Private-market valuation is stitched together by hand. It doesn't have to be.
Records live everywhere, data collection is manual, and marks live in spreadsheets disconnected from the documents and performance behind them.
The manual stack that works for a handful of positions collapses at scale.
Venture became an asset class. The tooling didn't follow.
In 25 years, US venture went from a cottage industry to a trillion-dollar asset class — far more firms, far more positions, far more scrutiny, still run on spreadsheets.
Sources: NVCA / PitchBook Venture Monitor · Venture Forward · McKinsey Global Private Markets · Preqin.
Point tools try to conquer the world. We go deep on three.
Deep on legal rights, portfolio performance and valuation — and synced to the ledger you already run.
Valuation firms
Rigorous but manual, slow, and point-in-time — disconnected from live data.
- ASC 820 depth
- Automated & always-on
- Tied to source documents
Cap-table tools
Great records, but no valuation engine and no portfolio performance.
- Cap table & vault
- Full method engine
- Portfolio KPIs
Portfolio monitoring
Tracks KPIs, but no legal layer and no defensible fair value.
- KPI collection
- Legal document vault
- ASC 820 output
Valuation isn't optional — it's a recurring obligation.
For most managers, fair-value marks are required on a repeating schedule. That's what makes this a system firms don't rip out.
RIAs — registered advisers
Deliver investor account statements at least quarterly and distribute PCAOB-audited fund financials every year — all of which require current fair values.
ERAs — exempt reporting advisers
Most VC and emerging managers. Their funds are still audited for LPs each year, so they need defensible marks too.
Requirements vary by registration, state and fund structure — illustrative, not legal advice. Ref: SEC custody rule (Rule 206(4)-2).