Tranche

The premium tier of today's cap table tools is people doing waterfalls in Excel. The problem isn't that the space is underserved; it's that it's unautomated. Instruments that blend debt and equity characteristics (preferences, guaranteed returns, participation caps, conversion rights) defeat the rigid, category-based data models the incumbents are built on, so the hard cases fall back to manual work. And the pricing models assume a fund with a portfolio, which breaks for the growing population of investors who don't fit that shape.

The core commitment is representing financial instruments as data rather than fixed schemas. A new instrument type becomes new data and new rules, not new engineering. On that foundation, the engine handles waterfall computation, breakpoint solving, and scenario analysis natively, with cap table integrity enforced as invariants rather than reconciled after the fact. PE cap tables are the wedge because the pain is immediate and the incumbents are weakest there, but the same engine extends to fund-level LP economics and partnership distribution models.

Pre-product. Validating the problem with prospective design partners in PE and adjacent structures, and pressure-testing the architecture against real bespoke securities before committing to a build.

If you're working on adjacent problems and want to compare notes – reach out.