Section
Architecture
How the pieces fit — what the documents obligate, and where the resulting records end up.
10 pieces
April 18, 2026
The SEC Asked Madoff to Verify Madoff.
A fund's reported figures are only as checkable as the independent evidence behind them. In 1992 the SEC had that evidence one request away, and asked Madoff for a copy instead.
6 min readMarch 16, 2026
A Filing Cabinet With a Search Bar.
Email is structured — around messages. A fund's questions are about investors, terms, and which value currently governs, and none of email's standard message fields holds any of that.
6 min readMarch 3, 2026
A Paid Distribution Is Not Always Final.
A few provisions in a fund's own documents can require distributed cash to be returned or called again — each narrow, capped, and triggered by something specific.
7 min readJanuary 8, 2026
Your audit trail knows what happened. It doesn't know why.
Knowing what changed and when is a weaker claim than knowing why.
6 min readDecember 5, 2025
Why do correct fund numbers still disagree?
Two systems can both be right and still disagree.
5 min readOctober 7, 2025
Why evergreen funds never really close.
A closed-end fund is built around a single close. An evergreen fund is built around a valuation that never stops.
5 min readSeptember 17, 2025
Why later closings cost more.
A catch-up contribution keeps the LPs who funded the fund's early days whole — not a penalty for joining late, but restitution for joining after the risk was already taken.
5 min readAugust 22, 2025
Capital call notices, explained.
The partnership agreement decides how much an LP owes; the notice just delivers the number.
4 min readAugust 9, 2025
Most-favored-nation clauses, explained.
Every MFN clause creates a notice process. Most funds still have to assemble it by hand.
7 min readAugust 2, 2025
Side letters, explained.
Most side letter provisions end with the LP who negotiated them. One doesn't.
6 min read