Where did the Portfolio Dashboard go?
For funds that are enrolled to receive financial reports, the Accounting Dashboard will replace the Portfolio Performance tab. You can read more information regarding this transition in our Portfolio Dashboard transition to Accounting Dashboard article.
How are these Financial Statements verified?
Accountants from Belltower's tax team manually review all your funds' accounting data to create these reports. After they've reviewed the numbers, the accountants close the reporting period and lock the data to ensure accuracy, a process known as closed-period accounting. Any activity that takes place after the accounting period is closed will be included in the financial statements for future periods.
Where can I view a snapshot of my fund metrics?
Funds enrolled to receive financial reports can now download their accountant-verified financials directly from the new Accounting Dashboard as Excel workbooks. Within the Excel there is a "Fund Summary" tab that provides a snapshot view of key fund metrics.
Why does my dashboard only show one report?
To provide the most up-to-date information, initial financial reports will show data as of the last day of the latest reporting period. Subsequent reports will be released each reporting period, and the Accounting Dashboard will house all the reports delivered.
What funds are eligible for financial reporting?
Funds currently enrolled to receive financial reports will be eligible for the new fund reporting experience and the Accounting Dashboard.
If your fund isn't currently enrolled to receive financial reports and you'd like to learn more, please reach out to your Customer Relations team member for more information.
How can I use my financial reports to create projections and models?
These new financial reports establish a consistent data foundation that can be leveraged to build various reports and models in Excel, including scenario analyses. By adjusting inputs on the financial statements, you can create diverse scenarios that reflect changes in variables such as capital inflows, portfolio company valuations, returns, write-offs, or market conditions.
How do I read my financial reports?
These financial reports provide an accounting of your fund as of the last day of the latest reporting period. Below is a breakdown of each tab in your financial report workbook. Definitions and acronyms can be found at the bottom of this page.
Fund Summary
The fund summary page provides an overview of essential fund metrics and values, including DPI, Net IRR, MOIC, and carry calculations. Each metric is traceable within the workbook, allowing you to select a cell and reveal the underlying sheets and cells contributing to the calculation. For example, the Net Asset Value of your fund can be traced back to the unrealized gain on your investments in the Schedule of Investments.
Below is a breakdown of each tab in your financial report workbook. These section titles match the corresponding tab name within your Excel worksheet.
BS (Balance Sheet)
The purpose of a balance sheet is to provide a comprehensive snapshot of a fund's financial position at a specific point in time. This sheet will first breakdown your fund's assets, then its liabilities, and partners' capital.
The Net Asset Value (NAV) is derived from the figures presented in this statement.
SOI (Schedule of Investments)
The schedule of investments provides a detailed overview of each portfolio company's investment cost, fair market value, number of shares (if applicable), and unrealized gains or losses within a fund.
Key metrics, including DPI, RVPI, TVPI, and MOIC, are calculated using the data from this statement. GPs can leverage this sheet to model potential exit scenarios and update fund valuations by directly adjusting valuation figures, which will waterfall to the metrics displayed on the summary sheet.
IS (Income Statement)
The income statement provides a detailed view of a fund’s financial performance over a specific period, outlining gains, losses, and expenses and their impact on investments and partners’ capital.
The income statement helps analyze how revenues and losses influence partners' capital over time, showing whether the capital base is growing or shrinking. This analysis can help showcase your fund’s financial trajectory.
SOC (Statement of Changes)
The statement of changes provides a detailed account of how the balances of LPs, GPs, and your fund as a whole evolve over a given time period. This statement tracks movements such as capital contributions, distributions, net income or loss, and other changes that affect the partners’ equity and overall fund balance.
CF (Statement of Cash Flows)
The statement of cash flows provides a detailed overview of a fund’s cash movements throughout a given period, highlighting inflows and outflows from operating, investing, and financing activities. The statement ends with the net change in cash and cash equivalents, showing how your fund’s cash position has shifted from the start to the end of the period.
IRR (Internal Rate of Return)
The internal rate of return (IRR) sheet provides a detailed breakdown of all inputs involved in the IRR calculation. This sheet enables GPs to clearly see the cash flow dynamics that drive your fund's IRR, offering transparency into the timing and magnitude of returns.
LP_inception
The LP_inception sheet provides a comprehensive capital account summary for each LP in your fund, covering the period from your fund’s inception to the report date. It details key information such as ownership percentage, capital contributions, unrealized gains and losses, and carried interest, offering a clear overview of each LP’s financial position within your fund.
Definitions and Acronyms
Partners' Capital
Partners' Capital is the total capital balance of all partners in a fund, representing their ownership interests. It includes initial contributions, earnings retained, and adjustments for distributions and losses.
DPI (Distributions to Paid-In Capital)
Total distributions paid out by the fund to the LPs (includes returned rollover capital), divided by paid-in capital (collected).
RVPI (Residual Value to Paid-In Capital)
Estimated value of the investments remaining in the fund, divided by paid in capital.
TVPI (Total Value to Paid-In Capital)
Total value divided by paid-in capital (collected).
Net IRR (Internal Rate of Return)
IRR cashflows include contributions to the fund, distributions from the fund, and the current unrealized value of the fund’s assets. Net IRR is the rate of return, net of carry.
MOIC (Multiple on Invested Capital)
The value of your investments, divided by total invested capital.