Case Study
$10B Pan-European Fund
Five jurisdictions. Two currencies. Layered holding structures. Reporting went from weeks to same-day.
$10B
AUM
5+
Jurisdictions
Wks → Days
Reporting
Eliminated
FX Recon
Sector
Pan-European Industrial
Scale
$10B AUM, 5+ Countries
Scope
Fund Models, FX, Reporting
Timeline
14 months
Stack
A $10B pan-European industrial fund structured through layers of SPVs across multiple countries. Every reporting cycle meant manual consolidation through holding structures, FX translation between EUR and GBP, and jurisdiction-specific LP packages with different disclosures and tax schedules.
We built the model architecture and reporting infrastructure to handle all of it.
The Challenge
Every reporting cycle was a multi-week manual exercise that delivered stale data.
Multi-layer SPV structures with different tax treatment per jurisdiction. Consolidation meant tracing performance through each layer by hand.
EUR and GBP exposures required FX translation at both asset and fund level every period. Manual reconciliation introduced cascading errors.
Each jurisdiction required different LP disclosures, accounting treatments, and tax schedules. Every domicile was a separate workflow.
Fund models were standalone workbooks. When structures changed or new vehicles launched, the models needed complete rebuilds.
Before
Multi-week exercise that delivered stale data
- Consolidation traced manually through each SPV layer per jurisdiction
- FX translation done by hand, errors compounded downstream
- LP packages assembled per domicile with different disclosures
- Fund models in standalone workbooks, structural changes meant rebuilds
- Data was weeks old by the time packages shipped
After
Same-day reporting across every jurisdiction
- Performance flows through SPV layers to consolidation automatically
- FX translation runs at every structural layer, no reconciliation
- LP packages generate per jurisdiction with correct tax and attribution
- Model architecture absorbs restructurings without rebuilds
- Packages deliver on schedule with current data
What We Built
Fund models that replicate the actual structure, with unified data across borders and reporting that handles jurisdictional complexity.
Structural Fund Model
- Models mirror the actual holding architecture: asset performance flows through SPV layers to fund-level consolidation with tax treatment at each layer.
- Multi-currency framework with FX translation between EUR and GBP at every structural level.
- Waterfall calculations spanning promote structures, co-invest terms, and carried interest across vehicles and vintages.
- Architecture absorbs restructurings, new vehicles, and holding changes without full rebuilds.
Cross-Border Data Layer
- Unified data layer across property management systems in multiple countries with standardized schemas.
- Chart of accounts mapped across jurisdictions. Local accounting preserved, consolidated view on top.
- Validation catches intercompany discrepancies and FX mismatches at the source.
Jurisdiction-Specific Reporting
- LP packages generate per jurisdiction with correct tax schedules, disclosures, and performance attribution.
- Consolidation handles eliminations, intercompany reconciliation, and currency translation across the full structure.
- Power BI dashboards with fund, strategy, and asset-level drill-down across the European portfolio.
The Outcome
From weeks of manual assembly to same-day reporting across every jurisdiction.
Investor reporting across five jurisdictions now generates from models that mirror the actual holding structure. The reporting team that spent entire cycles on manual assembly now spends that time on analysis and investor communications.
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