Waterfall Modeling
Build LP/GP waterfalls in minutes. Promote tiers, catch-up provisions, clawback mechanics — modeled correctly, every time.
Waterfall models are where mistakes hide. Your analyst builds the promote structure from scratch, manually codes the catch-up logic, and hopes the clawback provision works correctly. Every fund has a different structure. Every structure takes a day to build and a week to audit.
Describe the promote terms in chat. Upload the LPA to the Data Room for Apers to parse the waterfall provisions. Apers builds the waterfall — preferred return, catch-up, promote tiers, lookback, clawback — with every dollar traced from property cash flow to partner distributions. Approve each tier, open the model in Google Sheets, and save it to your Library. Auditable from day one.
Four Steps to a Built Waterfall
Describe the promote terms
Enter the waterfall structure in chat — preferred return, hurdle rates, split percentages, catch-up, clawback. Upload the LPA to the Data Room for Apers to parse provisions automatically.
Apers builds the waterfall
Every tier is modeled with proper accrual mechanics — pref compounding, catch-up provisions, promote calculations, and lookback tests. Every dollar traced from property cash flow to distributions.
Review and approve
Before writing cells, Apers shows the tier structure, hurdle rates, and distribution mechanics it plans to use. Approve tier by tier, or run sub-chats to test alternative promote structures.
Export and share
The waterfall model opens in Google Sheets with full formula transparency. Save to your Library for LP reporting, download as .xlsx, or share with your fund administrator.
Every Promote
Pref plus promote, European, American, hybrid. Multi-tier promotes with lookback and catch-up provisions. Whatever your LPA says, the model handles it.
Clawback & True-Up
Interim clawbacks, true-up calculations, escrow mechanics — the provisions that most spreadsheets get wrong. Built correctly from the start.
LP-Ready Output
Every dollar traced from property cash flow through the waterfall. Who gets what, when, and why — formatted for LP reporting.
Approve Every Step
Apers shows its plan before writing a single cell — which tiers it will model, which hurdle rates it will apply, and how catch-up and clawback mechanics work. Approve one tier at a time or switch to Fast Mode.
Google Sheets + Library
The waterfall model lives in Google Sheets with full version history and formula transparency. Save to your Library for fund reporting, download as .xlsx, or share with your LP.
Models
Frequently Asked Questions
How does Apers build a waterfall model?
Describe the promote terms in chat or upload the LPA to the Data Room. Apers builds the waterfall — preferred return, catch-up, promote tiers, lookback, and clawback — with every dollar traced from property cash flow to partner distributions using the XL-2 engine.
Can Apers handle complex promote structures?
Yes. Apers models multi-tier promotes with compounding preferred returns, GP catch-up provisions, lookback tests, and clawback mechanics. Each tier is built as a separate layer so you can verify the logic at every level.
How does Apers handle clawback provisions?
The XL-2 engine tracks cumulative distributions against cumulative return hurdles. If a clawback is triggered, Apers calculates the amount owed and shows the impact on final partner-level returns. The entire trail is auditable.
What documents do I need for waterfall modeling?
Upload the LPA or partnership agreement to the Data Room. The UDPE engine extracts the waterfall provisions — preferred return, promote tiers, catch-up percentages, and clawback terms — and maps them into the financial model.
Can I compare different waterfall structures?
Yes. Model each structure in a separate sub-chat using the same property cash flows. Apers calculates LP and GP returns under each structure so you can evaluate how different terms affect partner economics before finalizing the agreement.