The Altegra Operating Model
How your quarterly reporting gets done
AI prepares each stage, from the first GP notice to the reporting package. An analyst with 10+ years in LP operations reviews every exception and signs off on every deliverable. Built around the same hypothetical four-fund portfolio as our sample LP report.
Illustrative sample. Not real client data. Demo results are replayed, not processed live.
Five stages, one workflow
Every stage ends with an analyst checkpoint
The same five stages run for every engagement, whichever service you take. AI does the preparation; the analyst owns the judgement and the sign-off.
Intake
Extract and enrich
Reconcile
Report
Advise
Stages 1 to 3 are shown below on sample documents. Stages 4 and 5 produce the views in the sample LP report.
Document management
Documents, read and filed
Each GP document is read as it arrives, tagged with the fund, document type, period and date, and its key figures are extracted with a link back to the line they came from. Rule checks run straight away, and the result decides how much analyst review the document needs.
Try it with the three sample documents below. They come from the same portfolio as the sample LP report, so every figure you see here also appears there.
Intake
Sample documents
Drag a document to the space above, or click Run.
Filed in this session
| Document | Fund | Type | Period | Date | Review tier |
|---|
LP reporting
Figures, extracted and traced
Extracted figures feed the reporting views directly. Each number keeps its source, so any figure in your quarterly package can be traced back to the GP document it came from.
Here is how the Meridian Growth IV capital account statement becomes the Meridian row in the sample report.
| On the GP statement | Value | In the sample report |
|---|---|---|
| Contributions, since inception | 19,500,000 | Capital account: Called |
| Distributions, since inception | 8,000,000 | Capital account: Distributed |
| Ending capital balance | 23,600,000 | Capital account: NAV |
| Unfunded commitment | 5,500,000 | Capital account: Unfunded |
| Derived: (distributions + NAV) ÷ called | 1.62x | Performance: TVPI |
Capital account reconciliation
How the exceptions were found
Every document passes through one of three review tiers, set by its rule checks. Nothing reaches you without passing through one of them.
Accept
All rule checks pass with high confidence.
Filed automatically. A random sample is re-checked by an analyst every quarter.
Review
A term needs a decision, or a figure is uncertain.
An analyst confirms against the source and your records before release.
Exception
A rule check fails or contradicts earlier data.
An analyst investigates, contacts the GP where needed and logs the resolution.
The six exceptions in the sample report's reconciliation log, and how each one surfaced. Automated checks find the candidates; the analyst decides what they mean and what happens next.
| Fund | Exception | Found by | Analyst action | Amount |
|---|---|---|---|---|
| Meridian Growth IVPrivate Equity · 2021 | Management fee still on committed capital after the investment periodShown in the demo above on the Q2 2026 statement. | Fee rule check: fee basis on the statement compared with the LPA terms on file | Confirmed the LPA reading and raised it with the GP | $48,200 |
| Meridian Growth IVPrivate Equity · 2021 | Side letter fee discount not applied to three charges | Fee rule check against the side letter terms extracted at onboarding | Checked the side letter wording and raised it with the GP | $22,750 |
| Northgate Real Assets IReal Assets · 2019 | Recallable distribution treated as a permanent reduction of unfundedShown in the demo above on the August distribution notice. | Extraction flagged the recallable language and routed the notice to review | Compared with your records and corrected the unfunded balance | $1,420,000 |
| Ashford Venture IIIVenture · 2020 | NAV restated after the audit; records held the preliminary figure | Version detection: a new statement for the same period superseded the earlier one | Updated the records and noted the restatement | $312,750 |
| Blackwood Credit IICredit · 2022 | Distribution recorded gross; GP reported it net of withholding | Amount check against your ledger, with the withholding line identified on the notice | Classified it as a presentation difference and carried it forward | $126,400 |
| Blackwood Credit IICredit · 2022 | Capital call allocated to the wrong holding entity | Entity match: investor ID on the notice compared with the entity in your records | Corrected the allocation at entity level | $585,000 |
Illustrative sample. Exceptions match the reconciliation log in the sample LP report.
See the result: the exception log in the sample report →Where the analyst comes in
AI takes on the reading, keying and first-pass checking. That moves the analyst's time to the work that needs judgement: interpreting terms, resolving exceptions with GPs, and making sure the package you receive is right. Every deliverable carries a named analyst's sign-off.
| Task | AI | Analyst |
|---|---|---|
| Reading and filing documents | Does it | Spot-checks a sample |
| Extracting figures | Does it, with the source line for each value | Reviews anything uncertain or failing a check |
| Rule checks | Runs them on every document | Investigates and resolves each exception |
| LPA and side letter terms | Drafts the reading with citations | Confirms it and owns the interpretation |
| Quarterly commentary | Writes the first draft | Edits, adds context, signs off |
| Conversations with you and your GPs | Prepares the facts and questions | Owns every conversation |