Private Equity Fee Drag Workbench
Translate one entered gross cash-flow schedule into an explicit net scenario and see how the timing of fees, expenses, carry, credits, and NAV changes the result.
Make every gross-to-net adjustment visible
Enter signed gross cash flows and each dated cost or credit. The worksheet applies only what you enter and shows gross and net XIRR and multiple side by side.
This is not an LPA engine. Fee bases, offsets, recycling, subscription facilities, carried-interest timing, and gross-up conventions must come from the controlling documents or reported schedules.
Swipe horizontally to edit every column
Sign convention: enter LP contributions as negative gross cash flows and distributions as positive. Enter fees, expenses, carry, and credits as positive amounts; the worksheet deducts the first three and adds credits. A positive other adjustment adds to net cash flow, while a negative one reduces it.
| Date | Gross LP-perspective cash flow | Management fees | Partnership expenses | Carry | Credits / offsets | Other signed adjustment | |
|---|---|---|---|---|---|---|---|
This mode is an explicit cost overlay: net cash flow equals the entered gross cash flow less entered fees, expenses, and carry, plus entered credits and signed adjustments. It does not infer fee bases, offsets, recycling, subscription-line treatment, accrued carry, or any LPA term. For an actual fund, reconcile the worksheet to the governing documents and reported gross and net schedules.
The worksheet runs in your browser. Use synthetic or de-identified inputs; do not paste confidential deal, fund, employee, or lender information.
Use it as a reconciliation, not a term assumption
There is no built-in management-fee rate, carry rate, fund life, investment period, or fee offset. Costs are positive entries whose dates matter; “other adjustment” is signed and should be documented. IRR drag is the difference between two complete dated return schedules, not a universal fee estimate.
For standardized reporting categories and alternative gross-up treatments, consult the current ILPA Performance Template guidance and the fund's governing documents.