Trace
Every number has a reason.
Click any amount and follow it down: the tier, the formula, the records it came from, and the clause that says so.
Navable Waterfall
Coming soon
The provable waterfall engine fund administrators run and auditors can recalculate
Waterfall turns the economics in a fund's LPA into a calculation that fund administrators run, GPs approve and auditors can recalculate, without rebuilding it in Excel.
Enter your work email and we'll let you know when early access opens.
Book a walkthroughSee how a number is traced
It covers both jobs a waterfall does
Actual distributions, when cash goes out to investors.
Quarter-end carry accruals, a hypothetical liquidation at each NAV.
Most waterfalls still live in Excel, even at firms that bought software.
01
Auditors ask for the formula behind the number.
When a tool can't show the math, teams keep a parallel spreadsheet, and the spreadsheet stays the real system.
02
Real LPAs break rigid tools.
Deal-by-deal waterfalls, side letters and investor exceptions outrun fixed configuration screens.
03
Mistakes surface late.
A setup error can show up years later, after the cash has already gone out.
04
Every client hits quarter-end at once.
Administrators need to review many funds without a specialist rebuilding each one.
From LPA to a number you can prove
Step 1: Read the terms.
AI reads the LPA, amendments and side letters and proposes how each clause works. Your team confirms every clause before it counts.
Step 2: Load fund data.
Bring commitments, contributions, proceeds, fees and expenses from Excel or CSV.
Step 3: Calculate.
A deterministic engine runs the waterfall. Same inputs, same answer, every time.
Step 4: Prove it.
Trace any number, compare with your own model, sign off, and export a live Excel workbook.
Built to be checked, not just trusted
Trace any number
Open any amount to see the formula, the source records and the LPA clause behind it.
Compare with your own model
Upload the Excel model you trust today. Waterfall matches it cell by cell and shows every difference, with the reason.
A workbook your auditor can recalculate
Export live Excel formulas tied to the inputs and the terms, not a pasted table of values.
Review and sign-off built in
The preparer and the reviewer are different people. Sign-off locks the exact data, terms and version that were approved.
Reopen any calculation
Every locked calculation can be reopened and gives the same result. When the terms or data change, earlier sign-offs are flagged for review.
Built for many funds
One workspace across your clients, with each client's data kept separate and the exceptions shown first.
Compare
Keep your model until you don't need it.
Run Waterfall in parallel with your spreadsheet. It shows where the two agree, where they differ, and why. Explain a difference or accept it within policy; both go into the evidence.
Review
Ready for review.
Each distribution opens as a record with its summary, fees and expenses, trace, differences, sign-off, versions and evidence in one place.
Scale
Exceptions first, across every client.
Who it's for
Fund administrators
Run waterfalls across your clients without a parallel workbook for each fund.
GP finance teams
Check your administrator's number and approve it with the evidence in front of you.
Auditors
Get the finalized version, its inputs, its terms and a workbook you can recalculate.
Where it fits
Waterfall splits fund proceeds between LPs and the GP. The GP's carry then flows into Navable Carry, which allocates it to individual participants. Together they cover the path from fund proceeds to a person's carry statement.
LPA terms + fund data
Documents and records
Waterfall
Fund-level split
LP distributions
Allocations and reporting
GP carry pool
Carried interest earned
LPA terms + fund data
Documents and records
Waterfall
Fund-level split
LP distributions
Allocations and reporting
GP carry pool
Carried interest earned
Book a walkthrough.
Bring a fund you already run. We'll calculate it alongside your spreadsheet and hand your auditor the workbook.