Fund ERP

This is waterfall modeling, part of Carta's ERP for private capital. Computing how proceeds flow through every fund, feeder, holding company, down to the operating company in a complex deal structure has always meant days in Excel. In Carta, investments are organized by deal groups. When a deal spans multiple entities, the structure chart maps every layer in one view, every fund, feeder, and intermediate holding company, connected in a diagram you can pan and zoom.

Before you can model a waterfall, you need to know exactly how proceeds flow through the structure. The chart makes that answer immediate, without digging through documents or reconstructing it from memory. Navigate to waterfall modeling, enter an exit value and date, and run it. The default view filters to your own funds, so you land on exactly what your firm receives, and nothing else.

Expand any row to trace how proceeds travel through every entity in the chain, from the fund all the way down to the operating company. Switch to the deal level view to see every stakeholder, including individual LPs, with their proceeds, MOIC, and IRR. Filter to any specific interest holder to see exactly what they receive. The question that used to require a separate model for every LP who asked is now a filter.

The Breakpoints tab shows how proceeds step through each distribution tier per stakeholder. The matrix view maps every interest holder against every breakpoint: preferred return, return of capital, common participation, all side by side. Change the exit value, and run it again in seconds.