The Operating System for Private Capital.

A unified software platform for private capital. Private equity and venture firms use a single system to run deal sourcing, fund accounting, valuations, investor reporting, compliance and tax, in place of the separate point tools most firms operate today.

PRIVATE EQUITY · ONE QUARTER, EVERY VEHICLE, ONE SET OF NUMBERS
Capital call
Valuation marks
Distribution
Quarter close
VEHICLE 1 · FUND
USD
Privatis Growth Fund II
2019 vintage · 18 LPs
Call amount$12.0mm
VEHICLE 2 · FUND
USD
Privatis Growth Fund III
2022 vintage · 27 LPs · NAV $705.0mm
Call amount$85.0mm
VEHICLE 3 · SPV
EUR
Logistus Co-Invest SPV
Co-invest · 6 LPs · EUR-denominated
Call amount≈ $18.0mm · @ 1.084€16.6mm
ONE LEDGER · POSTING SERVICE
IMMUTABLE
Capital call #7 · due Dec 12
Fund IIDRCash — call account12.0BalancedCRPartners' contributions12.0JE-20598 · 0x971d…cfb0 · posted & sealed
Fund IIIDRCash — call account85.0BalancedCRPartners' contributions85.0JE-20600 · 0xd38c…8b06 · posted & sealed
Logistus SPVDRCash — call account€16.6BalancedCRPartners' contributions€16.6JE-20602 · 0x0ffb…7694 · posted & sealed · EUR book
CONSOLIDATION
Master–feeder roll-upFund III feeder → master
FX translation€16.6mm @ 1.084 → $18.0mm
EliminationsIntercompany · none
Consolidated · 3 vehiclesMaster–feeder · eliminations · FX · one figure$115.0mm
EVERY REPORT · Q4 2025
0 RECONCILING ITEMS
Capital call · from one figure
ILPA capital account statement—PENDING
Contributions · Q4 2025 · ILPA v2.0
LP portal—PENDING
Call notice · 51 LPs · live
Board pack—PENDING
Capital called · p.4 · consolidated
Form PF · audit file—PENDING
Q4 2025 · PBC 12 · audit-ready
0 / 4 reports · 1 figure · reconciling…$115.0mm
Vehicles→One ledger→Consolidation→Every report· one set of numbers
General Partners

Fund accounting, capital activity, valuations, reporting and the management company's books on one ledger.

Limited Partners

A secure portal for commitments, capital calls, distributions, statements and K-1s — scoped to each LP.

Portfolio Companies

Their own workspace to submit financials and KPIs, track milestones and share documents.

Auditors

Read-only ledger access, PBC lists generated from the GL and evidence linked to every entry.

Private Enterprises

Cap tables, equity plans and funding rounds on the same ledger, through the Enterprise Suite.

The platform

Six modules. One ledger underneath.

Buy the platform or start with the modules you need. Every one writes through the same posting service, so nothing is exported, synced or re-keyed between them.

Every interface
GP workspaceLP portalPortfolio company portalBorrower portalAuditor accessExcel add-inREST APIMCP server
Six modules
Fund management · Reporting · Deals · Valuations · LP portal · Compliance & audit
One ledger
Posting service · immutable general ledgerHash-chained · period-locked · permissioned

Also running a private company's equity? The Enterprise Suite handles cap tables, equity plans and rounds on the same ledger.

General ledger

Every entry posts once, everywhere.

Capital calls, investments, and fees hit the GL as they happen. The trial balance stays balanced, and every report reads the same entries.

GENERAL LEDGER · FUND III
Posting live
DATEACCOUNTMEMODEBITCREDIT
Jun 301010 · CashCapital call #7 receipt250,000.00
Jun 303010 · LP contributionsCapital call #7250,000.00
Jun 281510 · InvestmentsMeridian Software · follow-on1,200,000.00
Jun 281010 · CashWire · Meridian follow-on1,200,000.00
Jun 276020 · Management feesQ2 fee accrual412,600.00
Jun 272010 · Accrued liabilitiesQ2 fee payable412,600.00
DR 1,772,653.00CR 1,772,653.00
Balanced
Valuations

Portfolio marks, defensible by construction.

Deterministic valuations that carry their comparables, DCF, and audit trail with them — AI extracts the inputs, never the math. Approved marks post straight to the GL.

MERIDIAN SOFTWARE · FAIR VALUE PER SHARE
Audit-ready
METHODS
EV / EBITDA11.4x
EV / Revenue3.1x
DCF$18.9
Precedent txns$17.6
Weighted conclusion $18.40 · DLOM 18%
One system, end to end

From deal pipeline to LP portal, in under a minute.

Who it serves

Five constituencies. One set of numbers.

Each gets a real product, not an export — reading the same ledger your team does, scoped to exactly what they are allowed to see.

General partners

Fund setup, GL, capital activity, valuations, reporting, compliance, tax, and the management company's own accounting.

Limited partners

An authenticated portal: commitments, calls, distributions, statements, K-1s, elections, and data rooms — scoped per LP, per fund, per side letter.

Portfolio companies

A self-service workspace: financial submission, KPIs, milestones, document upload, and their own users.

Borrowers

Reporting requests, compliance certificates, and covenant packages for the credit book.

Auditors

Read-only ledger access, PBC lists generated from the GL, sample selection, and evidence linked to journal entries.

For the finance team

What changes, seat by seat.

Private equity, in detail →
01

CFO

One number for NAV, carry and capital across every fund, parallel vehicle and SPV — and a period lock that makes it final.

02

Controller

A close checklist with maker–checker approvals, twelve reconciliation checks and an immutable audit chain.

03

Fund accounting

Calls, distributions, fees and marks that post through one guarded service — nothing re-keyed into a second system.

04

Investor relations

Statements, letters and the LP portal that always agree, because they read the same entries.

How it compares

Point tools each hold a copy. Privatis holds the record.

LP capital accounts
Point toolsKept in the administrator's ledger, copied into a portal once statements are final
Read from the same ledger entry the statement uses
Quarter-end reporting
Point toolsAssembled from several systems in Excel
ILPA and board packs render from the ledger, with drill-down to the journal entry
Audit support
Point toolsA PBC folder built by hand from exports
PBC list generated from the GL — every item traces to a posted entry
Fundraising to capital accounts
Point toolsCommitments re-keyed from the CRM into the admin
A signed commitment becomes a capital account, with no re-key
Diligence to portfolio
Point toolsData room and portfolio records start over at close
The target becomes the portfolio company on the same record
Side letters and MFN
Point toolsTracked in a spreadsheet, applied by hand
MFN elections and equalization computed and posted to the ledger
Controls

Built to be the system of record.

Privatis is operating software for your team. Your administrator and counsel stay essential — with one ledger to agree on and fewer manual handoffs.

Immutable, hash-chained ledger

Entries are never edited. Corrections post as reversing entries, and the hash chain can be recomputed from an export.

Period discipline

Open → closed → locked. Locked periods reject postings; a controlled re-open requires a reason code.

Reconciliation as proof

Twelve automated checks tie the trial balance, NAV bridge and capital activity within $1.00 before statements go out.

Maker–checker approvals

A close checklist and an audit chain of who posted and who approved every entry.

Scoped outside access

LPs, portfolio companies, borrowers and auditors see only their own funds, companies and periods. Auditor access is read-only and logged.

Two-factor sign-in

Authenticator-app two-factor with backup codes — and firm-wide enforcement, so every user signs in with it.

The consolidation math

The stack you retire helps pay for the platform.

Indicative annual cost · $1B–$5B firm
Deal CRM$35K–$120K
Deal-room VDR$25K–$250K
Fund admin + GL$25K–$150K
Cap table for portcos$20K–$80K
Portfolio monitoring$30K–$100K
LP sub-docs & onboarding$25K–$100K / raise
Compliance filings$20K–$60K
Auditor PBC + mgmt-co books$25K–$100K
Subtotal — before headcount$205K–$960K / yr

Indicative ranges by tool category, before implementation and headcount. Your stack will vary.

The three costs no RFP lists
Quarter-end assembly
Analyst-weeks reconciling several systems into one report pack.
The audit
Weeks of fetching support that should already be attached to the entry.
The error
The wrong LP statement, the missed filing, the mis-stated carry found in year seven.

Absorbing five to eight of those line items into one platform can be a net saving on the invoice — before counting the reconciliation work that never appears on one.

See Private Markets pricing →
Worth asking about your current stack

“How long does your quarter-end close take — and how much of it is moving data between systems?”

“When your auditor asks for support on a journal entry, what happens?”

“If an LP with MFN rights renegotiates, how do you know who else is affected?”

What you'll see in the demo
01

Post a journal entry — watch it appear in the trial balance, the LP capital account, the portal, and the auditor's ledger.

02

Issue a capital call — ILPA notice PDFs generated per LP, in one click.

03

Open the auditor portal — PBC list generated from the GL, evidence linked to entries.

04

Open the Excel add-in — pull the fund, change a mark, write it back, watch NAV move.

05

Trigger an MFN scenario — affected LPs and equalization payments compute themselves.

Post a journal entry. Watch it appear everywhere.

The trial balance, the LP capital account, the LP portal, and the auditor's read-only ledger — one entry, no exports. That's the whole idea, live, in the first five minutes.

Retire the reconciliation spreadsheet.

Bring one fund's real numbers — we'll show you the same capital account in the ledger, the LP portal, and the audit file, live.

Privatis — the operating system for private equity · privatis.coOne general ledger · every report agrees