For investorsBy investor · LPs and endowments
See through every fund to the companies underneath.
An endowment can hold more than a thousand companies through its funds and still see them only as quarterly PDFs. We read every GP report and capital account, map them to the companies underneath and check fees against each LPA.
The problemWhat goes wrong today
Allocations to private markets have grown; visibility has not.
Look-through is assembled by hand each quarter and is weeks old when it arrives. Fees and expenses are checked on samples, re-up decisions lean on the GP’s own story, and liquidity is forecast once a year.
With distributions at record lows, every unseen fee and late capital call matters.
What the benchmarks sayPublished research, with its source
What the research says.
- 14%distributions as a share of NAVbelow 15% for a record fourth year in a row1 Bain & Company, Global Private Equity Report 2026
- 62.5%in alternativesaverage allocation of endowments above $5B2 NACUBO-Commonfund Study of Endowments, fiscal 2025
- 50%+of PE advisers examinedhad fee or expense violations or control weaknesses3 US SEC, “Spreading Sunshine in Private Equity”, A. Bowden, 2014
How AIx2 helpsWhat changes with the company as built
Four things change.
Look-through, automated
GP reports read and mapped to every underlying company.
Fees checked
Fees and expenses tested against each LPA, every quarter.
Better re-ups
Manager decisions backed by company-level data.
Liquidity in view
Capital calls and distributions forecast fund by fund.
How the work runsThe Five Step Method, in this setting
From read-only access to results, step by step.
- Weeks 1–2
Documents connected
GP quarterly reports, capital accounts and LPAs read automatically.
- Weeks 2–5
Look-through built
Every underlying company mapped across funds, with exposures by sector and region.
- Weeks 5–8
Fees tested
Each fee and expense checked against its LPA; exceptions listed by manager.
- Weeks 8–10
Cash flows forecast
Capital calls and distributions forecast monthly, fund by fund.
Illustrative caseA worked example, with its arithmetic
$8B endowment with 120 private fund commitments
Illustrative case: a worked example, not a client result. The arithmetic is shown below it.
The situation
Quarterly look-through took six weeks of manual work, fees were checked on samples and the cash-flow forecast was refreshed once a year.
What AIx2 did
- Read every quarterly GP report and capital account automatically.
- Mapped them to the roughly 1,400 companies underneath the 120 commitments.
- Tested every fee and expense against its LPA and moved the cash-flow forecast to monthly.
BeforeWith AIx2
Quarterly look-through
6 weeks to 3 days
Fees and expenses checked vs LPA
samples to 100%
Cash-flow forecast
annual to monthly
Illustrative. Assumes about 12 companies per fund across 120 commitments; quarterly reports and capital accounts read automatically.
What you receiveThe deliverables
What lands on your desk.
- Company-level look-through across all funds
- Fee and expense exceptions by manager
- Re-up file with company-level data
- Monthly cash-flow forecast, fund by fund
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