What it is
A deal group is the chain of entities, including SPVs, holding vehicles, blockers, and others, connecting a portfolio company to the funds that own it. The Waterfall skill now supports deal groups as a first-class run target and runs a waterfall across every entity in the structure at once. It’s available in Claude and the Claude plugin for Excel.
Why it matters
For fund managers and portfolio operations teams, this replaces running a separate waterfall per entity and reconciling the results by hand, an especially error-prone process when an entity sits in more than one deal group. Results come back per entity and show how proceeds flow down through the ownership chain.
How it works
Enter an equity value and a waterfall date to get allocation tables per entity, showing proceeds, invested capital, participating quantity, MOIC, and IRR by holder. Regroup by security type, filter to the firm’s holdings, or view breakpoints per entity, all without leaving the conversation.
