{ "tool_id": "art-567-pe-waterfall-lp-recompute", "note": "golden_hash filled by `node golden-parity.test.mjs --update`. Vectors cover: an exact European whole-fund match against the GP report, a deliberate GP overstatement of its own catch-up share (DIVERGES), and a missing-GP-report case (INDETERMINATE) under the American deal-by-deal tier structure.", "vectors": [ { "name": "european-whole-fund-matches-gp-report", "description": "Standard 4-tier European whole-fund waterfall, 8% simple pref, full GP catch-up, 20% carry -- recomputed allocation lands exactly on the GP-reported figures.", "policy_parameters": { "fund_id": "FUND-A", "waterfall": { "pref_rate": 0.08, "compounding_basis": "simple", "day_count_convention": "actual/365", "gp_catchup_pct": 1, "carry_pct": 0.2, "tier_structure": "european_whole_fund", "clawback_flag": true }, "cashflows": [ { "date": "2025-01-01", "type": "contribution", "amount": 1000000 }, { "date": "2026-01-01", "type": "distribution", "amount": 1300000 } ], "gp_reported_allocation": { "tiers": [ { "tier": "return_of_capital", "lp_amount": 1000000, "gp_amount": 0 }, { "tier": "preferred_return", "lp_amount": 80000, "gp_amount": 0 }, { "tier": "gp_catchup", "lp_amount": 0, "gp_amount": 20000 }, { "tier": "carry_residual", "lp_amount": 160000, "gp_amount": 40000 } ] } }, "output_payload": { "fund_id": "FUND-A", "deal_id": null, "as_of_date": null, "verdict": "MATCHES", "tier_structure": "european_whole_fund", "waterfall": { "pref_rate": 0.08, "compounding_basis": "simple", "day_count_convention": "actual/365", "gp_catchup_pct": 1, "carry_pct": 0.2 }, "recomputed_allocation": [ { "tier": "return_of_capital", "lp_amount": "1000000.00000000", "gp_amount": "0.00000000" }, { "tier": "preferred_return", "lp_amount": "80000.00000000", "gp_amount": "0.00000000" }, { "tier": "gp_catchup", "lp_amount": "0.00000000", "gp_amount": "20000.00000000" }, { "tier": "carry_residual", "lp_amount": "160000.00000000", "gp_amount": "40000.00000000" } ], "gp_reported_allocation": { "tiers": [ { "tier": "return_of_capital", "lp_amount": 1000000, "gp_amount": 0 }, { "tier": "preferred_return", "lp_amount": 80000, "gp_amount": 0 }, { "tier": "gp_catchup", "lp_amount": 0, "gp_amount": 20000 }, { "tier": "carry_residual", "lp_amount": 160000, "gp_amount": 40000 } ] }, "tier_deltas": [ { "tier": "return_of_capital", "recomputed_lp_amount": "1000000.00000000", "recomputed_gp_amount": "0.00000000", "gp_reported_lp_amount": "1000000", "gp_reported_gp_amount": "0", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true }, { "tier": "preferred_return", "recomputed_lp_amount": "80000.00000000", "recomputed_gp_amount": "0.00000000", "gp_reported_lp_amount": "80000", "gp_reported_gp_amount": "0", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true }, { "tier": "gp_catchup", "recomputed_lp_amount": "0.00000000", "recomputed_gp_amount": "20000.00000000", "gp_reported_lp_amount": "0", "gp_reported_gp_amount": "20000", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true }, { "tier": "carry_residual", "recomputed_lp_amount": "160000.00000000", "recomputed_gp_amount": "40000.00000000", "gp_reported_lp_amount": "160000", "gp_reported_gp_amount": "40000", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true } ], "per_deal": null, "clawback": { "clawback_flag_declared": true, "total_realized_profit": "300000.00000000", "gp_carry_and_catchup_received": "60000.00000000", "gp_entitled_at_carry_pct": "60000.00000000", "clawback_amount": "0.00000000", "note": "Aggregate check only: does cumulative GP catch-up + carry exceed carry_pct of cumulative realized profit (distributions minus contributions) at this as-of date. Not a fund-level clawback provision recompute -- the governing LPA clawback mechanics (interim vs final, tax-effected or gross, escrow terms) are not modeled here." }, "rejected_inputs": [], "not_proven": [ { "item": "Cashflow accuracy", "detail": "Every dated cashflow is caller-supplied and asserted. This kernel performs no document parsing or fund-administrator data lookups (zero-egress) and does not verify these values against any external source." }, { "item": "LPA authorization", "detail": "This kernel recomputes arithmetic under a DECLARED waterfall parameterization; it makes no finding on whether that parameterization is what the governing limited partnership agreement actually specifies." }, { "item": "ILPA endorsement or compliance", "detail": "ILPA reporting-template guidance is cited only as dated context that GP-side verification tooling is not designed to check the GP's own math. This kernel is not endorsed by, and makes no claim of compliance with, ILPA." }, { "item": "GP-reported allocation source", "detail": "The GP-reported allocation compared against is exactly what the caller typed in; this kernel does not verify it was transcribed correctly from the GP's capital account statement." } ], "fence": "Cashflows and the waterfall parameterization are SUPPLIED, asserted, and digested into this receipt. This kernel recomputes ARITHMETIC over declared inputs and attests THAT -- never an opinion on LPA authorization, never ILPA-endorsed or ILPA-compliant.", "ilpa_context": "ILPA reporting-template guidance states it was not designed for verifying any of the GP's calculations (cited as dated gap evidence, not as an endorsement of this tool)." }, "golden_hash": "2557240852d2dcc593f12b93a72f99b7acd362a9189fd0bbc5ef856fc3210cbd" }, { "name": "european-whole-fund-diverges-gp-overstates-catchup", "description": "Same cashflows and terms as the matches vector, but the GP-reported catch-up tier overstates the GP share by $15,000 (offset from carry_residual) -- recompute flags DIVERGES with a per-tier delta.", "policy_parameters": { "fund_id": "FUND-B", "waterfall": { "pref_rate": 0.08, "compounding_basis": "simple", "day_count_convention": "actual/365", "gp_catchup_pct": 1, "carry_pct": 0.2, "tier_structure": "european_whole_fund", "clawback_flag": false }, "cashflows": [ { "date": "2025-01-01", "type": "contribution", "amount": 1000000 }, { "date": "2026-01-01", "type": "distribution", "amount": 1300000 } ], "gp_reported_allocation": { "tiers": [ { "tier": "return_of_capital", "lp_amount": 1000000, "gp_amount": 0 }, { "tier": "preferred_return", "lp_amount": 80000, "gp_amount": 0 }, { "tier": "gp_catchup", "lp_amount": 0, "gp_amount": 35000 }, { "tier": "carry_residual", "lp_amount": 145000, "gp_amount": 40000 } ] } }, "output_payload": { "fund_id": "FUND-B", "deal_id": null, "as_of_date": null, "verdict": "DIVERGES", "tier_structure": "european_whole_fund", "waterfall": { "pref_rate": 0.08, "compounding_basis": "simple", "day_count_convention": "actual/365", "gp_catchup_pct": 1, "carry_pct": 0.2 }, "recomputed_allocation": [ { "tier": "return_of_capital", "lp_amount": "1000000.00000000", "gp_amount": "0.00000000" }, { "tier": "preferred_return", "lp_amount": "80000.00000000", "gp_amount": "0.00000000" }, { "tier": "gp_catchup", "lp_amount": "0.00000000", "gp_amount": "20000.00000000" }, { "tier": "carry_residual", "lp_amount": "160000.00000000", "gp_amount": "40000.00000000" } ], "gp_reported_allocation": { "tiers": [ { "tier": "return_of_capital", "lp_amount": 1000000, "gp_amount": 0 }, { "tier": "preferred_return", "lp_amount": 80000, "gp_amount": 0 }, { "tier": "gp_catchup", "lp_amount": 0, "gp_amount": 35000 }, { "tier": "carry_residual", "lp_amount": 145000, "gp_amount": 40000 } ] }, "tier_deltas": [ { "tier": "return_of_capital", "recomputed_lp_amount": "1000000.00000000", "recomputed_gp_amount": "0.00000000", "gp_reported_lp_amount": "1000000", "gp_reported_gp_amount": "0", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true }, { "tier": "preferred_return", "recomputed_lp_amount": "80000.00000000", "recomputed_gp_amount": "0.00000000", "gp_reported_lp_amount": "80000", "gp_reported_gp_amount": "0", "lp_delta": "0.00000000", "gp_delta": "0.00000000", "matches": true }, { "tier": "gp_catchup", "recomputed_lp_amount": "0.00000000", "recomputed_gp_amount": "20000.00000000", "gp_reported_lp_amount": "0", "gp_reported_gp_amount": "35000", "lp_delta": "0.00000000", "gp_delta": "-15000.00000000", "matches": false }, { "tier": "carry_residual", "recomputed_lp_amount": "160000.00000000", "recomputed_gp_amount": "40000.00000000", "gp_reported_lp_amount": "145000", "gp_reported_gp_amount": "40000", "lp_delta": "15000.00000000", "gp_delta": "0.00000000", "matches": false } ], "per_deal": null, "clawback": null, "rejected_inputs": [], "not_proven": [ { "item": "Cashflow accuracy", "detail": "Every dated cashflow is caller-supplied and asserted. This kernel performs no document parsing or fund-administrator data lookups (zero-egress) and does not verify these values against any external source." }, { "item": "LPA authorization", "detail": "This kernel recomputes arithmetic under a DECLARED waterfall parameterization; it makes no finding on whether that parameterization is what the governing limited partnership agreement actually specifies." }, { "item": "ILPA endorsement or compliance", "detail": "ILPA reporting-template guidance is cited only as dated context that GP-side verification tooling is not designed to check the GP's own math. This kernel is not endorsed by, and makes no claim of compliance with, ILPA." }, { "item": "GP-reported allocation source", "detail": "The GP-reported allocation compared against is exactly what the caller typed in; this kernel does not verify it was transcribed correctly from the GP's capital account statement." } ], "fence": "Cashflows and the waterfall parameterization are SUPPLIED, asserted, and digested into this receipt. This kernel recomputes ARITHMETIC over declared inputs and attests THAT -- never an opinion on LPA authorization, never ILPA-endorsed or ILPA-compliant.", "ilpa_context": "ILPA reporting-template guidance states it was not designed for verifying any of the GP's calculations (cited as dated gap evidence, not as an endorsement of this tool)." }, "golden_hash": "ea3a044c4cf92f2e1a9b77b38ed7328543ef420e161997dc469259c519173f69" }, { "name": "american-deal-by-deal-indeterminate-no-gp-report", "description": "American deal-by-deal tier structure with a single deal pool, but no GP-reported allocation supplied to diff against -- verdict is INDETERMINATE, never guessed or defaulted.", "policy_parameters": { "fund_id": "FUND-C", "waterfall": { "pref_rate": 0.08, "compounding_basis": "annual", "day_count_convention": "actual/365", "gp_catchup_pct": 0.5, "carry_pct": 0.2, "tier_structure": "american_deal_by_deal", "clawback_flag": false }, "cashflows": [ { "date": "2025-01-01", "type": "contribution", "amount": 500000, "deal_id": "DEAL-1" }, { "date": "2026-01-01", "type": "distribution", "amount": 650000, "deal_id": "DEAL-1" } ], "gp_reported_allocation": null }, "output_payload": { "fund_id": "FUND-C", "deal_id": null, "as_of_date": null, "verdict": "INDETERMINATE", "reason": "One or more required parameters are missing -- see rejected_inputs. Never defaulted, never guessed.", "recomputed_allocation": null, "gp_reported_allocation": null, "tier_deltas": [], "per_deal": null, "clawback": null, "rejected_inputs": [ { "where": "gp_reported_allocation.tiers", "reason": "absent or empty -- the GP-reported allocation to diff against is required", "supplied": null } ], "not_proven": [ { "item": "Cashflow accuracy", "detail": "Every dated cashflow is caller-supplied and asserted. This kernel performs no document parsing or fund-administrator data lookups (zero-egress) and does not verify these values against any external source." }, { "item": "LPA authorization", "detail": "This kernel recomputes arithmetic under a DECLARED waterfall parameterization; it makes no finding on whether that parameterization is what the governing limited partnership agreement actually specifies." }, { "item": "ILPA endorsement or compliance", "detail": "ILPA reporting-template guidance is cited only as dated context that GP-side verification tooling is not designed to check the GP's own math. This kernel is not endorsed by, and makes no claim of compliance with, ILPA." }, { "item": "GP-reported allocation source", "detail": "The GP-reported allocation compared against is exactly what the caller typed in; this kernel does not verify it was transcribed correctly from the GP's capital account statement." } ], "fence": "Cashflows and the waterfall parameterization are SUPPLIED, asserted, and digested into this receipt. This kernel recomputes ARITHMETIC over declared inputs and attests THAT -- never an opinion on LPA authorization, never ILPA-endorsed." }, "golden_hash": "d785e909185dccc2046f503d2df3c855a86a30903d2172ab87de8737eefe942c" } ] }