Apers_

Apers for Private Equity

Your analysts are modeling, not analyzing.

Apers is the AI system that handles waterfall modeling, promote calculations, and fund reporting for real estate private equity — so your team focuses on deals, not spreadsheets.

Monday morning, 15 new deals

Your pipeline meeting starts at 9 AM. Fifteen new opportunities from brokers, three follow-ups from last week, and an IC memo due Thursday for the Phoenix multifamily. Three analysts. One of them is still rebuilding the waterfall model from the Austin deal because the promote structure changed during negotiations — the GP wants a lookback provision now, and the existing model doesn't handle it.

The math isn't the problem. Your team knows how to calculate a preferred return with a catch-up. They know how to model a two-tier promote with an IRR hurdle. The problem is time. Building a waterfall model from scratch takes a full day. Debugging one when the structure changes takes half a day. Meanwhile, those 15 new deals sit unscreened, and three of them will be under LOI by Friday — to someone who moved faster.

Fund reporting is the other time sink. Quarterly investor letters require updated IRRs across the portfolio, mark-to-market valuations, and distribution waterfalls recalculated with actual performance. Your VP of Finance spends two weeks every quarter assembling this from individual deal models that were built at different times, by different analysts, with different conventions. The consolidation is manual. The errors are inevitable. The LP questions that follow consume another week.

You didn't build a PE real estate fund to spend 80% of your analytical capacity on Excel construction. You built it to find deals, structure transactions, and generate returns. The modeling should be infrastructure — fast, reliable, and invisible. That's what Apers is.

What changes with Apers

WATERFALL MODELING

Every promote structure, modeled correctly

Two-tier promotes with preferred returns, catch-up provisions, and lookback calculations. Three-tier structures with IRR hurdles at 8%, 12%, and 18%. GP co-invest with disproportionate sharing. Multiple LP classes with different preferred returns. Clawback provisions. European vs. American waterfalls. Apers generates these as formula-driven Excel tabs — not static outputs. Change the preferred return from 8% to 9% and every distribution recalculates instantly.

WATERFALL DISTRIBUTION $50M TOTAL RETURN — 2-TIER PROMOTE
Return of Capital
100% LP
8% Preferred Return
100% LP
GP Catch-Up
100% GP until 20% of profits
Tier 1: up to 12% IRR
80 / 20
Tier 2: above 12% IRR
50 / 50
LP TOTAL
GP TOTAL
GP PROMOTE %
DEAL SCREENING

Screen 20 deals Monday, model 5 by Wednesday

Upload broker OMs in bulk. Apers extracts property details, rent rolls, and financial summaries. Initial screening models — cap rate, unlevered return, going-in yield — generate in minutes, not hours. Your team reviews the screens, selects the deals worth a full underwriting, and has detailed models with waterfall distributions ready for IC by Thursday. The deals that used to slip away while your analysts were building models? They get screened now.

WEEKLY DEAL PIPELINE
DEALS SCREENED
PRELIMINARY MODELS
FULL UNDERWRITING
TO IC COMMITTEE
FUND REPORTING

Quarterly reporting in days, not weeks

Every deal modeled in Apers uses consistent conventions — same tab structure, same formula logic, same assumption taxonomy. When quarterly reporting arrives, portfolio-level IRR aggregation, mark-to-market updates, and distribution recalculations work from a consistent base. No more consolidating models built by three different analysts over two years with different formatting conventions.

QUARTERLY REPORTING
WITHOUT APERS
Deal 1v3_FINAL_rev2.xlsx
Deal 2analyst_B_template.xlsx
Deal 3old_format_2024.xlsx
Deal 4copy_of_deal1_modified.xlsx
WITH APERS
Deal 1AQ-101
Deal 2AQ-101
Deal 3AQ-201
Deal 4DV-101
DOCUMENT INTELLIGENCE

From OM to model in minutes

Upload the offering memorandum, rent roll, and trailing-12. Apers extracts the data, reconciles discrepancies between documents, and populates a complete acquisition model. Every assumption traces to a source document page number. When your IC chair asks "where did this vacancy rate come from?" — the answer is page 23 of the OM, not "the analyst told me."

MULTI-TRANCHE DEBT

Size every layer of the capital stack

Senior debt sized by LTV, DSCR, and debt yield — simultaneously. Mezzanine with an interest reserve and a cash sweep trigger. Preferred equity with an IRR-based return. C-PACE layered on for energy improvements. Apers calculates blended cost of capital, models each tranche's cash flows independently, and shows the equity residual after all debt service. Change the senior LTV from 65% to 60% and watch the mezz requirement and equity return cascade.

A deal, start to finish

A 240-unit Class B multifamily value-add acquisition. $42M purchase price, $6M renovation budget. Senior debt + mezzanine. Two-tier promote structure with 8% preferred and a lookback provision.

01

Upload the broker's package

OM, rent roll, T-12, and renovation scope. Apers reads all four, extracts 240 units with current rents, market rents, lease expirations, and concessions. Flags that the T-12 vacancy rate (8.2%) doesn't match the rent roll snapshot (5.8%) — asks which to use for underwriting.

02

Model generated in minutes

Complete acquisition model: assumptions, unit mix, revenue with renovation premium phasing, expenses with management fee and replacement reserves, capital expenditure schedule by unit type, cash flow projections through a 5-year hold, debt service on both tranches, and levered returns.

03

Waterfall built to your structure

8% preferred return to LP. GP catch-up to 20% of profits. 80/20 split to a 12% IRR hurdle. 50/50 above 12%. Lookback provision that recalculates the promote if cumulative returns fall below the preferred at any point. Every tier is formula-driven — change the preferred from 8% to 9% and every distribution recalculates.

04

Sensitivity and IC prep

Two-way sensitivity table: exit cap rate vs. renovation premium achieved. Downside scenario with 12-month lease-up delay. GP promote at different return levels. The model is the IC memo's analytical backbone — open the Excel file, present the returns, defend the assumptions with source citations.

05

Close, then track

Post-closing, the model becomes the asset management baseline. Actual vs. underwritten tracking. Renovation progress against the CapEx schedule. Quarterly waterfall recalculations with real performance data for LP reporting. One model from acquisition through disposition — not five versions built by three people.

Models built for private equity

A growing collection of institutional-grade models for PE real estate — built by practitioners who've structured GP/LP transactions.

AQ-101

Multifamily Value-Add Acquisition

Unit-level renovation underwriting, rent premium phasing, waterfall with preferred return and multi-tier promote. The workhorse model for PE multifamily funds.

AQ-201

Office / Industrial Acquisition

Tenant-level revenue, TI/LC reserves, lease expiration rollover modeling, NNN vs. gross lease structures.

CS-001

Waterfall Distribution Engine

Configurable multi-tier waterfall. European and American structures. Lookback, catch-up, clawback. Multiple LP classes with different preferred returns.

DS-101

Multi-Tranche Debt Sizing

Senior + mezz + pref equity. Each tranche constrained independently. Blended cost of capital. Interest reserve sizing. Cash sweep modeling.

DV-101

Ground-Up Development

Monthly construction draws, interest carry, lease-up curves, stabilization timing, permanent financing takeout, development waterfall.

FR-101

Fund-Level Reporting

Portfolio aggregation, fund-level IRR, GP carry calculation, distribution tracking, LP statement generation.

Frequently Asked Questions

Can Apers model complex waterfall structures with lookback provisions?

Yes. Apers generates multi-tier promote waterfalls with preferred returns, catch-up provisions, IRR hurdles, and lookback calculations — all formula-driven in Excel. When the promote structure changes during negotiations, you regenerate the waterfall instead of debugging it.

How does Apers help with quarterly fund reporting?

Apers generates models with consistent structures across your portfolio. Quarterly reporting — updated IRRs, mark-to-market valuations, and distribution waterfall recalculations — runs from standardized models rather than stitching together workbooks built at different times by different analysts.

Can my analysts screen 15 deals per week with Apers?

Yes. Upload the broker package and Apers generates a complete underwriting model in minutes. Your analysts spend their time on judgment — challenging assumptions, running scenarios, forming views — instead of building Excel models from scratch. Deal throughput increases by 5-10x.

Does Apers work across different asset classes in a diversified RE PE fund?

Yes. The Model Collection covers multifamily, office, industrial, retail, mixed-use, and specialty asset classes. Each model is purpose-built for its asset class — tenant-level for office, unit-level for multifamily, building-spec-driven for industrial — while sharing consistent waterfall and reporting frameworks.

What does Apers cost for a PE firm with multiple analysts?

Enterprise pricing is available for teams that need multiple seats and higher SRC capacity. The Pro plan at $99-129/month with 1,000 SRC covers individual users. A free trial gives each user 25 credits with no credit card required to test on a live deal.

See Apers on Your Next Deal

Walk through a live underwriting with your own documents.

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