qashqade
Waterfall and carried-interest calculations without spreadsheets
4.2Enterprise / CustomBest for Funds and admins with non-trivial waterfall structures
Carry Waterfalls Fund Accounting
Overview
qashqade, founded in Zurich in 2018, replaces the most dangerous spreadsheet in private capital: the waterfall. Its engine turns LPA rules into structured, auditable allocation logic — distribution waterfalls, GP incentive and carry tracking, LPA validation and scenario runs — used by GPs, fund administrators and LPs modeling over $1 trillion in AUM. An MCP layer now lets AI assistants query calculations directly. Carry is too important to live in cell C47.
Key features
- Rules-based waterfall calculation engine
- Carried interest and GP incentive tracking
- LPA validation against actual calculations
- Scenario modeling and investor reporting
- MCP layer for AI-assistant access
Pros
- Removes catastrophic spreadsheet risk from carry math
- Auditable logic satisfies LPs and fund admins
- Handles genuinely complex, multi-tier structures
Cons
- Single-purpose spend on top of the accounting stack
- Initial LPA encoding takes real setup effort