Business Requirement Document · Interactive
CoreFund — PE Engine & PCAP Engine
A navigable BRD for the private-equity fund accounting & investor-reporting platform. Every module and requirement links to the live prototype screen that demonstrates it. Markers show what extends the current draft (extends) and what still needs your input (pending). Produced with the prototype to clarify scope.
2
Engines (PE · PCAP)
7
Business modules
4
User roles (RBAC)
46
Open questions
2
Phases
1Executive Summary
CoreFund is a secure, modular, web-based platform for PE fund data capture, fund accounting workflows, partner capital account reporting, dashboards, reconciliations, approval controls and audit-ready reporting.
1.1 Reconciliation Summary extends
Four discovery inputs, reconciled in this order of authority. Where sources disagreed, the higher-authority source won and the correction is called out explicitly.
| # | Source | What it is | Authority | What it contributed |
|---|---|---|---|---|
| 1 | Discovery-call screen recording | screen_recording_2026-07-17.mov (5.8 GB, ~76 min). Sampled into contact sheets, then full-resolution frames pulled at the interesting timestamps. | Client-agreed scope | The Executive Summary tab of the client's own scoping workbook — a Module / Business Objective / Priority / Phase table for 7 modules. This is the scope backbone: it outranks the draft BRD wherever they disagree. |
| 2 | Discovery-call transcript | discovery_call_transcript.txt — diarised transcript of the same call (the client and delivery team). | Current-state evidence | Verbal confirmation that drawdown and distribution notices are the Phase-1 "first proof"; current-state process (data from an ERP, manual Excel compilation, a separate third-party investor-reporting tool); two parallel systems (core accounting + investor reporting, interfaced); investor & capital masters. |
| 3 | Draft BRD (V1) | PE_Suite_BRD_draft.pdf — "Initial BRD prepared based on provided context", the client's business analyst, 01-Jun-2026, Status: Draft. | Draft document | The engineering-grade structure this pack builds on: PE-01…PE-12 / PCAP-01…PCAP-13 module IDs, FR/WF/AUD/RPT requirement IDs, RBAC matrix, §8 PCAP calculation logic, data model, Appendix B phasing. |
| 4 | Regulatory notes (pasted) | regulatory_notes_raw.md — an unsourced paste of regulatory links/summaries (ILPA, SEBI, IPEV, DPDP). | Supplementary · unverifiable | The entire §13.1 Regulatory & Compliance subsection, RPT-010/011/012, and Q40–Q43. Never promoted to "confirmed" — every figure is labelled client-provided — confirm with compliance/legal, including the specific circular number and 2026 dates, which are past this document's verification horizon. |
◆
Conflict resolved — Phase 1 vs Phase 2 for PCAP. The draft BRD's Appendix B places "PCAP core calculations" in Phase 1. The client's own Executive Summary scope sheet (source 1, screen-shared live) marks the PCAP module High priority but Phase 2, and the transcript separately confirms the Phase-1 "first proof" is drawdown and distribution notices only. Source 1 outranks source 3 (§14 Phasing and Appendix B are corrected accordingly) — this supersedes Appendix B of the draft. Flagged for client confirmation as Q44.
🎞
What the recording did and didn't show. Every sampled frame that showed the workbook showed the same Executive Summary tab (7 rows: Drawdown, NAV, Distribution, Management Fee, PCAP, Investor Reporting Dashboard, Investment/Capital — each with Priority and Phase). The transcript states the working session went on to walk through the
Fund_Master, Investor_Master, DD Notice and Distribution Notice tabs of the same workbook, but frame sampling (contact sheets every 30s, plus a denser 8s pass over the first half-hour) never caught those tabs on screen at a readable resolution, and the Investment / Capital row's description is cut off at the bottom of the visible window in every frame it appears in. Treated as a gap, not guessed at — see Q44 and Q45. The recording continues well past the meeting's end and periodically shows unrelated desktop activity (other work, personal messaging, email); that portion was not used as input and none of it is reproduced in this pack.| Context | Summary |
|---|---|
| What they have now | Accounting data in MSD 365 (ERP) plus extra data compiled manually in Excel, handed to an external third-party tool that produces the investor reports. Two disparate systems, heavy manual work in between, and dependence on an outside vendor. |
| What they want | CoreFund — one internal, modular platform replacing the manual middle and the external tool: PE Engine (drawdown, NAV, distribution/waterfall, management fee, close), PCAP Engine (partner capital accounts), investor reporting (ILPA pack + dashboards), with bulk upload, maker-checker approvals, exceptions and a full audit trail. Hosted on internal servers. Phase-1 first proof: drawdown and distribution notices. |
| Why they want it | Cut manual, error-prone spreadsheet work; remove dependence on the external tool/vendor; gain auditability & traceability (every figure traces to an approved source); enforce human-in-the-loop control before finalising; standardise investor reporting (ILPA); and own their process and data. |
The solution comprises two integrated engines plus an investor-reporting layer:
| Engine | Purpose | Primary outputs |
|---|---|---|
| PE Engine | Core fund accounting, investor data, capital calls, commitments, expenses, investments, valuation, distribution, waterfall, close and reports. | Executive dashboards, capital-call reports, distribution notices, close pack. |
| PCAP Engine | Partner capital account statement generation, fund-level PCAP consolidation, contribution & distribution mapping, NAV mapping, reconciliation, variance and audit packs. | Fund-level PCAP, partner statements, reconciliation & variance reports, export pack. |
2Business Objectives
| ID | Objective | Success criteria |
|---|---|---|
| BO-01 | Digitise PE fund data capture and reporting workflows. | Users can input/upload structured fund, investor, capital-call, distribution, NAV, valuation and expense data. |
| BO-02 | Generate fund-level and partner-level PCAP statements. | System generates PCAP from approved source data, ratios, reconciliation and mapped rules. |
| BO-03 | Improve auditability and traceability. | Every input, upload, adjustment, approval, calculation and export is logged. |
| BO-04 | Enable human-in-the-loop controls. | Key outputs, exceptions, uploads and report packs require approval before finalisation. |
| BO-05 | Support secure deployment flexibility. | Hosted internally, migratable to client infrastructure with documented procedures. |
| BO-06 | Provide dashboard and reporting capability. | Role-based dashboards and downloadable PDF/XLSX reports are available. |
3Scope
In scope: user management & RBAC, data capture, bulk upload, the PE Engine, the PCAP Engine, workflow, audit trail and integration-readiness.
| Out of scope (initial release) | Note |
|---|---|
| Full ERP integration | Initial release supports file import; live ERP later. |
| Regulatory filing submission | Generates reports but does not submit filings. |
| Payment processing | May capture payment status; does not initiate bank payments. |
| Forecasting | Initial scope is actual data capture, processing, reconciliation and reporting. |
4Target Users & Role-Based Access
Four roles with distinct entitlements. See the live role switcher →
| Role | Key access |
|---|---|
| Fund Manager | Dashboards, review screens, workflow approvals and final report approvals. |
| Fund Accounts | Create/update inputs, upload templates, run validations, prepare reports, resolve exceptions. |
| Investor | View/download own approved statements and permitted reports only. |
| Admin | User management, configuration, audit-log access and system administration. |
5High-Level Process Flow
Input → Capture / upload fund, investor, calls, distributions, NAV, valuation, ratios
Process → Validate → allocations, waterfall, NAV, PCAP mapping, close logic
Approve → Maker-checker across data, calculations, exceptions and reports
Output → Notices, statements, reconciliations, dashboards, export/audit pack
Designed for traceability: every output line item traces back to an approved source input. See the pipeline →
6Application Modules
Each module opens its live screen in the prototype. extends = beyond the current BRD draft; grouped by delivery phase.
PE Engine · Phase 1 calc + foundations
PCAP Engine & Reporting Phase 2
6.4 Indicative Screen Count & Estimate
The modules above decompose into an estimated ~60–75 screens for the full application (each module typically becomes a list, a create/edit form and a detail/report view). The prototype shows one representative view per module, so it is a deliberate subset.
| Area | Screens (approx.) |
|---|---|
| Auth & shell — login, role/landing | 2–3 |
| Master data — Fund, Entity, Share Class, Investor/LP, Partner Ratios, COA (list + form each) | 12–14 |
| Import Center — upload hub, templates, error log/batches | 2–3 |
| PE Engine transactions — GL/Journals, Capital Calls (+allocation +notice), Fees, Investments & Valuation, Distribution, Waterfall, Close | 14–18 |
| Dashboards — Executive, PCAP, Investor Reporting | 3 |
| PCAP Engine — Input Hub, Contribution/Distribution/NAV mapping, Fund PCAP, Partner Statements (list + viewer), Reconciliation, Variance, Notes, Export Pack | 10–13 |
| Investor Reporting — ILPA pack, Investment/Capital (list + form), investor view | 4–5 |
| Controls — Exceptions, Workflow queue + detail, Audit Trail, Notifications | 5–6 |
| Admin & config — User management (users, roles, permission matrix), Settings, entitlements | 5–7 |
| Regulatory reports — SEBI Annual, SEBI Quarterly, statutory viewers | 3–5 |
| Total (full application) | ~60–75 |
| Phase | Indicative screens |
|---|---|
| Phase 1 | RBAC, master data, Import Center, Drawdown, NAV, Distribution, Management Fee, Close, controls — ~35–45 |
| Phase 2 | PCAP engine, Partner Statements, Investor Reporting/ILPA, Investment/Capital — ~20–25 |
| Phase 3 | ERP/Tally connectors, analytics, enhanced investor portal — mostly integrations + ~5–10 new views |
ℹ︎
Estimate, not a commitment. Screen count is elastic: heavy use of modal forms and tabs pulls it toward ~50; full list/create/edit/detail pages per entity push it toward ~80. A single reusable report shell (vs. one screen per RPT-001…012) alone swings it by ~8. A row-level screen inventory can be produced for sizing.
7Functional Requirements
Representative requirements with acceptance criteria. Use the filter in the top bar to narrow by keyword.
| ID | Requirement | Acceptance |
|---|
8Data Ingestion — assumed upload files
Manual Excel schedules + MSD 365 extracts. The columns below are what we plan to read — illustrative until the workbook is shared. See Import Center →
| File | Source | Assumed columns | Feeds |
|---|
◆
Fastest way to lock scope: share the actual workbook (recording showed Fund_Master · Investor_Master · DD Notice · Distribution Notice tabs) + one MSD 365 trial-balance extract. Tracked as Q35–Q37.
9Core PCAP Calculation Logic
Configurable, version-controlled rules; each output retains source mapping and calc-run version. See PCAP roll-forward →
Capital commitment = Total commitment (fund) × partner contribution ratio
Contribution received = Fund contribution received × ratio
Total Distributions (A) = transferred + reinvested + retained + taxes
Fair value unrealised (B) = fund FV + deemed contribution, by ratio
Accrued returns (C) = fund accrued × ratio
Sponsor expenses (D) = sponsor expense × ratio
Total Fair Value of Inv. = A + B + C − D
10Workflow & Approvals
Maker-checker; final outputs enabled only after Fund Manager approval. See pipeline →
| ID | Workflow | Approver |
|---|---|---|
| WF-001 | Master data approval | Fund Manager / Admin |
| WF-002 | Upload approval | Fund Accounts / FM |
| WF-003 | Calculation approval | Fund Manager |
| WF-004 | Exception resolution approval | FM / Controller |
| WF-005 | Report approval | Fund Manager |
| WF-006 | Override approval | FM + Admin |
11Exception & Control
Rule breaches raise exceptions; material ones block final export. See Exceptions →
| Exception | System behaviour |
|---|---|
| Missing mandatory input | Block save/upload or mark row invalid |
| Ratio ≠ 100% tolerance pending | Create exception; block final calculations |
| Reconciliation mismatch | Create exception; prevent final export if material |
| Unapproved source data | Exclude from final calculation |
| Manual override / balancing figure | Require reason, approval and audit trail |
12Reporting
| ID | Report | Format |
|---|---|---|
| RPT-001 | Executive Dashboard | UI / XLSX / PDF |
| RPT-002 | Capital Call Summary | XLSX / PDF |
| RPT-003 | Distribution Summary | XLSX / PDF |
| RPT-004 | NAV Summary | XLSX / PDF |
| RPT-005 | Fund-Level PCAP Summary | XLSX / PDF |
| RPT-006 | Partner PCAP Statement | XLSX / PDF |
| RPT-007 | Variance & Exceptions | XLSX / PDF |
| RPT-008 | Audit Trail Report | XLSX / PDF |
| RPT-009 | Export Pack | ZIP / PDF / XLSX |
| RPT-010 | ILPA Reporting Pack new | XLSX / PDF |
| RPT-011 | SEBI Annual Activity Report (SI-Portal format) new | XLSX / PDF |
| RPT-012 | SEBI Quarterly Activity Report (SI-Portal format) new | XLSX / PDF |
ℹ︎
SEBI reports are generated in the required format/frequency; submission via the SI Portal remains out of scope unless separately agreed (consistent with §3). Formats and deadlines are client-provided — confirm with compliance.
13Audit, Non-Functional & Regulatory Compliance
Immutable log of every create/update/approve/override/export with before→after values and full lineage. See Audit Trail →
| Category | Requirement |
|---|---|
| Security | Secure authentication & authorization; role restrictions enforced. |
| Data confidentiality | Sensitive financial data encrypted in transit and at rest. |
| Deployment | Hosted on internal servers with documented portability to client infra. |
| Auditability | Full traceability from source input to final report. |
| Data integrity | Validation, reconciliation and approval controls; invalid/unapproved data cannot reach final reports. |
| Export security | Downloads respect RBAC & data entitlements. |
13.1 Regulatory & Compliance (Indian AIF) new
◆
Client-provided references — to be confirmed with compliance/legal. The items below reflect frameworks supplied by the client. Circular numbers, editions and deadlines are recorded as provided and must be verified before build.
| Framework | Requirement on CoreFund |
|---|---|
| SEBI Master Circular for AIFs (2026) | Governing reference for valuation norms, governance standards and regulatory reporting. Configuration and reports align to the current Master Circular. |
| SEBI SI-Portal reporting | Generate the Annual Activity Report (within 30 days of 31 March, from FY ending Mar 2026) and the Quarterly Activity Report (from quarter ending Jun 2026) in SI-Portal format. Generation only; submission out of scope unless agreed. |
| IPEV Guidelines (Dec 2025 edition) | Fair-value measurement standard, SEBI/IVCA-endorsed, effective for periods from 1 Apr 2026; includes hybrid instruments and sustainability factors. NAV/valuation follows this edition. |
| DPDP Act, 2023 | Data protection: PII masking/redaction, data minimisation, purpose limitation, retention limits and consent handling; encryption and access controls per the Act. |
| ILPA Best Practices — Reporting | Investor reporting follows ILPA templates (capital account statement, cash-flow & fees). Implemented as the ILPA reporting pack (§6, RPT-010). |
ℹ︎
Note on AI/PII: DPDP’s PII-masking-before-LLM point applies only if an AI/LLM feature is added later — the current portal uses no AI, so this is a forward-looking control, not a current requirement.
14Phasing
◆
Phasing correction. The agreed Excel places PCAP, Investor Reporting and Investment/Capital in Phase 2; Phase 1 is the four PE-Engine calc modules. This corrects the BRD draft (Appendix B had PCAP in Phase 1) and matches the discovery meeting.
| Phase | Scope |
|---|---|
| Phase 1 | RBAC, master data, Import Center, bulk upload, validations, audit trail, Drawdown, NAV, Distribution, Management Fee, Close, export pack. |
| Phase 2 | PCAP engine, Partner Statements, reconciliation, Investor Reporting Dashboard (ILPA), Investment/Capital, enhanced dashboards. |
| Phase 3 | ERP/Tally connectors, advanced analytics, enhanced investor portal, configurable rules engine. |
15Open Questions & Traceability
Open decisions with assumed defaults, mapped to modules — including new regulatory items (SEBI report formats, IPEV edition, DPDP scope). Answer offline in Excel. Open the register →
| Objective | Related requirements |
|---|---|
| BO-01 | FR-GEN-003, FR-UPL-001…006, FR-MST-001…005 |
| BO-02 | FR-PCAP-001…013 |
| BO-03 | AUD-001…007 |
| BO-04 | WF-001…006 |
| BO-06 | RPT-001…009, FR-PE-001, FR-PCAP-001 |
16Indicative Data Model
The logical entities behind the modules — what stores what, and how they relate.
| Entity | Stores | Key relationships |
|---|---|---|
| Fund Master | Fund attributes & reporting setup | Investors, capital calls, distributions, NAV, PCAP |
| Entity Master | Sponsor / fund / entity structure | Fund master & GL |
| Investor / Partner Master | Investor/partner details & status | Commitments, ratios, statements |
| Partner Ratio Table | Fund- & transaction-wise allocation ratios | Used by PCAP calculations |
| Capital Call Table | Capital call details | Investors & commitments |
| Distribution Table | Distribution instances & components | Mapping & reconciliation |
| NAV & Valuation Table | NAV, valuation, fair value, carried interest inputs | NAV summary & PCAP |
| Fees & Expenses Table | Sponsor/fund expenses & fee calculations | PCAP & dashboards |
| GL / Journal Table | Accounting entries & postings | COA & reports |
| Upload Batch Table | Upload metadata & status | Imported records |
| Calculation Run Table | Calculation run metadata & version | Output reports |
| Exception Table | Validation & reconciliation issues | Source records |
| Approval Table | Workflow approval history | Records & reports |
| Audit Log Table | Immutable audit events | All key entities |
17Assumptions Ledger
Every placeholder baked into the prototype, and the question that confirms or replaces it — so nothing stands unexplained. Full detail in the Open Questions register.
| # | Assumption | Resolved by |
|---|---|---|
| A1 | Illustrative ₹ Cr figures, single demo fund | A real dataset |
| A2 | 1 fund, 2 classes (A/B) + GP | Q1 |
| A3 | European (whole-fund) waterfall | Q2 |
| A4 | Single currency, no FX | Q3 |
| A5 | Pro-rata calls; excused/default as demoed | Q5–Q7, Q9 |
| A6 | Pro-rata class/investor NAV; IPEV valuation | Q10, Q11 |
| A7 | 8% hurdle · 100% catch-up · 80/20 carry · single withholding | Q13–Q15 |
| A8 | Fee 2%→1.5%, step-down Mar 2026, 80% offset, 18% GST | Q18–Q22 |
| A9 | Partner ratios pro-rata = 100%; §8 verbatim; opening = 0 | Q23–Q25 |
| A10 | PCAP, Investor Reporting, Investment = Phase 2 (corrects BRD Appendix B) | Excel + meeting; fix in v2 |
| A11 | Standard ILPA templates; DPI/TVPI shown, IRR pending | Q26, Q28 |
| A12 | File import (MSD 365 TB, manual schedules, bank/Tally) | Q35–Q38 |
| A13 | Reconciliation tolerances not numerically set | Q31 |
| A14 | PCAP-phasing correction accepted; Investment/Capital objective text inferred (video cut off); "Delhi" read as Tally | Q44–Q46 |
18About & How to Use This Portal
This one document is the interactive BRD. It is accompanied by two working tools — the prototype and the questionnaire — and nothing else to keep track of.
ISWhat it is
An interactive requirements document that demonstrates the proposed scope, explains each calculation, and captures the client’s answers — a shared reference for scoping. Produced alongside the written BRD to remove ambiguity before build.
NOTWhat it is not
The production system. Data is illustrative; calculations show shape & intent, not real books. Not security-hardened, multi-tenant, or connected to live systems. No AI is used.
The three pieces
| Piece | Purpose |
|---|---|
| Interactive BRD this page | The full requirements — modules, requirements, data ingestion, calc logic, data model, assumptions — each linked to the prototype. |
| Prototype ↗ | The clickable app. Every screen has a derivation panel, and Explain mode lets you hover any element to see what it is, how it’s derived and any assumption. Role switcher demonstrates RBAC. |
| Open Questions register | 46 decisions with assumed defaults. Answer offline in Excel (Download for Excel — includes section, why, assumed default, related screen) or in the browser; attach evidence. |
ℹ︎
How to validate, end to end: read a requirement here → click Open in prototype ↗ → turn on Explain and hover the figures → answer the mapped questions in the register. Technology: plain HTML/CSS/JS, self-hosted; an optional backend only adds shared answer storage.