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Overview

This document applies to Eagle Accounting V17 R2.36 and above. Additional version-dependent functionality is noted with the initial release(s) it became available.

There is a large and growing category of assets that are traded in Private Markets. This includes Limited Partnerships (LPs), Private Equity (PE)

is an investment vehicle where limited partners (LPs) provide capital to a fund that is not available to the public. The fund is managed by one or more general partners (GPs). Funds often invest in both private and listed securities. The GP requests capital from LPs, referred to as capital calls, and makes cash or stock distributions over the life of the investment

, Real Estate (RE), and Infrastructure, among other Alternatives (Alts). These are collectively referred to as Private Markets in this document.

Eagle Accounting has core support for tracking the key components of

PE investments (

Private Markets using capital-based fund investment (CBFI) functionality: total commitment, funded commitment, recallable capital, and unfunded commitment

) using the capital-based fund investments (CBFI) functionality

. These are the relationships between the fields:

  • Funded Commitment = Capital Calls - Recallable Capital

  • Unfunded Commitment = Total Commitment - Capital Calls + Recallable Capital

    • This can also be simplified to Unfunded Commitment = Total Commitment - Funded Commitment

On this page

Table of Contents
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exclude.*(Overview).*

Related content

The

CBFI workflow

same functionality can also be used to model

Limited Partnerships and Real Estate in some cases. You can set up a funding commitment, process transactions to fund the commitment, receive distributions, and increase or decrease the commitment

Private Debt/Private Credit, but coupons must be managed using miscellaneous income transactions.

Include Page
IE Formatting Notes
IE Formatting Notes

Entity Setup

In V17 R2.39

+

and above, Private Equity Price Source (18452) dictates the source used for

PE securities

Private Market positions with Processing Security Type (3931) = EQCBFI (Capital Based Fund Investment). This is beneficial when the same

PE investment

Private Market is held in multiple portfolios, as separate sources can be set up for each portfolio without affecting the valuation of other holdings.

  • Long Price Source (1282) is used pre-V17 R2.39 and the best practice is to set up a separate SMF for each entity holding the investment

Due to the sporadic nature of pricing, you may want to set the STAR 2 PACE entity flag Value At Cost - No Price Found (11454) = Yes if

PE securities

Private Markets are the only type held in the fund. This ensures holdings will always be valued in Data Management, even if no market price is available. Please consider the implications carefully if there are other types of securities in the fund, as the flag affects all of an entity's holdings.

  • Note: when running the STAR to PACE process using Transfer Data - Batch or Transfer Data - Delta, Price Date Switch (9981) controls what happens in the case of a missing price, before falling back to Value At Cost - No Price Found

  • The table below shows what happens on dates when there is a missing price in the various combinations of these elections


Value At Cost - No Price Found = No

Value At Cost - No Price Found = Yes

Price Date Switch = Actual

Market Value = 0.00

Market Value = Cost

Price Date Switch = Recent

Market Value = Stale if a price exists for any prior date, else 0.00

Market Value = Stale if a price exists for any prior date, else Cost

There may be situations where the same PE investment is held across multiple entities. The best practice is to setup a separate PE security for each entity due to pricing considerations.

Reference Data

Market Data

PE investments

Reference Data

Market Data

Private Markets are priced based on market value. Each position is held as a single unit, allowing market values to be applied directly to holdings. If the same

PE investment

Private Market is held in multiple portfolios, a different market value is typically required for each portfolio. The portfolio-level Private Equity Price Source (18452) can be used to accommodate these scenarios in V17 R2.39+.

Pricing data is often not available until each

PE

fund statement is received. These statements include market values for the period end date and may be received on a delay. In these cases, Eagle recommends using estimated values for dates between the end of each statement period to smooth the valuation and performance returns. The exact method for deriving these values is a client decision. They are typically calculated based on the most recent available statement market value and any subsequent transaction activity. Another approach clients have taken, albeit less common, is to calculate estimated market values in line with the return of a benchmark.

Security Data

PE

Private Market security master files (SMFs) are configured much like equities. They can be set up using Issue Viewer or Reference Data Center (RDC). Processing Security Type (3931) must be set to EQCBFI (Capital Based Fund Investment). Security Type (82) and Sub Security Type (1464) can be used to help further identify these investments as private equity, real estate, or other classes.

  • Issue Name (961)

  • Primary Asset ID (14) & Type (1432)

  • Processing Security Type = EQCBFI (Capital Based Fund Investment)

  • Price Multiplier (18) = 1.00

  • Quantity Scale (19) = 1.00

  • Issue Country (1418)

  • Asset Currency (85)

  • Settlement Currency (63)

  • Income Currency (1186)

  • Investment Period End Date (38): expected end date of the investment period

    • Available in V17 R2.38+

Trade Processing

Trades against PE securities should

Private Market transactions can be processed manually through Book Trade or using messages (refer to the Automation section for details). Enter the appropriate entity, security identifier, and trade (35)/settle (37) dates and click Submit to query for the

PE security.In V17 R2.

Private Market.

The pending trades functionality supports Private Market transactions in V17 R2.37+. If you track pending trade activity, you can set up rules that determine how Eagle Accounting handles automated and manual trade cancellations within the workflow. For general information about pending trades, see Manage Pending Trades.

In V17 R2.38+, if Investment Period End Date is populated on the SMF and is prior to Trade Date, a warning will fire at trade time. This will not prevent the transaction from processing. The WARN can be changed to an ERR

if you want

to make trades

to

fail in this scenario.

Initial Commitment

The first step is to specify the total commitment amount. Right-click the

PE security

Private Market and select Open

Initial Funding. Critical fields

> Initial Commitment (V17 R2.46+) or Initial Funding (pre-V17 R2.46). Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPOPEN

  • Shares (40) = 1.00

  • Commitment Amount (41): enter the total local amount of the commitment (must be positive)

Cost
  • V17 R2.46+

    • Cash Amount Local (50):

the amount entered here
    • this will generate a cash disbursement, increase the Funded Capital (18386), and decrease the Unfunded Commitment (18388)

      • This is most common with positions acquired in the secondary market or when converting positions with prior capital calls

    • Cost Local (128): locked and defaulted to same value as Cash Amount Local

  • Pre V17 R2.46

    • Cost Local (50): same usage as Cash Amount Local described above

  • Settlement Currency (63): dictates the currency in which cash will settle

  • Settlement Net Amount (64): becomes unlocked if Settlement Currency differs from Asset Currency

  • Transaction Notes (56) =

 Initial Commitment
  • INITIAL COMMITMENT (V17 R2.46+) or Initial Commitment (pre-V17 R2.46)

Commitment Adjustment

You can change the

The total commitment

after

can be changed once the

initial

position

is booked

has been established. Right-click the

PE security

Private Market and select Other > Commitment Adjustment (V17 R2.46+) or Commitment Adjustment/Capital Call (V17 R2.37

+

- R2.45) or Additional Funding/Capital Call (pre-V17 R2.37). Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPCOMMIT

  • Transaction Name (1728) = Commitment Adjustment (V17 R2.37+) or Additional Commitment (pre-V17 R2.37)

  • Select Lot (962): populated automatically after the entity and security information are entered

with the holding created by Initial Funding
  • Commitment Adjustment Amount (41): enter a positive number to increase the total commitment, or a negative number to decrease it

    • Field was named Additional Commitment Amount pre-V17 R2.37

  • Cost Local (50): the amount entered here will generate a cash disbursement, increase the Funded Capital (18386), and decrease the Unfunded Commitment (18388)

  • Settlement Currency (63): dictates the currency in which cash will settle

  • Settlement Net Amount (64): becomes unlocked if Settlement Currency differs from Asset Currency

  • Transaction Notes (56): defaults to Commitment Adjustment

This field uses
    • Values can be added and changed using the PECALLTYPE Code Category

Capital Call

You can process a capital call

Capital calls (funding of the commitment)

, which may

can include both capital investments and fees that impact the funded and unfunded commitments. Right-click the

PE security

Private Market and select Other >

Commitment

Capital Call (V17 R2.46+) Commitment Adjustment/Capital Call (V17 R2.37

+

- R2.45) or Additional Funding/Capital Call (pre-V17 R2.37). Capital calls increase the funded commitment and decrease the unfunded commitment. Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPCALL

  • Transaction Name (1728) = Call

  • Select Lot (962): populated automatically after the entity and security information are entered

with the holding created by Initial Funding
  • V17 R2.37+

    • Cash Amount Local (50): enter the local amount of the capital call (must be positive), "in commitment" fees, and/or expense

      • A cash disbursement is created for this amount

      • This increases the Funded Capital (18386) and decreases the Unfunded Commitment (18388)

    • Expense Amount Local (11078): this offsets the impact to cost for expenses that affect the unfunded commitment, but do not hit cost

      • Expense Account Number (

1825
      • 1826): specifies the ledger account

for posting
      • to which the expense is posted using the PEEXPENSE Code Category

        • Only shown if Expense Amount Local is greater than zero

        • Defaults to 5004000450 (LP EXPENSE)

    • Cost Local (128): calculated as Cash Amount Local - Expense Amount Local

  • Pre-V17 R2.37

    • Cost Local (50): enter the local amount of the capital call (must be positive) and/or "in commitment" fees

      • A cash disbursement is created for this amount

      • This increases the Funded Capital (18386) and decreases the Unfunded Commitment (18388)

  • Settlement Currency (63): dictates the currency for cash settlement

  • Settlement Net Amount (64): becomes unlocked if Settlement Currency differs from Asset Currency

  • Transaction Notes (56):

this field uses
  • values can be added and changed using the PECALLTYPE Code Category

  • Original Trade Ticket Number (761)

  • Batch Identifier (701): defaults to Original Trade Ticket Number for the purpose of batch canceling trades

Cash Distribution

There are two types of cash distributions:

  • Recallable: cash is paid out to

LPs
  • investors, but can be either fully or partially recalled

by the GP
  • at a later date

    • This decreases the funded commitment and increases the unfunded commitment

  • Non-Recallable: cash is paid out to

LPs Capitalization/Cash
  • investors permanently

    • This does not affect the funded commitment or unfunded commitment

You can process a cash distribution from a PE fund using Book Trade > Other

Right-click the Private Market and select Other > Cash Distribution (V17 R2.46+) or Capitalization/Cash Entry/Final Close (pre-V17 R2.46). The distribution can be broken out between income, expense, and cost, with the remainder posted to gain/loss. Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPCASH

  • Transaction Name (1728) = Cash

  • Select Lot (962): populated automatically after the entity and security information are entered

with the holding created by Initial Funding
  • Cash Amount Local (50): enter the local amount of the distribution

    • A positive value will create a receipt, while a negative value will create a disbursement

    • A negative value should be used to book "out commitment" fees if these are applicable to your investments

  • Settlement Currency (63): dictates the currency in which cash will settle

  • Settlement Net Amount (64): becomes unlocked if Settlement Currency differs from Asset Currency

    • A positive value will create a receipt, while a negative value will create a disbursement

  • Income Amount Local (11076): subtracted from Cash Amount Local for gain/loss calculation

    • Income Account Number (1825): specifies the ledger account

for posting
    • to which the income is posted using the PEINCOME Code Category

      • Only shown if Income Amount Local is greater than zero

      • Defaults to 4003000450 (LP INCOME)

  • Expense Amount Local (11078): added to Cash Amount Local for gain/loss calculation

    • Expense Account Number (

1825
    • 1826): specifies the ledger account

for posting
    • to which the expense is posted using the PEEXPENSE Code Category

      • Only shown if Expense Amount Local is greater than zero

      • Defaults to 5004000450 (LP EXPENSE)

  • Cost Local (128): added to Cash Amount Local for gain/loss calculation

    • Affects the cost of the

PE position
    • Private Market, with a positive value increasing the cost and a negative value decreasing the cost

    • To keep cost in sync with your cash, set this as the inverse of Cash Amount Local (if Cash Amount Local = 2 million, Cost Local = -2 million)

      • This is the inverse of what happens in a capital call, where a cash disbursement causes your cost to go up

  • Recallable Capital Local (18390): enter the recallable amount of the cash distribution

    • This amount decreases the Funded Capital (18386) and increases the Unfunded Commitment (18388)

    • Leave as zero for non-recallable cash distributions

  • Gain/Loss Amount Local (171) = Cash Amount Local - Income Amount Local + Expense Amount Local + Cost Local

    • Posts to Gain Loss Sec ID L (171)

  • Transaction Notes (56): set to CASH DISTRIBUTION, RECALLABLE CAPITAL, TEMP RETURN OF CAP or similar for reporting purposes

This field uses
    • Values can be added and changed using the PECASHTYPE Code Category

    • You may

also
    • choose to add a value of OUT COMMITMENT FEES if these are applicable to your investments

  • Original Trade Ticket Number (761)

  • Batch Identifier (701): defaults to Original Trade Ticket Number for the purpose of batch canceling trades

Net Transactions & Funding Splits (V17 R2.37+)

Multiple capital calls and cash distributions can be booked at the same time using Book Trade > Other > Multiple Calls/Cash. This opens a multi-row panel where you can add rows by right-clicking in the lower section of the screen > Add Row(s). Each row is identified as a capital call or cash distribution based on Transaction Name (1728) = Call or Cash. Based on this election, one set of fields from the previous two sections becomes available.

The benefit of this screen is that all transactions share the same Original Trade Ticket Number (761). This value is automatically copied to Batch Identifier (701). Populating Batch Identifier makes it easier to identify groups of transactions and allows you to cancel the whole batch if there is a problem with any one component. Batch Identifier must

Private Market data vendors typically break out each statement into distinct transactions rather than netting them together as shown on a PDF. For example, a PDF statement that contains a capital call and a cash distribution with both return of capital and income components would come in as three distinct transactions: a capital call, a return of capital cash distribution, and an income cash distribution. Another example is a funding split, where a capital call that affects the funded/unfunded commitment is accompanied by fees that do not; this would come in as two distinct transactions.

Multiple capital calls and cash distributions can be booked at the same time using Book Trade > Other > Multiple Calls/Cash. This opens a multi-row panel where you can add rows by right-clicking in the lower section of the screen > Add Row(s). Each row is identified as a capital call or cash distribution based on Transaction Name (1728) = Call or Cash. Based on this election, one set of fields from the previous two sections becomes available.

The benefit of this screen is that all transactions share the same Original Trade Ticket Number (761). This value is automatically copied to Batch Identifier (701). Populating Batch Identifier makes it easier to identify groups of transactions and allows you to cancel the whole batch if there is a problem with any one component. Batch Identifier must be populated to use Batch Cancel Trade.

Capitalization

You can recognize income

Income and/or expenses can be recognized by processing a capitalization event, which also adjusts the cost of the

PE position, using Book Trade > Other > 

Private Market. Right-click the Private Market and select Other > Capitalization (V17 R2.46+) or Capitalization/Cash Entry/Final Close (pre-V17 R2.46). These transactions

hit LP Income (11076) and LP Expense (11078), but they

do not generate cash

or affect the funded and unfunded commitments

. Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPCAP

  • Transaction Name (1728) = Capitalization

  • Select Lot (962): populated automatically after the entity and security information are entered with the holding created by Initial Funding

  • Cash Amount Local (64): locked and defaulted to 0.00

  • Income Amount Local (11076)

    • Income Account Number (1825): specifies the ledger account to which the income is posted using the PEINCOME Code Category

      • Only shown if Income Amount Local is greater than zero

      • Defaults to 4003000450 (LP INCOME)

  • Expense Amount Local (11078)

    • Expense Account Number (

1825
    • 1826): specifies the ledger account to which the expense is posted using the PEEXPENSE Code Category

      • Only shown if Expense Amount Local is greater than zero

      • Defaults to 5004000450 (LP EXPENSE)

  • Cost Local (50): locked and defaulted to Income Amount Local - Expense Amount Local + Gain/Loss Amount Local

    • Affects the cost of the

PE position
    • Private Market, with a positive value increasing the cost and a negative value decreasing the cost

  • Gain/Loss Amount Local (171): can be positive or negative

    • Posts to Gain Loss Sec ID L (171)

  • Transaction Notes (56): set to INCOME/EXPENSE or similar for reporting purposes

This field uses
    • Values can be added and changed using the PECASHTYPE Code Category

Funded/Unfunded Adjustment

Starting in V17 R2.40, you can also use a capitalization event to update the funded commitment without affecting the cost or any other accounting. The result is an equal and opposite effect on the unfunded. This is useful for scenarios where

the GP informs an LP

an investor is informed that a portion of the total commitment will never be called because you can increase your funded commitment (and therefore decrease your unfunded commitment) without triggering any other activity.

One additional field has been added

to Book Trade > Other > Capitalization/Cash Entry/Final Close

to the capitalization event. Leave all other fields null and only populate this field to adjust your funded and unfunded commitments without any impact to accounting.

  • Funded Commitment Adjustment Local (18386): enter a positive number to increase the funded commitment (and decrease the unfunded), or a negative number to decrease the funded commitment (and increase the unfunded)

    • The field was named Commitment Adjustment Local prior to V17 R2.46

Close

You can

The step is to close out

a position in a PE fund using Book Trade > Other

the position. Right-click the Private Market and select Other > Close (V17 R2.46+) or Capitalization/Cash Entry/Final Close

.

(pre-V17 R2.46). Any cash associated with the close can be broken out between income, expense, and cost. Critical fields are described below.

  • Entity ID (1163)

  • Effective Date (35)

  • Settlement Date (37)

  • Event Type (55) = LPCLOSE

  • Transaction Name (1728) = Close

  • Select Lot (962): populated automatically after the entity and security information are entered

with the holding created by Initial Funding
  • Local Cash Amount (50): enter the local amount of the distribution

    • A positive value will create a receipt, while a negative value will create a disbursement

  • Settlement Currency (63): dictates the currency in which cash will settle

  • Settlement Net Amount (64): becomes unlocked if Settlement Currency differs from Asset Currency

    • A positive value will create a receipt, while a negative value will create a disbursement

  • Income Amount Local (11076): subtracted from Local Cash Amount for gain/loss calculation

  • Expense Amount Local (11078): added to Local Cash Amount for gain/loss calculation

  • Cost Local (128): locked and defaulted to the inverse of the current outstanding cost (or amortized

cost, if available)
  • Added to Local Cash Amount for gain/loss calculation
Gain/Loss Amount Local (171) = Cash Amount Local - Income Amount Local + Expense Amount Local + Cost Local
Any outstanding
  • cost

posts to Gain Loss Sec ID L (171)
  • Transaction Notes (56): set to CLOSE or similar for reporting purposes
    • This field uses the PECASHTYPE Code Category
  • Expected Results

    The table below shows the expected results of typical PE lifecycle events. These examples are simplified such that Cost and Funded Capital are always equal, but this is not a requirement. Cost and Funded Capital can fluctuate independently based on your investment activity.

    TransactionEvent Type (55)Commitment (41)Cost/Cash (50)Income (11076)Expense (11078)Cost (128)Recallable (18390)Gain/Loss (171)Commitment (16086)Capital Calls (18448)Cost (128)Funded Capital (18386)Recallable Capital (18390)Unfunded Commitment (18388)LP Income (11076)LP Expense (11078)Initial CommitmentLPOPEN10,000,0000---0-10,000,0000000000Commitment AdjustmentLPCOMMIT2,000,0000---0-12,000,0000000000Capital CallLPCALL-5,000,000---0-12,000,0005,000,0005,000,0005,000,00007,000,00000Cash Distribution (Non-Recallable)LPCASH-4,000,0001,000,0000003,000,00012,000,0005,000,0005,000,0005,000,00007,000,0001,000,0000Cash Distribution (Recallable)LPCASH-3,000,00000-3,000,0003,000,000012,000,0005,000,0002,000,0002,000,0003,000,00010,000,0001,000,0000ExpenseLPCASH--750,0000750,00000012,000,0005,000,0002,000,0002,000,0003,000,00010,000,0001,000,000750,000
    • , if available)

      • Added to Local Cash Amount for gain/loss calculation

    • Gain/Loss Amount Local (171) = Cash Amount Local - Income Amount Local + Expense Amount Local + Cost Local

      • Any outstanding cost posts to Gain Loss Sec ID L (171)

    • Transaction Notes (56): set to CLOSE or similar for reporting purposes

      • Values can be added and changed using the PECASHTYPE Code Category

    Expected Results

    The attached spreadsheet shows the expected results of typical Private Market lifecycle events:

    View file
    nameAlts Examples.xlsx
    . These examples are simplified such that Cost and Funded Capital are always equal, but this is not a requirement. Cost and Funded Capital can fluctuate independently based on your investment activity.

    Warning

    Depending on your Eagle Accounting version, you may see other screens available for CBFI processing. This includes Initial Purchase, Contribution, Partial Withdrawal, and Final Sale (Full Withdrawal). These screens have been deprecated and should not be used. 

    Conversion

    There are two or three options for converting

    PE positions

    Private Markets depending on your Eagle Accounting release. The optimal method depends on your reporting requirements and the historical data

    you have

    available.

    Method

    Summary

    Pros

    Cons

    Full History

    Load the investment's full lifecycle using Eagle Accounting transactions

    • Enables analysis and reporting for the full history of the investment using all Eagle tools

    • Allows IRR performance calculations

    • Requires extensive historical data

    • Requires mapping historical activity to Eagle Accounting transactions

    • Must perform thorough reconciliation

    Point in Time

    Load the initial commitment, followed by net transactions that aggregate all capital calls and other activity up to the point in time, resulting in the appropriate cost

    • Easy to execute

    • Requires minimal reconciliation

    • A maintenance event is available beginning in V17 R2.49

    • Does not allow historical accounting analysis and reporting

    • Requires loading historical performance returns

    to be loaded
    • (if historical performance analysis is required)

    • Requires loading extensive security-level historical return data to generate IRR performance calculations

    When historical performance analysis is required for the Point in Time method, it is important to consider your entity setup. If each

    PE security

    Private Market is held in its own entity, you can load historical fund-level returns and they will represent the security-level returns. You can also load historical security-level returns, but if there are multiple

    PE securities

    Private Markets in a single entity or they are comingled with other securities, you must load the full history of security-level returns for all of the entity's holdings to ensure accurate fund-level returns.

    If historical performance analysis is not required, you can always calculate returns (non-IRR) from conversion date forward without loading historical return data.

    Cancel & Rebook

    Faulty

    PE

    Private Market transactions must be cancelled using Cancel Capital or Share Based Fund Investments, with the transaction rebooked using the Book Trade module.

    PE

    Private Market transactions are not supported in the Cancel & Rebook Trade process.

    • Pre-V17 R2.38: if you need to cancel the Initial Commitment, you must first cancel all subsequent activity

      • It may be preferable to use Delete a Position if you are in a test environment, but this is not recommended in production settings

    • V17 R2.38+: Cancel Initial Funding Only can be used to cancel LPOPEN transactions when there is subsequent activity

      • The subsequent activity is rolled back automatically (is it not replayed)

    In V17 R2.37+, Batch Cancel Trade can be used to cancel net transactions that were booked using Multiple Calls/Cash.

    Accounting

    Once

    a PE

    an Private Market position is established it will be picked up in Eagle’s global workflow. The following fields will be populated as described below:

    • Units (40): always 1.00

    • Original Face (41): equal to Commitment (16086)

    Valuation

    PE securities

    Private Markets use the standard valuation methodology in Accounting and Data Management. They are represented by a single unit/share and should be priced based on market value.

    In some cases, market values may only be available on a delayed basis. When this happens, valuations can be restated historically, or the late market value can be entered with a current date. If there is transaction activity before updated valuations are received, some clients will adjust the most recent market value for capital calls and any other activity that impacts cost.

    Note

    Please consult with your internal accounting and compliance experts to identify and approve the appropriate valuation methodology.

    If Value At Cost - No Price Found = Yes on your entity and you run the STAR to PACE process using Transfer Data - Batch or Transfer Data - Delta with Price Date Switch = Recent, this is the hierarchy that will be used for valuation:

    1. Market value loaded for current date

    2. Most recent market value available

    3. Position cost

    Interportfolio Transfers (IPTs)

    IPTs are supported for

    PE positions

    Private Markets using the same functionality as other securities. Prior to V17 R2.40, only the standard accounting fields were maintained on the "to" position (units, cost, MV, etc.). In V17 R2.40+, all applicable

    PE

    fields are available on the "to" position (total/funded/unfunded commitment, capital calls, etc.).

    Refer to Manage Portfolio Transfers for details about processing IPTs.

    Upgrades

    If you are live with

    PE

    Private Markets on an Eagle Accounting release prior to V17 R2.36, you will need to

    close out and reconvert

    update your existing positions to take advantage of the new functionality.

    Refer to the Conversion section under Trade Processing for details

    In V17 R2.36 through R2.48, this requires closing out and reconverting the positions as described in the Conversion section. In V17 R2.49 and above, a dedicated maintenance event is available as described in Private Markets Maintenance Event Processing Notes. You can continue

    your

    trading as usual in the interim, but the position-level

    PE

    fields that are unique to Private Markets will not reflect the correct values

    until the positions are reconverted.

    .

    In addition, a few trade tags were adjusted to introduce new functionality and better align with other security types. Please review any existing automations to see if you need to update the mappings.

    Old Tag

    New Tag

    50

    128

    64

    50

    478

    129

    479

    478

    Reporting

    STAR to PACE (S2P)

    The STAR to PACE process creates and/or updates trade and position records in Data Management for each

    PE

    Private Market transaction, and cash activity records are generated for transactions that have cash flows.

    • Market value is computed based upon available prices or cost

    • Settle Instructions 1-4 (1897-1900) and Settle Location (43) are stored on the adjustment records in Data Management for reporting purposes (V17 R2.38)

    The mappings for

    PE

    Private Market-specific fields are provided below.

    Expand
    titleClick here to view DB mappings...

    Field

    Tag

    Schema 

    Table

    Column

    Total Commitment Local

    16086

    HOLDINGDBO

    POSITION_COST_DETAIL

    COMMITMENT

    16086

    HOLDINGDBO

    POSITION_COST_LOT

    COMMITMENT

    16086

    TRADESDBO

    TRADE_DETAIL

    COMMITMENT

    Total Commitment Base

    18392

    HOLDINGDBO

    POSITION_COST_DETAIL

    COMMITMENT_B

    18392

    HOLDINGDBO

    POSITION_COST_LOT

    COMMITMENT_B

    18392

    TRADESDBO

    TRADE_DETAIL

    COMMITMENT_B

    Funded Commitment Local

    18386

    HOLDINGDBO

    POSITION_COST_DETAIL

    FUNDED_CAPITAL_L

    18386

    HOLDINGDBO

    POSITION_COST_LOT

    FUNDED_CAPITAL_L

    18386

    TRADESDBO

    TRADE_DETAIL

    FUNDED_CAPITAL_L

    Funded Commitment Base

    18387

    HOLDINGDBO

    POSITION_COST_DETAIL

    FUNDED_CAPITAL_B

    18387

    HOLDINGDBO

    POSITION_COST_LOT

    FUNDED_CAPITAL_B

    TRADESDBO

    TRADE_DETAIL

    FUNDED_CAPITAL_B

    Unfunded Commitment Local

    18388

    HOLDINGDBO

    POSITION_COST_DETAIL

    UNFUNDED_COMMITMENT_L

    HOLDINGDBO

    POSITION_COST_LOT

    FUNDED_CAPITALFUNDED_CAPITAL

    UNFUNDED_COMMITMENT_L

    Unfunded Commitment Base

    18389

    HOLDINGDBO

    POSITION_COST_DETAIL

    UNFUNDED_COMMITMENT_B

    18387TRADESDBOTRADE_DETAIL

    HOLDINGDBO

    POSITION_COST_LOT

    UNFUNDED_COMMITMENT_B

    Unfunded Commitment

    Capital Calls Local

    18388

    18450

    HOLDINGDBO

    POSITION_COST_DETAIL

    UNFUNDED

    CAPITAL_

    COMMITMENT

    CALLS_L

    18388

    HOLDINGDBO

    POSITION_COST_LOT

    UNFUNDED

    CAPITAL_

    COMMITMENT

    CALLS_L

    Unfunded Commitment

    Capital Calls Base

    18389

    18449

    HOLDINGDBO

    POSITION_COST_DETAIL

    UNFUNDED

    CAPITAL_

    COMMITMENT

    CALLS_B

    18389

    HOLDINGDBO

    POSITION_COST_LOT

    UNFUNDED

    CAPITAL_

    COMMITMENT

    CALLS_B

    Recallable Capital

    Calls

    Local

    18450

    18390

    HOLDINGDBO

    POSITION_COST_DETAIL

    RECALLABLE_CAPITAL_

    CALLS_

    L

    18450

    HOLDINGDBO

    POSITION_COST_LOT

    RECALLABLE_CAPITAL

    _CALLS

    _L

    TRADESDBO

    TRADE_DETAIL

    RECALLABLE_CAPITAL_L

    Recallable Capital

    Calls

    Base

    18449

    18391

    HOLDINGDBO

    POSITION_COST_DETAIL

    CAPITAL

    RECALLABLE_

    CALLS

    CAPITAL_B

    18449

    HOLDINGDBO

    POSITION_COST_LOT

    RECALLABLE_CAPITAL

    _CALLS18390

    _B

    TRADESDBO

    TRADE_DETAIL

    RECALLABLE_CAPITAL_B

    Recallable Capital Local18390HOLDINGDBOPOSITION_COST_DETAILRECALLABLE_CAPITAL_L18390HOLDINGDBOPOSITION_COST_LOTRECALLABLE_CAPITAL_L

    Gain/Loss Local

    171

    TRADESDBO

    TRADE_EXT

    GAIN_LOSS_SEC_ID_L

    Gain/Loss Base

    175

    TRADESDBO

    TRADE_EXT

    GAIN_LOSS_SEC_ID_B

    Income Local

    11076

    TRADESDBO

    TRADE_

    DETAIL

    EXT

    RECALLABLE

    LP_

    CAPITAL

    INCOME_

    L

    LOCAL

    Recallable Capital

    Income Base

    18391

    11077

    HOLDINGDBO

    TRADESDBO

    POSITION

    TRADE_

    COST_DETAIL

    EXT

    RECALLABLE

    LP_

    CAPITAL_B18391HOLDINGDBOPOSITION_COST_LOTRECALLABLE_CAPITAL_B18391

    INCOME_BASE

    Expense Local

    11078

    TRADESDBO

    TRADE_EXT

    LP_EXPENSE_LOCAL

    Expense Base

    11079

    TRADESDBO

    TRADE_

    DETAIL

    EXT

    RECALLABLE

    LP_

    CAPITAL

    EXPENSE_

    B

    BASE

    Accounting Reports

    Eagle has a core set of accounting reports that can be used to review

    PE

    Private Market information. These are designed to support the daily operational workflow for business users, allowing Grid Reports to be easily exported to Excel and customized to provide additional details as needed. Advanced Reports are intended to be client-facing and do not provide the same level of customization.

    PE

    Private Market activity is contained mainly in trade and position reports.

    New tabs designed specifically for

    PE investments

    Private Markets were added to the default report profiles for the Trade Activity Report, Holdings Report, and Portfolio Valuation Report in V17 R2.38+. After submitting the report, click the tab that includes Private Equity in its name. These tabs include the fields that are unique to

    PE investments

    Private Markets, such as total commitment, funded commitment, unfunded commitment, recallable capital, etc.

    Data Management Reporting

    Include Page
    General Reporting (Eagle OLAP) Processing Notes
    General Reporting (Eagle OLAP) Processing Notes

    Performance

    The Eagle Performance Toolkit can be utilized for IRR calculations for

    PE securities

    Private Markets, including Private Market Equivalent - IRR (PME-IRR). Performance analysis fields must be created to support PME-IRR.

    • In the case of a conversion, Eagle recommends loading historical market values and cash flows to the performance tables to enable IRR calculations prior to conversion

    Note: the cash flow impacts of

    PE

    Private Market transactions occur at different times depending on the type of transaction. For example, LPCALL is a start-of-day flow, while LPCASH is an end-of-day flow. Please review your performance reports closely during testing as these nuances impact the returns.

    Automation

    PE

    Private Market SMFs and trades can be loaded through the standard CSV (V17 R2.39) and EagleML Message Center streams. The SMF must be loaded prior to the trade (trades do not spawn SMFs). Transaction messages are mapped as follows:

    Event Type

    Panel Routing

    LPOPEN

    pan-initialfunding.htm

    LPCOMMIT

    pan-capitalcall.htm

    LPCALL

    LPCASH

    pan-callcashmulti.htm

    LPCAP

    LPCLOSE

    pan-capitalization.htm

    The element names for EagleML are available on Eagledocs: