(Private beta)
Tranche
A declarative rules engine for complex financial distributions, from PE cap tables and waterfall modelling to fund-level economics and partnership compensation structures.
Tranche models the whole ownership web, not a single cap table: how value flows across funds, holdcos, SPVs, and trusts, and through the people who hold across all of them, resolving what each person actually nets. It also handles the instruments incumbents can't (stacked preferences, hurdle shares, convertible debt with equity kickers). Built for PE firms, family offices, independent sponsors, and the investment vehicles that don't fit a clean fund-with-a-portfolio, which the standard tools either can't serve or serve manually behind a software facade.
- Role
- Founder
- Sector
- Fintech / Financial Infrastructure
- Status
- Private beta, gated
- Site
- tranche.pro
01, The thesis
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. Two things break the incumbents. First, instruments that blend debt and equity characteristics (preferences, guaranteed returns, participation caps, conversion rights) defeat their rigid, category-based data models, so the hard cases fall back to manual work. Second, real ownership is a web, not a grid: people and entities hold across funds, holdcos, SPVs, and trusts, while the tools assume a single fund with a single portfolio, with pricing to match, which breaks for the growing population of investors who don't fit that shape.
02, What it does
The core commitment is to keep the structure as a graph instead of flattening it into a spreadsheet. You describe the ownership web once, every entity, instrument, and holder, as data rather than fixed schemas, and the engine does the rest. It resolves value across the whole structure, so you can see what any person actually nets across direct holdings and look-through alike. It handles waterfall computation and breakpoint solving natively, and enforces integrity as invariants rather than reconciling after the fact. A new instrument type is new data and new rules, not new engineering. PE and hybrid structures are the wedge, because the pain is immediate and the incumbents are weakest there, but the same engine extends to fund-level economics and partnership distribution models. The result is a model you can see: the ownership web, with value flowing through it, and one click to trace where any person's money comes from.
03, Status
The engine is built and validated, with an early product on top of it: build a structure, model the distribution, and watch value flow through the ownership web. The focus now is validating with design partners across PE and adjacent structures, and pressure- testing the model against real, bespoke securities before a wider release.
If you're working on adjacent problems, or you run a structure that doesn't fit a clean fund-with-a-portfolio and want to compare notes, reach out.