flows, LP view
Enter every amount as a positive number. Calls count as money in, distributions and NAV as money out. NAV goes on the last date, once.
| Row# | Date | Type | Amount, $ | Paid on line | Line cost, $ | Remove |
|---|
One row per line: date, then amount. Tabs or commas both work. A negative amount reads as a call. Add a type word (call, distribution or NAV) to be explicit, and a second date and an amount for the credit line.
Optional. Used for PIC only.
0 up to total distributions.
Added to NAV in the unlevered view.
IRR
TVPITotal value to paid-in
DPICash back to paid-in
RVPINAV to paid-in
Every rate where NPV is zero
What the credit line adds
NPV against the discount rate
zero crossings are IRRsShow the maths
| Date | Type | Cash flow | t, years | Discount factor | Present value |
|---|
Educational calculator. Results depend on the NAV you enter and how it was marked. Not investment advice and not an ILPA-certified report. Method: Excel's XIRR day count (actual/365 from the first date) and ILPA's net definitions for the multiples.
This calculator is still in the workshop. The others are ready to use.
Fund returns
MOIC to IRR
What IRR is a 3x over five years, and what multiple does 25% need?
One investment in, one exit out
0 or more. 1x is your money back.
Above −100%.
Hold period
IRR
MOIC
IRR as the hold stretches
Staged calls or interim distributions? Open the XIRR tool with these flows.
IRR by multiple and years held
Pick a cell to load it. Arrow keys move.IRR = MOIC^(1/years) − 1. Gold deepens as the IRR rises.
Show the maths
Exact only for one investment in and one exit out. Years count as days ÷ 365, the same as Excel's XIRR. Educational, not investment advice.
This calculator is still in the workshop. The others are ready to use.
Fund returns
Public market equivalent
Did the fund beat the index once the timing of every dollar is matched?
Fund flows and index levels
One row per flow date, with the index close on that date (or the nearest close before it). Use a total-return index with dividends reinvested. A price-only index flatters the fund. The page fetches nothing, so paste the levels from your own data source.
| Row# | Date | Paid in, $ | Paid out, $ | Index level | Remove |
|---|
Tabs or commas both work, and a header row is skipped. A fifth number on the last line is read as the NAV. With only two numbers per line, a negative amount reads as paid in and a positive one as paid out, then the index level.
0 or more. The as-of value.
For the wording only.
Kaplan-Schoar PME
Direct Alpha
Fund IRRXIRR on the fund's own flows
Long-Nickels IRR
PME+ IRR
The same dollars, run through the index
Show the maths
| Date | Index | fₜ = I_T ÷ Iₜ | Paid in × f | Paid out × f | Index account |
|---|
Academic benchmark that assumes beta = 1. Results depend on the index you paste, so use total return. Not investment advice. Methods: Kaplan and Schoar (2005), Gredil, Griffiths and Stucke (Direct Alpha), Long and Nickels (LN-PME), Rouvinez (PME+).
This calculator is still in the workshop. The others are ready to use.
Fund returns
Management fees
How much of the fund goes to fees over its life, and how much is left to invest?
Lifetime fees
Of commitments
Left to invest
Needed for 1.0x net
Net fee by fee year
- Net fee, investment period
- Net fee, after it
- Offset applied
- Fee base, right axis
Schedule
Type portfolio fees per fee year. Paste a column from a spreadsheet into any cell to fill down.
| Fee year | Period and fraction | Fee base | Rate | Gross fee | Portfolio fees | Offset used | Net fee | Carried |
|---|
Show the maths
Illustrative. Your LPA's definitions of the fee base, offsets, stub periods and waivers control. Not legal or investment advice. The structure follows common practice: ILPA Principles 3.0 favour a 100% offset, and the SEC's exam staff have flagged fee bases that fail to step down after the investment period.
This calculator is still in the workshop. The others are ready to use.
Cap table & exits
Round modeler
After SAFEs, notes and the pool shuffle, who owns what, and at what price?
Ownership, fully diluted
Pro-forma cap table
| Holder | Converts | Price | Shares | Owns | Value |
|---|
Shares are rounded down for display. The engine keeps fractions, so a total can differ by under one share per holder.
Show the maths
Key. V is the headline pre-money and I the new money. E is existing shares, U the unissued pool and p the pool target. X is the pool top-up. k is post-money over pre-money. T is total shares after the round, and PPS the price per share. C is the post-money SAFE base.
Rounds in sequence
Up to 6. Round 1 is the priced round on the left.Ownership after each round
Educational model of standard Y Combinator (YC) SAFE and common note terms. Your documents' definitions (capitalization, pool, MFN, maturity) control. Not legal advice. Sources: YC SAFE user guide, Venture Hacks on the option pool shuffle.
This calculator is still in the workshop. The others are ready to use.
Cap table & exits
Exit waterfall
At a given sale price, what does each share class take home after preferences?
$
$0
Who gets each dollar
Payout by class
| Holder | Rank | Pref. | Upside | Total | Per share | Multiple |
|---|
Payout as the exit grows
Tap or click the chart to move the exit.Show the maths
Simplified model of standard NVCA-style terms. Charters vary (dividends, carve-outs, management incentive plans, escrows, earn-outs). Not legal or investment advice. Definitions: investor.gov glossary, NVCA model documents.
This calculator is still in the workshop. The others are ready to use.
Equity & tax
What your offer is worth
What are my options worth once vesting, dilution and preferences are counted?
- Illustration
- Not a 409A
- Runs in your browser
Break-even exit
Your ownership
Vested
Cost to exercise
Vesting
Value by exit
What your options pay at each sale price
exit value on a log scale
- After preferences
- Naive: exit times ownership
- Break-even
Scenarios
The gap between paper and payout
| Exit | Common price | Your value | Naive value | Gap |
|---|
Why this is lower than you were told
Show the maths step by step
Illustration, not a valuation or a 409A (the company's formal valuation of its common stock). It ignores taxes (see the ISO and AMT tool), other option holders' strikes, escrows and earn-outs. Not investment or tax advice.
If you leave: options often expire 90 days after your last day, and ISOs exercised more than three months after you leave are taxed as NSOs (IRC 422(a)(2)). The figures above do not change.
This calculator is still in the workshop. The others are ready to use.
Equity & tax
ISO exercise and AMT
Will exercising ISOs this year trigger AMT, and how many can I exercise first?
- Tax year 2026
- US federal only
- Estimate
AMT owed
AMT-free headroom
Cash needed
Regular tax
AMT by shares exercised
- AMT owed
- AMT-free headroom
- AMT due
The receipt
Form 6251, line by line
Regular tax
Alternative minimum tax
The $100,000 ISO limit ISO or NSO, by year
Each calendar year, only $100,000 of stock (valued at the grant-date FMV) can first become exercisable as ISOs. Anything above it is taxed as an NSO. Grants are tested in grant-date order (IRC 422(d)).
| Year | First exercisable | ISO | NSO | Limit used |
|---|---|---|---|---|
Show the maths step by step
2026 constants used
Educational estimate, tax year 2026, US federal only. Not tax or legal advice. It is simplified, so confirm with a tax professional before you exercise. Not covered:
This calculator is still in the workshop. The others are ready to use.
Equity & tax
83(b) election
When is my filing deadline, and how much ordinary income does filing avoid?
- IRC 83(b) and 7503
- US federal
- Educational
Your 83(b) deadline
File the 83(b)
Do not file
Ordinary income avoided
Ordinary income by year
When the tax bill lands
taxed as wages in each year
- File 83(b)
- Do not file
| Event | Shares | FMV | Income, no 83(b) | Holding starts |
|---|
Filing checklist
The window has closed. Talk to your tax adviser about what you can still do.
- Fill in the election. IRS Form 15620 works, or a signed statement with the same details.
- Mail it by certified mail with a return receipt to the IRS office where you file your return. The postmark date counts.
- Give a copy to the company so payroll and the cap table treat the shares the same way.
- Keep the proof: the receipt, a copy of the form and the mailing record, for as long as you hold the shares.
- Early-exercised ISOs: the AMT spread is fixed at exercise, which is $0 when the strike equals the FMV. Check it with the ISO and AMT tool.
- Forfeiture risk: if you leave before the shares vest, tax paid under the election does not come back.
Show the maths step by step
Educational estimate, tax year 2026, US federal only. Not tax or legal advice. Confirm the transfer date and the filing method with your counsel. There is no extension for a late 83(b) election.
This calculator is still in the workshop. The others are ready to use.
Equity & tax
QSBS exclusion
How much of my gain can Section 1202 exclude, before and after the 2025 changes?
- Federal only
- Rules as of Nov 2026
- Estimate
Gain excluded
Federal tax saved
Exclusion rate
Cap for this company
Holding period
Where the gain goes
Federal tax on the gain
Without QSBS
With QSBS
Flags
Show the maths step by step
Educational estimate, tax year 2026, US federal only. Not tax or legal advice. It screens the federal treatment only. Whether stock qualifies is a legal question. State rules differ (California, for example, does not follow the exclusion). AMT effects and section 1045 rollovers are not computed.
This calculator is still in the workshop. The others are ready to use.
07 The platform
What the partners see.
What the LPs see.
One ledger, two doors. Partners run funds, capital calls, distributions and carry from the workspace. LPs open the portal and see their own capital account, nothing else. Everything below is live: switch funds, sort the LP table, issue a call, download a statement.
Press ? inside the app for shortcuts
Run a capital call
- 1Amount
- 2Allocation
- 3Confirm
Notifications
Keyboard shortcuts
- ?
- Show this list
- 1 to 7
- Jump to a section of the workspace
- F
- Focus the fund switcher
- N
- Open notifications
- C
- Run a capital call (partner view)
- /
- Search LPs (partner view)
- ← →
- Walk the chart by quarter when it has focus
- Esc
- Close any panel
Shortcuts work only while focus is inside this app frame. They never touch the page.
08 By the numbers
Fewer hours. Fewer questions.
Faster close.
-
Quarter close
0.0x
faster quarter close
19 days to 6, median
-
Distributions
14
disputed distributions last cycle
across 412 wires
-
LP portal
Same day
distribution visibility for LPs
posted before the wire lands
-
Admin time
0
admin hours saved a month
per fund, from its own time log
How we measured. Medians across 38 funds live on Sequifable for four quarters or more, Q2 2025 to Q2 2026. Quarter close is period end to signed LP statements, before and after. Disputes are LP queries that changed a number. Hours come from each fund’s own time log. Illustrative, like everything on this page.
09 Customer stories
Three funds.
Three different problems.
A growth fund with partner departures. A fund of funds with 41 managers to reconcile. One person running 27 SPVs.
Three partners left in two years. Each departure used to mean a week with outside counsel and a spreadsheet nobody trusted. Now the split recalculates, vesting applies, the clawback reserve moves, and we review it in an afternoon.
10 Questions
Asked on most first calls.
Is Sequifable for complex carry only?
No. Simple carry is the fast path: one tier, one hurdle, done on day one. Complex is where most tools stop and we keep going: tiered hurdles, catch-up, GP commitment netting, partner departures with vesting, and clawback reserves that move every quarter.
If your LPA fits on one page, setup is shorter. If it does not, it still works.
How is this different from a fund administrator?
An administrator does the work for you, on their calendar. Sequifable is the system of record that you and your administrator both work in. Most of our funds keep their administrator and give them a login. The numbers match because there is one set of numbers.
What changes is timing. Calls, distributions and statements go out when you decide, not when the quarterly queue reaches you.
Does it scale past fund five?
Yes. Vehicles are first class. Funds, sidecars, SPVs, feeders and co-invests sit under one firm, each with its own LPA, LP list and waterfall. Cross-fund views are built in: a partner’s carry across Funds II to V, or an LP’s exposure across every vehicle they hold.
Our largest firm runs 14 funds and 60 SPVs on one account.
How long does setup take?
Two to three weeks for a fund with history. One week for a new vehicle.
With history, we import capital accounts, prior calls and distributions, then rebuild the waterfall against your LPA. You sign off when our numbers match your last statements to the cent. A new vehicle skips the import, so it is mostly the LPA and your LP list.
Which systems does it connect to?
Eight categories, sixteen connectors: your cap table, your bank for wires in and out with reconciliation, your accounting system, your deal-flow CRM, your data room, your KYC and sanctions checks, and the automation and chat tools your team already runs.
Where there is an API, we use it. Where there is not, we read the files you already receive. The integrations section has the current list.
Who sees what?
Partners see everything for their vehicles, with role-based limits for associates and finance. LPs see their own capital account, calls, distributions and documents the day they post, and nothing about other LPs. Auditors get a read-only seat with the full ledger, every calculation and its inputs, and an export that matches your statements.
Every view is logged. You can see who opened what, and when.
No match for . Try , or .
Something else? Book a demo and bring it. We answer the hard ones on the call.
Your fund is ready to raise. Is your back office?
Twenty minutes with a fund-operations specialist, your LPA on screen, your waterfall modelled before the call ends.
- No contract to see it. One call, with your numbers.
- Live in two to three weeks with history. One week for a new vehicle.
- Your administrator keeps their seat.
Partners app. Approvals and statements on the phone.
- 1Details
- 2Time
- 3Done
Pick a time
Eastern timeThe next five weekdays. Every slot is twenty minutes.
Booked.
- When
- With
- Daniel Achterberg, fund operations
- Where
- Video call. The link is in the invite.
- Invite to