01 — Private markets
NAVdryx
Private preview
Run your fund from one place.
NAVdryx brings the back office of a private fund into one system: investor onboarding and subscriptions, capital calls and distributions, management fees and expenses, waterfalls, the accounting close, and the reports and portal your investors rely on. It is built for general partners and for the fund accountants, controllers, auditors, tax advisors, and lawyers who work alongside them, so your team stops reconciling spreadsheets and starts closing faster.
What sets it apart is how the numbers are made. Fees, capital accounts, allocations, and performance come from fixed calculation engines, not spreadsheet formulas someone can overwrite. Each run keeps a frozen copy of its inputs and records who prepared, reviewed, and approved it, and a correction is a new entry, never an edit. The tax and legal work around a fund lives beside the numbers instead of in someone's inbox.
- Every figure traces back to its transaction
- Nothing is final until a person approves it
- Investors see only their own records
Features
Raise and onboard investors
- Track prospects from first contact through NDA, data room, and soft circle to close, alongside a built-in CRM of firms, contacts, and activity.
- Subscription packets move through legal, accounting, tax, and compliance review to your approval, and each stage records who signed off and when.
- Only an investor's authorized signatory can sign its subscription. E-signature through DocuSign, DocuSeal, or Dropbox Sign is built and not yet switched on.
- Side-letter fee terms are stored as rules and take effect only once approved, with most-favored-nation elections tracked alongside.
- Form D and blue-sky filings are tracked for each fund.
- Wire instructions stay encrypted and hidden, and changing one takes a callback check and sign-off from two other people.
Capital activity, start to finish
- Capital calls and distributions — cash, in-kind, recallable, and tax — move from draft through review and approval to notice, settlement, and reconciliation.
- Each approved call or distribution produces a PDF notice, an Excel schedule, and a spreadsheet export.
- Capital accounts roll forward for every investor, the general partner, and the management company from the same records.
- Payment batches follow the limits you set and need an approver other than the preparer — two above your threshold — then produce a bank file for your team to upload. Direct bank connections are in beta.
- Bank and card statements reconcile against calls, distributions, fees, and expenses, with suggested matches you confirm and a workpaper that ties to your ledger.
- Exit planning with DPI forecasts, continuation vehicles with each investor's roll-or-sell election on record, and a managed wind-down.
Fees, carry, and performance
- Management fees on committed, called, invested, or NAV bases, with step-downs, waivers, offsets, and investor discounts, each run tied out in an Excel workpaper.
- Fund expenses allocated across investors, with caps and broken-deal costs tracked.
- Waterfall guidance shows, tier by tier, how a distribution would flow under your fund's terms — return of capital, preferred return, catch-up, and carried interest — with the governing clause cited at each tier.
- A full carry engine with escrow holdbacks and clawback tests is built and awaiting sign-off on its accounting conventions before its figures are used with investors.
- Fund performance — IRR, TVPI, DPI, RVPI, and MOIC — calculated from dated cash flows.
- Valuations recorded with their method and inputs, then reviewed and approved like every other number.
The close and your ledger
- A dashboard across your funds shows close status, approvals waiting on you, deadlines, exceptions, and cash.
- Journal entries leave NAVdryx only as drafts, so final posting always happens in your own ledger.
- A spreadsheet export works with any ledger today. Connections for QuickBooks Online, Xero, Sage Intacct, and NetSuite are built and not yet switched on.
- Bills, accruals, and receivables and payables aging, prepared as drafts for review in an optional accounting module.
- Lease accounting under ASC 842 and IFRS 16, with draft journal entries and an Excel workpaper.
- Bring in investor registers, capital history, trial balances, and charts of accounts from CSV or Excel, checked in a staging area before anything becomes live data.
Reporting and the investor portal
- Investor capital statements, unfunded commitment schedules, capital history, rollforwards, and fund summaries, built from approved calculations and approved again before they are published.
- An investor portal where limited partners see their capital account, statements, documents, tax forms, consents, and subscription packets, and message your team.
- Notices and statements record when each investor opens them.
- Each investor gets its own data room, and advisory committee members see committee material.
- Portfolio companies answer your information requests in a portal of their own.
- iPhone and Android companion apps for approvals, capital activity, statements, notices, and messages are built and not yet in the App Store or Google Play.
Tax, legal, and compliance
- Tax basis, withholding, and book-to-tax adjustments, with W-9 and W-8 forms tracked for every investor.
- K-1s and K-3s tracked and delivered through the investor portal.
- State apportionment, QSBS positions, and a state and international filing calendar.
- Legal matters, consents, obligations, transfer requests, MFN elections, and a clause library, kept beside the numbers they affect.
- Entity registrations and good standing, with task packs for annual reports, franchise taxes, and registered-agent changes in each jurisdiction.
- Audit request lists, a compliance calendar, and a document vault whose retention periods stop records being deleted too early.
Why you can trust it
Your firm's records are kept apart from every other firm's where they are stored, not only in what the screens show, and every permission is denied until a role grants it. Bank details and tax IDs are encrypted and hidden by default, and revealing one asks for a fresh code from your authenticator app. Every change is written to an audit log no one can edit, and NAVdryx staff have no standing access to your data.
The math is done by fixed, tested calculation engines and checked against a library of known-correct cases, and every run can be reproduced from the inputs it saved. AI help for reading fund documents and drafting report footnotes is built but not yet switched on. When it is, it never produces a number that reaches a report, and sensitive details are removed before any AI sees a document.
Version updates
NAVdryx is in private preview. Version 0.6.0 was tagged on July 20, 2026, and later updates have shipped without a new version number, so they are listed by date.
-
Preview update
Latest
Fixes from a check of every page
- Five pages that could fail to open now load: rent roll, debt, valuations, and operating statements in the real estate module, and vault tasks.
- Journal-entry memos from the accounting module now show plain dates.
- The public demo now includes subscription packets, clawback test results, a DPI forecast, and a continuation vehicle.
-
Preview update
Navigation that follows the work
- The sidebar and each fund's sections now follow the order the work runs, from onboarding and capital through the close to end of life.
- Breadcrumbs name the fund or investor instead of an ID, and an investor's page lists commitments by fund and subscription packets in progress.
- A new firm's dashboard shows the setup order: fund, entities, GP commitment, then investors.
- Revealing bank details or tax IDs, inviting people, and changing roles or permissions now ask for a fresh code from your authenticator app.
- Management fee runs bill through the last day of the period, bank reconciliation ties out per currency, and the investor list loads a page at a time.
- Security hardening and dependency updates.
-
Preview update
New workspace, documentation, and a public demo
- navdryx.com went live on September 1, 2026.
- A redesigned workspace with a collapsible sidebar and one set of section tabs across funds, tax, legal, the registry, the portfolio, and the CRM.
- Plain-English labels replace stored codes everywhere, so a status reads “Wound down” and a reporting basis reads “US GAAP”.
- Product documentation and a public demo on sample data, for both the GP workspace and the investor portal, are linked from navdryx.com.
- Portfolio company users now land on the records you share with them, as investors already did.
-
Pre-release build
Pre-launch audit fixes
- Capital accounts for the general partner and management company now carry their balances forward, and investor statements show each investor's own management fee for the period.
- Waterfall tiers and fee lines now add up exactly, and fee workpapers reflect side-letter terms.
- Capital calls must be in the fund's currency, and correcting an earlier period no longer changes the current position investors see.
- Vault documents can no longer be deleted before their retention period ends.
- Accessibility improvements, including skip links, screen-reader announcements, and investor PDFs tagged for screen readers.
- Security hardening across sign-in, permissions, and the demo.
-
Pre-release build
Faster pages and background processing
- Clawback tests can be run from an approved waterfall run.
- Long lists load a page at a time, and busy pages gather their data once instead of several times.
- Imports and other long jobs run in the background, with a status you can check.
- Uploaded bank statements are checked before they are read and kept in the document vault.
- Entity records now show the registered agent.
- Security hardening.
-
Pre-release build
Every module within reach
- Investors who accept an invitation are linked to their investor record, so the portal shows their own funds.
- Portfolio company users can be linked to their company and reach its portal.
- Administrators can switch optional modules on for the firm and set payment limits.
- New workspaces for exits and DPI forecasts, continuation vehicles, and fund wind-down.
- New workspaces for entity registrations, bills and accruals, QSBS, state apportionment, real estate, and a legal clause library.
- Permissions reach every area of the product, and support staff get time-limited access only with your administrator's approval.
-
Version 0.6.0
Hardening and reachability
- A sign-out link in the navigation, plus links to the admin pages, integration settings, and your active sessions, which had no way in.
- Bank reconciliation is reachable from each fund and now ties out.
- Bank-statement imports no longer misread amounts in four cases.
- Reminders go only to the person they are assigned to.
- The investor portal dashboard shows pending actions, and records shared with an investor open in the portal.
- Security hardening.
-
Version 0.1 – 0.5
From first build to the full platform
- 0.1 (July 2, 2026): the foundation — a separate, access-controlled workspace for each firm, roles, two-step sign-in, sessions, and an admin panel.
- 0.2 (July 2–5): the core fund lifecycle — investor onboarding and subscriptions, imports, capital activity, fees and expenses, waterfall guidance, reporting and performance, the investor portal, and bank reconciliation.
- 0.3 (July 5): the iPhone and Android companion app foundation, with GP and investor screens and push notifications.
- 0.4 (July 5–17): the carry and clawback engines, payment batches, legal operations, the tax subledger with K-1 and K-3 delivery, entity registrations, real estate, and connections for Slack, e-signature, and cloud documents.
- 0.5 (July 17–19): lease accounting under ASC 842 and IFRS 16, crypto tax, a rebuilt CRM, DocuSign, scheduled document backups, and the demo dataset.
- Several of these modules were built in this period and linked into the workspace in later builds.
Build with Rippre