Free module · Execution & fund operations
Fund Operations & Investment Committee
Run the portfolio as an accountable business, from daily NAV to the investment memo.
NAV · fees · liquidity · governance
The building blocks
Fund accounting separates investment gains from money entering and leaving the fund. Begin with a cash ledger before calculating performance or fees.
- Reconcile holdings, cash and external flows
- Calculate NAV and performance
- Document controls and defend the process
Lessons in this module
- Reconcile the fund before reporting its return
- Model fees and high-water marks explicitly
- Match portfolio liquidity to funding promises
- Capstone: defend a complete hypothetical fund
Practice and apply
- Recovering a high-water mark — No flows, no hurdle. Opening NAV $9m; high-water mark $10m. Gross investment gain is $1.5m. Management fee is 2% of opening NAV; performance fee is 20% after management fees, only above the high-water mark.
Work through the practice exercises · Quant development tools