A private equity fund lives for a decade or more, and almost nothing about its operation resembles a mutual fund or a brokerage account. Capital is promised, then called in pieces. Value is estimated four times a year rather than priced every afternoon. Cash comes back through a waterfall whose arithmetic decides who is paid, when, and how much, and the fund's own books close only after the last company is sold and the last clawback settled.
This course follows one fund, Harborline Partners Fund IV, from the day its documents are signed to the day it is dissolved, and at each stage shows the operations work: who does it, what documents and systems it runs on, what deadlines govern it, and how the numbers are calculated. The learner works through a closing with equalization, a capital-call notice, a quarterly valuation, a full distribution waterfall, a capital-account roll-forward, and a clawback settlement, all on the same fund, so the figures reconcile from lesson to lesson.
Written at the Foundational level for operations, fund accounting, custody, and product staff at investment managers, fund administrators, custodian banks, and broker-dealers; no prior private markets experience is required. Eleven lessons, each with process flows, worked calculations, a case study, and a desk-ready job aid, build to a final integrated case and an optional thirty-question examination. Two real cases from the public record sit beside nine labeled composites, and the rules, deadlines, and standards around the running example are cited throughout.
What the Course Covers
1. The Fund and Its Parties
2. Fundraising, Subscriptions, and Closings
3. Capital Calls and the Investment Period
4. Funding the Deal: The Fund's Side of an Investment
5. Portfolio Monitoring and Valuation
6. Distributions and the Waterfall
7. Fund Accounting: Capital Accounts, NAV, and Performance
8. Reporting to Investors, the Advisory Committee, and the Auditor
9. The Rules the Fund Runs Under: US, EU, and UK
10. Mid-Life Transactions: Transfers, Continuation Vehicles, and NAV Facilities
11. Wind-Down: End of Term, Final Distributions, and Dissolution
Subscribers to the Journal may download the full course, including all 11 lessons, 44 quiz questions, and the 30-question final examination.
