Wire Instructions Request Email

Fund admins can now trigger an email to request that Limited Partners update their wire instructions ahead of a distribution. The primary on the LP account and any users who have been granted wire instruction permission will receive an email letting them know its time to update.

The link on the email will bring them directly to the wire instructions tab for that fund, where they can confirm or update their instructions.

To request wire instruction permission, contact our support team at investorservices@carta.com.

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PWERM Valuations, In-app

We’ve released a new feature that helps our staff value late stage private companies. The feature allows staff to conduct a “PWERM” valuation in-app, eliminating the need for them to rely on excel spreadsheets and saving them time on your 409A or ASC 820 valuation.

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PWERM stands for Probability Weighted Expected Return Method. This methodology is often relied upon in the valuation community when there is a possibility of several future outcomes for the Company being valued. For example, Airbnb has said its resuming plans to IPO. However, real world events could come up, such as a global pandemic, that could stall these plans. Due to this uncertainty, a PWERM valuation methodology could better simulate real world outcomes where companies could either continue business as usual or could reach an exit event.

In-app Wire Instructions for Limited Partners

Limited partners with fund investments on Carta can now securely update their wire instructions through our portal.

When a limited partner logs into Carta, they’ll see a Wire Instructions tab within each of their fund investments. There, limited partners can see any wire instructions that have been previously added and make updates.

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Wire instructions are visible for the primary user on any fund investment. Please reach out to your fund administrator to give updates to any additional users.

New Limited Partner Onboarding

Limited Partners (LPs) on Carta have a brand new onboarding experience.

Our investor clients depend on Carta to communicate with their LPs. Over the past few months, we’ve made big improvements to the ways LPs use Carta with a new navigation system, updates to make documents easier to find, and our Fund Investment overview page, which combines data across Carta so that LPs can understand all of their fund investments at once.

Today, we’re continuing to improve the LP experience by making their first experience on the portal simple and delightful. The biggest change is that LPs no longer need to accept their fund commitments and their fund investments are shown automatically inside their portfolio.

Here’s what it looks like:

First, LPs are welcomed to Carta with an email letting them know that they have a new investment on the portal and asking them to create an account. For LPs that already have an account, we’ll automatically put this investment in their portfolio.

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Once an LP creates their account, they’ll go directly to that portfolio. There they can see any existing investments in funds or companies as well as their new investment. For new investments, they’ll see an overview of the investment so far, and be asked to agree to electronic communication for each fund investment.

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When an LP agrees to electronic communication, we’ll celebrate with them!

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Their account is now fully active. They can see any documents or fund information that has been shared with them.

Calibration Tool

Calibration is a fast and efficient way to determine whether any of your investments should be reassessed given the current market conditions and portfolio company performance. Whether your current holdings value was arrived at based on an analysis with market multiples or based on the most recent round of financing, the Calibration tool can provide a high-level picture of how current market conditions may have impacted your portfolio.

Start a report

You can find the Calibration tool in the Firm view under Reports and Documents in the left navigation. Click on the Create report button to get started.

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Setup the calibration

Choose the calibration date and select any portfolio companies to include in the report.

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Add the details

For each portfolio company, you will need to provide the following information:

  • Initial valuation date
  • Company value
  • LTM revenue as of the initial valuation date
  • Company performance since the initial valuation
  • LTM revenue as of the calibration date

If you are an ASC 820 subscriber, the tool will automatically populate these data from your most recently completed valuation for each portfolio company. You can also manually add companies not already present your Carta portfolio by clicking on the [+] button in the table.

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View the summary report

The Calibration results show the change in value for each portfolio company selected as well as a roll-up summary of the net change in value.

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Dive into company results

Click on a portfolio company in the report summary page to see details about the calibration. You can also fine tune the results by changing the selected quartile used to calculate the calibrated company value.

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CCL Compliance Certificates

CCL borrowers and Fund Admin can now submit compliance certificates in-app.

On a quarterly and annual basis, CCL borrowers must certify that they are in compliance with all required covenants in their Loan & Security Agreement by submitting a compliance certificate.

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A Fund Admin (Operator) can complete the certificate and submit to the Borrower (Signer) for signature. A Borrower can either sign these submitted forms or fill one out, sign, and submit directly. Both an Operator and a Signer can retract unsigned compliance certificates (e.g. certificate was filled out in error or is no longer applicable).

All Fund Investment page for Limited Partners

Limited Partners can now see details of all of their fund investments in one place. The new All Fund Investments page allows Limited Partners to see their investments across firms and funds that they’ve invested in. This allows Limited Partners to understand the status of each commitment.

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At the top of the page Limited Partners will see anything that they need to take an action on, such as capital calls or recent documents.

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In the All Fund Commitment section, Limited Partners have a complete overview of all of their commitments on Carta. These can be sorted by firm or investing entity so that Limited Partners can better understand their investments.

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New navigation for Limited Partners on the LP Portal

It’s now easier than ever for Limited Partners on Carta to navigate the LP Portal. With our updated navigation system, all users with a fund investment on Carta will see a new sidebar to navigate their investments. Both companies and funds are visible and easy to access.

We’ve also updated the experience for Limited Partners with multiple investing entities to easily understand their investments into a single fund.

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For Limited Partners with access to fund performance for their funds, we’ve upgraded this experience to show TVPI, RVPI, and DPI in addition to IRR.

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Improvements to the security acceptance process for investors

If you are a user who manages an investment firm, we’ve released a new process to accept securities into your account.

When a company issues a security to a fund or trust that is not yet on Carta, the user is prompted to create a new fund or trust and place it in the correct account. In the past, there was a single page that presented the investor with options of how to proceed. On this prior page, investors would often accidentally create a new entity or incorrectly accept the security into an existing entity.

Today, we released a step-by-step walkthrough that guides the user to create the correct entity and place it into the correct account. For investors new to Carta, this will reduce confusion and mishaps. For long time users, this adds clarity to a crucial step in the acceptance process that they have done many times before.

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LP Fund Commitment Updates

Carta partners with fund managers to provide a great Limited Partner experience. Today, we released an update that makes LP fund commitments easier to navigate and understand.

Our previous experience spread information about fund commitments across several pages. Now, we’ve made key information like commitment amount and vintage year available on a single overview page.

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We have also seen that many LPs struggle to find important documents, so we’ve brought recent documents onto the the fund commitment screen.

We’re excited to continue building a better LP experience. If you have any questions or feedback, please let us know at investorservices@carta.com

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