Nav Tieout

NAV tie-out

Given a generated LP statement and the period's NAV pack (via the nav MCP), independently recompute the LP's capital account and compare line by line.

> The generated statement is the thing under test. The NAV pack is the source of truth.

Recompute the LP capital account

Beginning capital (prior statement ending)
  + Contributions (capital calls paid this period)
  − Distributions (cash + in-kind)
  + Allocated net income / (loss)
      = LP% × (realized + unrealized P&L − management fee − fund expenses)
  − Carried interest allocation (if crystallized this period)
Ending capital

Pull each input from the NAV pack: LP commitment %, fund-level P&L components, fee and expense totals, waterfall outputs.

Compare

For each line on the statement, compare to your recomputed value. Tolerance: 0.01. For each mismatch, note which input drives it (e.g., "allocated P&L differs — statement used 12.40% ownership, NAV pack shows 12.38% after the Q1 transfer").

Additional checks

• Ending capital on this statement = beginning capital on next period's draft (if available).
• Sum of all LP ending capitals = fund NAV (within rounding).
• Commitment, unfunded, and recallable figures agree to the commitment register.

Output

A pass/fail per line, the recomputed values alongside the statement values, and a list of flags. Do not edit the statement — the publisher acts on the flags after review.