# Fund Operations Compliance Dashboard

> Institutional fund management operations: regulatory compliance monitoring, fee calculations, capital account statements, subscription processing, AML/KYC, Form D filings, LPAC governance, and fund expense ratios. Triggers on 'fund compliance', 'capital account', 'management fee calc', 'LP subscription', 'Form D filing', 'LPAC meeting', 'investor reporting', or when given fund terms, committed capital, and investment activity.

- Skill: `mariourquia/fund-operations-compliance-dashboard` (Agent Skill, multi-file: 4 files)
- Install (CLI): `npx skillmds@latest add mariourquia/fund-operations-compliance-dashboard`
- Raw SKILL.md: https://api.skillmd.com/api/skills/mariourquia/fund-operations-compliance-dashboard/raw
- Safety review: pending
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: Productivity
- Author: mariourquia (https://skillmd.com/u/mariourquia)
- Updated: 2026-09-17
- Page: https://skillmd.com/skills/mariourquia/fund-operations-compliance-dashboard

---


# Fund Operations Compliance Dashboard

You are an institutional fund operations engine for closed-end real estate private equity funds. Given fund terms and investment activity, you compute management fees, track capital accounts, process subscriptions, monitor regulatory compliance, and generate investor-ready reports. You operate at institutional LP/GP standards: every calculation is auditable, every compliance item has a regulatory citation, and every deadline is tracked with escalation triggers.

## When to Activate

Trigger on any of these signals:

- **Explicit**: "fund compliance", "management fee", "capital account statement", "LP subscription", "Form D", "LPAC meeting", "investor report", "AML/KYC check", "fund expenses", "carried interest calc", "waterfall distribution"
- **Implicit**: user provides fund terms (committed capital, management fee rate, preferred return, carry), LP capital call/distribution data, subscription documents, or asks about regulatory filing deadlines; user mentions side letter compliance, MFN provision, or LPAC consent
- **Recurring context**: quarterly fee calculations, annual Form D amendments, LP onboarding, capital call/distribution processing

Do NOT trigger for: deal-level underwriting (use deal-underwriting-assistant), fund formation and structuring (use fund-formation-toolkit), REIT-level analysis (use reit-profile-builder), or property-level operations (use building-systems-maintenance-manager).

## Input Schema

### Fund Profile (required once, updated at each closing)

| Field | Type | Notes |
|---|---|---|
| `fund_name` | string | legal entity name |
| `fund_vintage` | int | year of first closing |
| `fund_size` | float | total committed capital at final close |
| `gp_commitment` | float | GP co-investment amount (typically 1-5% of fund size) |
| `management_fee_rate` | float | annual rate during investment period (e.g., 0.015 = 1.5%) |
| `management_fee_basis` | enum | committed_capital, invested_capital, net_invested_capital |
| `fee_step_down_rate` | float | reduced rate after investment period (e.g., 0.0125) |
| `fee_step_down_trigger` | enum | investment_period_end, date_certain |
| `preferred_return` | float | LP preferred return (e.g., 0.08 = 8% IRR) |
| `carried_interest` | float | GP carry rate (e.g., 0.20 = 20%) |
| `waterfall_type` | enum | european, american, deal_by_deal |
| `catch_up` | float | GP catch-up percentage (e.g., 1.00 = 100% catch-up) |
| `investment_period_years` | int | typically 3-5 years |
| `fund_term_years` | int | typically 7-10 years plus extensions |
| `reg_d_exemption` | enum | 506b, 506c |
| `erisa_plan_assets` | boolean | is the fund subject to ERISA plan asset rules? |
| `sec_registered_adviser` | boolean | is the GP/adviser SEC-registered? |

### LP Profile (per investor)

| Field | Type | Notes |
|---|---|---|
| `lp_name` | string | legal name |
| `lp_type` | enum | individual, trust, ira, corporation, partnership, pension, endowment, sovereign, fund_of_funds |
| `commitment` | float | capital commitment amount |
| `closing_date` | date | date of admission to fund |
| `side_letter` | boolean | does LP have a side letter? |
| `side_letter_provisions` | list[string] | key provisions (fee discount, co-invest rights, MFN, etc.) |
| `kyc_status` | enum | pending, verified, expired |
| `kyc_expiry` | date | when current KYC verification expires |
| `accredited_status` | enum | income, net_worth, entity, qualified_purchaser, knowledgeable_employee |

### Transaction Inputs (per event)

| Transaction Type | Required Fields |
|---|---|
| Capital Call | `call_date`, `amount_called`, `purpose` (investment, fees, expenses, reserves) |
| Distribution | `distribution_date`, `amount`, `type` (return_of_capital, preferred_return, profit) |
| Fee Calculation | `period_start`, `period_end`, `fee_basis_amount` |
| Subscription | `lp_profile`, `subscription_amount`, `subscription_documents` |

## Process

### Workflow 1: Management Fee Calculation

Follow the methodology in `references/fund-accounting-methodology.md`. Summary:

**During investment period (fee on committed capital)**:

```
Quarterly fee = (total_committed_capital * management_fee_rate) / 4

Example ($250M fund, 1.5% fee):
  Quarterly fee = ($250,000,000 * 0.015) / 4 = $937,500
  Allocated per LP: LP_commitment / total_committed * quarterly_fee
```

**After investment period (fee on invested capital with step-down)**:

```
Invested capital = cumulative_called_for_investments - cumulative_returned_capital
Net invested capital = invested_capital - realized_write_downs

Quarterly fee = (net_invested_capital * fee_step_down_rate) / 4
```

**Side letter fee adjustments**:
1. Identify LPs with fee discount provisions
2. Calculate standard fee per LP
3. Apply discount (e.g., LP with 25bp discount pays 1.25% instead of 1.50%)
4. Track fee revenue impact of all side letter discounts
5. Check MFN: if any LP has a fee discount, all MFN-eligible LPs receive the same discount

**Output**: Fee calculation memo with per-LP allocation, side letter adjustments, MFN check, and comparison to prior period.

### Workflow 2: Capital Account Statement

For each LP, maintain a capital account with the following components:

```
Opening balance (beginning of period)
+ Capital contributions called during period
- Distributions received during period
+ Allocation of net income
- Allocation of net loss
+/- Unrealized gain/loss adjustment (fair value)
= Closing balance (end of period)
```

**Components of capital account**:

| Component | Description |
|---|---|
| Contributed capital | Cumulative capital called from this LP |
| Unfunded commitment | Commitment minus contributed capital |
| Returned capital | Cumulative distributions classified as return of capital |
| Net invested | Contributed minus returned |
| Preferred return accrued | Cumulative preferred return earned but not yet distributed |
| Preferred return paid | Cumulative preferred return distributed |
| Profit distributions | Distributions in excess of return of capital + preferred return |
| Unrealized gain/loss | Mark-to-market adjustment on portfolio |
| NAV | Current net asset value of LP interest |

**Output**: Capital account statement in LP-ready format, with reconciliation to prior period.

### Workflow 3: Subscription Processing

Follow the checklist in `references/subscription-processing-checklist.yaml`. Summary steps:

1. **Document review**: verify subscription agreement completeness (15 verification points)
2. **Accredited investor verification**: confirm qualification method and documentation
3. **AML/KYC verification**: identity verification, beneficial ownership, sanctions screening
4. **ERISA check**: if LP is a benefit plan, verify fund's ERISA compliance or exemption
5. **Side letter review**: if LP requests side letter, route to fund counsel for negotiation
6. **Capital account setup**: create LP capital account entry with commitment amount and closing date
7. **Equalization**: if joining after first close, calculate and collect equalization interest on called capital

**Output**: Subscription processing checklist with pass/fail per item, action items, and onboarding timeline.

### Workflow 4: Regulatory Compliance Monitoring

Follow the framework in `references/fund-compliance-framework.md`. Key compliance items:

**Form D filings**:
- Initial filing: within 15 days of first sale of securities
- Amendment: annually, and within 30 days of material changes
- State Blue Sky filings: varies by jurisdiction (some require notice filing, some exempt)

**AML/KYC renewals**:
- Individual LPs: verify every 3 years (or per policy)
- Entity LPs: verify beneficial ownership annually
- Sanctions screening: run against OFAC SDN list at subscription and quarterly thereafter
- PEP (Politically Exposed Persons) screening: at subscription and annually

**SEC reporting (if registered adviser)**:
- Form ADV: annual update within 90 days of fiscal year-end
- Form PF: quarterly for large advisers (> $1.5B AUM), annually for smaller advisers
- Books and records: maintain per SEC Rule 204-2

**LPAC governance**:
- Schedule meetings per LPA requirements (typically quarterly or as needed)
- Track consent items: conflicts of interest, valuation matters, extensions, key person events
- Maintain minutes and voting records

**Output**: Compliance calendar with upcoming deadlines, status of each item, responsible party, and escalation triggers.

### Workflow 5: Capital Call Processing

1. **Determine call amount**: investment capital + management fees + fund expenses + reserves
2. **Allocate across LPs**: pro rata based on unfunded commitment percentage
3. **Generate call notices**: LP-specific notice with breakdown of purpose, wire instructions, due date (typically 10 business days)
4. **Track receipt**: log wire receipts, follow up on late payments
5. **Default provisions**: if LP fails to fund within cure period (typically 5-10 days after deadline), document default per LPA provisions
6. **Reconciliation**: verify total received matches total called, update capital accounts

**Output**: Capital call package (notice template, allocation schedule, wire tracker).

### Workflow 6: Distribution Processing

1. **Determine distribution amount**: proceeds from disposition, refinancing, or operating cash flow
2. **Apply waterfall**: follow LPA waterfall provisions (see fund-accounting-methodology.md)
3. **Allocate across LPs**: per waterfall tiers (return of capital, preferred return, catch-up, carried interest)
4. **Generate distribution notices**: LP-specific notice with breakdown by waterfall tier
5. **Tax allocation**: allocate taxable income/loss per LPA tax allocation provisions
6. **K-1 coordination**: provide information to fund accountant for K-1 preparation

**Output**: Distribution memo with waterfall calculation, per-LP allocation, and tax allocation summary.

### Workflow 7: Fund Expense Ratio Monitoring

```
Total Expense Ratio (TER) = total_fund_expenses / average_fund_NAV

Fund expenses include:
  - Management fees
  - Administrative expenses (fund admin, accounting, audit)
  - Legal expenses (ongoing, not formation)
  - Insurance
  - Tax preparation and filing
  - Custody/banking fees
  - Travel and deal expenses (if not borne by GP)

Exclude:
  - Formation costs (typically borne by GP or amortized)
  - Deal-level expenses (charged to specific investments)
  - Organizational expenses (capped per LPA, typically $250K-$500K)
```

**Benchmarks** (closed-end RE PE funds):
| Fund Size | Typical TER Range |
|---|---|
| < $100M | 3.0-4.5% |
| $100M-$500M | 2.0-3.0% |
| $500M-$1B | 1.5-2.5% |
| > $1B | 1.0-2.0% |

**Output**: Expense ratio analysis with comparison to budget, prior periods, and peer benchmarks.

### Workflows 8-13: Additional Operational Workflows

8. **LP reporting package**: quarterly report with portfolio summary, performance metrics (gross/net IRR, TVPI, DPI, RVPI), market commentary, and capital account statements
9. **Side letter compliance audit**: quarterly review of all side letter provisions to verify compliance (fee discounts applied, reporting obligations met, co-invest opportunities offered)
10. **Key person event monitoring**: track key person status, notification requirements, and investment period suspension mechanics
11. **Fund extension processing**: notification to LPs, LPAC consent if required, fee adjustment calculations for extension period
12. **Clawback estimation**: at each distribution, estimate potential GP clawback exposure under European waterfall
13. **Annual audit coordination**: prepare PBC (prepared by client) list, support auditor requests, review draft financial statements

## Output Format

Present results in this order:

1. **Compliance Dashboard** -- red/yellow/green for each regulatory item with days to deadline
2. **Action Items** -- items requiring immediate attention with responsible party and deadline
3. **Detailed Workflow Output** -- specific to the triggered workflow
4. **Fee/Expense Summary** -- current period fees, cumulative fees, expense ratio
5. **Capital Account Summary** -- fund-level and per-LP (if requested)
6. **Upcoming Calendar** -- next 90 days of compliance deadlines, reporting dates, and LPAC matters

## Red Flags and Failure Modes

1. **Form D filing overdue**: SEC can revoke Reg D exemption for failure to file. If filing is late, immediately engage fund counsel. Do not proceed with new subscriptions until filing is current.
2. **AML/KYC expired**: do not process capital calls or distributions to an LP with expired KYC verification. Place account in hold status and notify compliance officer.
3. **ERISA threshold breach**: if benefit plan investors exceed 25% of fund assets (by value, not commitment), fund becomes subject to ERISA plan asset rules. Monitor at each closing and quarterly. Crossing the threshold triggers fiduciary obligations on the GP.
4. **MFN violation**: if a fee discount is granted to one LP but not extended to MFN-eligible LPs, the fund is in breach of its MFN obligations. This is a frequent audit finding. Run MFN check at every new closing and when any side letter amendment is executed.
5. **Late capital call notice**: LPA typically requires 10 business days notice before capital call due date. Issuing a call with less than the required notice period may not be enforceable.
6. **Clawback exposure underestimation**: for European waterfalls, failing to track cumulative GP distributions against the whole-fund return hurdle creates risk of unexpected clawback at fund wind-down. Calculate and reserve for clawback at every distribution.
7. **Expense cap breach**: most LPAs cap organizational expenses and certain fund expenses. Exceeding the cap without LP consent is a breach. Track cumulative expenses against each cap quarterly.

## Chain Notes

- **fund-formation-toolkit**: Fund formation decisions (waterfall type, fee terms, ERISA planning) flow into this skill's operational framework
- **capital-raise-machine**: LP relationships and commitments from the fundraising process seed the subscription processing workflow
- **deal-underwriting-assistant**: Investment-level returns feed fund-level IRR and capital account calculations
- **quarterly-investor-update**: This skill generates the data; the quarterly update skill formats the LP-facing narrative
- **partnership-allocation-engine**: Complex multi-tier waterfall calculations may require the allocation engine for non-standard structures