Your Private Equity, Explained

Welcome

Private equity doesn't fit cleanly into a traditional portfolio view. You commit capital that gets called over time, NAVs are reported quarterly rather than daily, and the meaningful numbers - IRR, paid-in capital, distributions - are different from the ones that matter for public stocks.

This page gives PE its own structure. The list view shows every investment with its key metrics; clicking into any investment opens a detail view with full statement history, capital call records, and performance over time.

The action bar

Two buttons sit at the top right.

• Pending Reviews - Opens a list of items that need your attention - typically newly-uploaded statements awaiting confirmation, capital call notices that haven't been acknowledged, or valuations that need to be approved. Worth checking weekly so nothing sits stale.
• New investment - Opens a dropdown with two choices: Add fund (for LP commitments) and Add direct investment (for a single check into a company). The data fields you'll be asked for differ between the two.

Email to Vault

Private equity documents often arrive by email long before they are reflected in portfolio metrics. Email to Vault gives you a dedicated Spiegel intake address so you can forward capital call notices, quarterly statements, K-1s, investor letters, side letters, and subscription documents straight from your inbox into the platform.

This is one of the cleanest ways to keep PE reporting current. Instead of downloading attachments manually and re-uploading them later, you can route them into Spiegel as they arrive. Relevant documents can then feed the document extraction workflow and appear in Pending Reviews when a match or confirmation is needed.

• Each user gets one unique vault address based on a custom prefix, such as familyoffice@mail.spiegel.financial.
• Your own user email is automatically added as an allowed sender when the vault address is created, so you can begin forwarding immediately.
• Incoming mail lands in the vault workflow first, and relevant PE documents can continue into extraction, matching, and review.
• You can set this up from Dashboard > Settings > Email to Vault, or from the Email Ingress control shown in Document Vault.

• Create your PE intake address

  Open Dashboard > Settings > Email to Vault and choose a prefix that your team will remember. The backend accepts prefixes that are 3-30 characters, use lowercase letters, numbers, and hyphens, and are not reserved or already taken.

  

• Save and share the address internally

  Once the address is created, copy it and save it where the people handling PE operations can find it. A family office operator, assistant, controller, or investment team member can use the same address whenever a fund manager sends new documents.

  

• Approve the sender list

  Add any email addresses that should be allowed to forward PE files into the vault. Typical examples include assistants, controllers, fund admins, outside accountants, and other operations contacts. Sender labels help keep the allowlist readable over time.

  

• Forward PE documents as they arrive

  Forward emails with supported attachments such as PDF, DOC, DOCX, XLS, XLSX, CSV, JPG, JPEG, PNG, GIF, WEBP, and TIFF files. The best use cases here are recurring PE documents like capital call notices, quarterly statements, and other GP reporting that you do not want to lose in personal inboxes.

• Review the outcome in Document Vault and Pending Reviews

  After forwarding, the attachments are stored in the vault workflow. If Spiegel identifies the file as a relevant PE document, extraction can begin in the background and the item can move into Pending Reviews for match confirmation, field review, or final approval before it updates the investment record.

  

Document Extraction Workflow

Private Equity includes a document extraction workflow for uploaded fund documents. Its job is to read the file, identify what kind of document it is, pull out the important values, and either match it to an existing investment automatically or send it to Pending Reviews for confirmation.

The extraction flow is primarily used for capital-call-style documents and statement-style documents.

• Step 1 - Upload the document

  Upload the document anywhere PE intake is supported - from a fund or direct investment workflow, from the Document Vault, or by sending it through the Email to Vault flow. The platform stores the source document first, then checks whether it is a relevant private-equity document. If it is, extraction starts in the background and the item becomes visible in the inbox for review.

• Step 2 - Classify the document

  The platform classifies the document type - for example, capital call, statement, or another private-equity document. This step determines which fields are extracted and which record type can be created from the file.

• Step 3 - Extract the key fields

  The platform extracts the key fields from the document and builds a structured payload from the values it can detect. Each extracted field also receives a confidence score so lower-confidence values can be surfaced for review.

• Step 4 - Try to match the document to an existing record

  Using the extracted fund or investment name and related details, the platform tries to match the document to an existing fund or direct investment. The outcome can be a clear match, multiple possible matches, or no confident match.

• Step 5 - Decide whether to save automatically or request review

  If the match is strong, the extracted values are high quality, and no blocking issues are found, the document can be auto-processed. Otherwise it is sent to Pending Reviews so you can confirm the match and edit the extracted fields before saving.

What gets extracted

The exact fields depend on the document type, but the platform looks for the fields that matter most for capital calls and statements.

• For capital calls

  Typically includes fund name, call ID, due date, contribution amount, total commitment, prior contributions, remaining commitment, and other call-specific notes such as purpose or use of funds.

• For quarterly statements

  Typically includes fund name, statement date, NAV per unit, total NAV or market value, units held, contributions to date, and distributions to date. Additional fields may also appear if they are present in the document and extracted with usable confidence.

If a match is found

• If the platform finds a single high-confidence match to an existing fund or direct investment, it links the document to that record.
• If the extracted values are also clean enough and no blockers are present, the document may be processed automatically without manual review.
• If the match is found but some fields are low-confidence or need a quick confirmation, the item appears in Pending Reviews as a review step rather than saving silently.

If no match is found

• If no confident match exists, the item appears in Pending Reviews as needing assignment.
• From that review flow, you can choose an existing fund or direct investment manually.
• If the document belongs to something that is not yet in the system, you can create a new fund or a new direct investment directly from the review flow and continue processing from there.

If more than one match is found

When the platform finds multiple reasonable candidates, the item is flagged as a match conflict. You review the candidate list, select the correct fund or direct investment, and then confirm the extracted values.

If the extraction has a blocking issue

Some issues stop automatic processing entirely, such as duplicate statements, duplicate capital-call records, or other blocking consistency problems. In those cases, the item is surfaced as a problem to resolve rather than creating a new record automatically.

Pending Reviews

Pending Reviews is the working queue for extracted private-equity documents that need attention before they are finalized.

You will typically land here after uploading a relevant capital call or statement document from a fund workflow, a direct investment workflow, the Document Vault, or the Email to Vault flow.

What the top summary strip shows

• In Queue - Total documents currently waiting in the review workflow.
• Needs Review - Documents that still need a human check before they can be saved.
• Auto Processed - Documents that were matched and saved automatically without manual review.
• Today / This Week - A quick view of recent auto-processed volume.

What each row shows

• Document - The extracted fund or investment name the system is working from.
• Type - The detected document class, such as Statement or Capital Call.
• Details - The most relevant extracted context for that document, such as the reporting period or other identifying details.
• Added - When the document entered the extraction queue.
• Action - The next step required to resolve the item.

What the action means

• Assign fund appears when the document is unresolved or the system needs you to choose the correct match.
• Review details appears when a fund match exists but the extracted values still need confirmation.
• Once you open the item, you can confirm the extracted fields, correct any values, choose a different match, or create a new fund or direct investment if nothing in the system matches the document.

PE metrics - what they mean

Private equity uses metrics that don't appear in public markets. Here's what each one tells you.

• Committed Capital - The total amount you've legally promised to invest in a fund over its life. The fund will call this in pieces over several years.
• Paid-in Capital - The amount of your commitment that has actually been called and contributed to date. Always less than or equal to Committed Capital.
• Open Capital - Commitment minus Paid-in - what's still outstanding and could be called in the future. Useful for cash planning.
• Distributions - Cash returned to you from the fund - typically from exits, dividends, or recapitalizations.
• NAV - Net Asset Value - the current estimated value of the fund's remaining holdings, as reported by the GP. Updated quarterly in most funds.
• IRR - Internal Rate of Return - the annualized time-weighted return that accounts for when each cash flow happened. The standard PE return metric.
• Vintage - The year the fund made its first investment. Funds are typically benchmarked against peers from the same vintage year.

The investment detail view

Clicking any investment row opens its detail view. Four numbers across the top summarize the investment.

• Paid-in Capital - Total contributed to date.
• Distributions - Total returned to you to date.
• NAV - Latest reported value of remaining holdings.
• Statements - Count of statements on file. The platform builds the investment's performance history from these.

Below the header, five tabs let you dig deeper. At the top right, Edit opens the investment record for changes and Close returns you to the list.

• Overview - Three-panel summary - investment info, ownership, and key dates. Start here for a snapshot.
• Capital Calls - Every capital call notice on file, with dates, amounts, and status (paid, pending, overdue). Funds only.
• Statements - Quarterly or periodic statements from the GP. Each statement updates NAV and may report new distributions or fees.
• Performance - Historical IRR, TVPI, DPI, and other performance metrics over time. The fund's full track record from your perspective.
• Documents - All documents for the investment - subscription agreements, side letters, K-1s, capital call notices, statements. Searchable and downloadable.

The Overview tab - three panels

The default tab shows three panels side by side: Investment Info, Ownership, and Dates.

• Fund Type - The strategy classification - Venture Capital, Growth, Buyout, Private Credit, Real Assets, etc.
• Strategy - A more specific descriptor when applicable (e.g., "Seed-stage SaaS" or "Mid-market buyout").
• Manager - The GP, deal lead, or person you're working with on this investment.
• Open Capital - Commitment minus Paid-in. The amount still callable.
• Commitment - Your total committed capital.
• Distributed - Total returned to you.
• Investment Count - For funds, how many underlying portfolio companies you have exposure to. Higher generally means more diversification within the fund.
• Statement Count - How many periodic statements have been uploaded and processed.
• Vintage - Year the fund made its first investment.
• Closing Date - When the fund officially closed to new commitments.
• Created / Updated - When this investment was added to the platform, and when any field last changed.

Performance

The Performance tab shows the investment's track record as a chart alongside the key metrics that matter over time.

• IRR - Annualized return based on the timing of all cash flows. The standard PE return metric.
• TVPI - Total Value to Paid-in Capital. Calculated as NAV plus Distributions, divided by Paid-in Capital. A 1.5x TVPI means you've made 50% on what you've contributed, including both realized and paper gains.
• DPI - Distributions to Paid-in Capital. Calculated as Distributions divided by Paid-in Capital. This is the realized portion of TVPI. A DPI of 1.0x means you've gotten back exactly what you've put in.
• RVPI - Residual Value to Paid-in. Calculated as NAV divided by Paid-in Capital. This is the unrealized portion of TVPI - the value still locked in the fund.
• MOIC - Multiple on Invested Capital. Often used interchangeably with TVPI, though some GPs report MOIC gross-of-fees and TVPI net.

Adding a new investment

Click + New investment and choose either Add fund or Add direct investment.

Adding a Private Equity Fund

Private Equity funds can be added to track committed capital, fund managers, investment strategies, supporting documents, and entity ownership structures.

This is commonly used for:

• Venture capital funds
• Buyout funds
• Growth equity funds
• Private credit funds
• Alternative investment vehicles

To add a private equity fund, navigate to the Private Equity section, click New investment, and then click Add Fund.

Step 1 - Open the Add Fund Dialog

After clicking New investment and then Add Fund, the fund creation dialog will open.

This form allows you to track both operational and investment-related details for private market investments.

Step 2 - Enter Fund Information

Fill in the required fund details.

• Fund Name LP

  Legal or limited partner name associated with the investment.

• Fund

  Display name of the private equity fund.

• Fund Description

  Optional summary or description of the fund and investment structure.

• Fund Manager

  Primary manager or investment firm managing the fund.

• Fund Manager Email

  Optional contact email for the fund manager or firm.

• Fund Manager Phone

  Optional contact phone number.

Fund Structure

• Fund Type

  Select the type of private investment vehicle. Examples: Venture Capital, Buyout, Growth Equity, Private Credit.

• Entity

  Optionally associate the fund with a trust, LLC, family office entity, or investment vehicle. This helps maintain ownership structures and consolidated reporting.

• Total Commitment

  Total committed capital allocated to the fund. This value is commonly used for commitment tracking, capital call reporting, and exposure analysis.

• Vintage Year

  Year the fund was established or raised. Vintage year is commonly used in private market performance analysis and benchmarking.

Investment Information

• Investment Strategy

  Optional description of the fund's investment thesis or strategy. Examples: early-stage technology, distressed credit, growth equity, infrastructure.

• Notes

  Track additional operational or investment-related information. Examples: manager updates, investment commentary, allocation notes, risk considerations.

Document Uploads

• Upload Documents

  Attach supporting documents related to the investment. Examples: subscription agreements, capital call notices, fund statements, LP agreements, investor reports.

Step 3 - Create the Fund

After entering the required information, click Create Fund.

Adding a Direct Investment

Direct Investments can be used to track privately negotiated investments made directly into companies or special purpose vehicles (SPVs).

This is commonly used for:

• Startup investments
• Angel investments
• Venture deals
• SPV allocations
• Co-investments
• Private company ownership positions

To add a direct investment, navigate to the Private Equity section, click New investment, and then click Add direct investment.

Step 1 - Open the Direct Investment Dialog

After clicking New investment and then Add direct investment, the creation dialog will open.

This form allows you to track investment terms, ownership structure, valuation data, co-investors, and supporting documentation.

Step 2 - Enter Company Details

Fill in the required investment information.

• Company Name

  Name of the company receiving the investment.

• Investment Date

  Date the investment was executed or funded.

• Stage

  Current company or fundraising stage. Examples: Seed, Series A, Series B, Growth.

• Entity

  Optionally associate the investment with a trust, LLC, family office entity, or investment vehicle. This helps maintain ownership structures and consolidated reporting.

Investment Terms

• Capital Committed

  Total capital committed to the investment.

• Capital Called (Paid-in)

  Amount of committed capital that has already been funded.

• Ownership %

  Percentage ownership associated with the investment.

• Share Price

  Price paid per share or unit during the investment round.

• Number of Shares

  Total shares or units acquired through the investment.

• Pre-Money Valuation

  Company valuation immediately before the investment round.

• Post-Money Valuation

  Company valuation immediately after the investment round. These valuation metrics help track dilution, ownership impact, and investment performance over time.

Deal Structure

• Investment Type

  Structure of the investment security. Examples: Preferred Equity, Common Equity, SAFE, Convertible Note.

• Liquidation Preference

  Defines payout priority during a liquidity event. Examples: 1x, 2x participating.

• Participation Rights

  Optional rights associated with the investment structure.

• Pro-rata Rights

  Defines whether the investor has the right to participate in future rounds to maintain ownership percentage.

Administrative Information

• Lead Investor

  Primary investor leading the investment round.

• Co-Investors

  Additional investors participating in the deal.

• Fund / SPV

  Associated fund or special purpose vehicle used for the investment.

• Contact Person

  Primary operational or investment contact.

• Contact Email / Phone

  Optional contact information associated with the investment.

• Notes / Memo

  Track investment commentary, operational notes, legal considerations, follow-up items, and strategic updates.

Document Uploads

• Upload Documents

  Attach supporting documents related to the investment. Examples: SAFE agreements, subscription documents, term sheets, cap table exports, investment memos, legal agreements.

Step 3 - Create the Investment

After entering the required information, click Create Investment.

Adding a Capital Call

Capital Calls can be added to track contributions requested by a private equity fund, venture fund, or direct investment.

This is commonly used to record:

• Investor funding requests
• Paid-in capital activity
• Unit purchases
• NAV updates
• Supporting investment documents

To add a capital call, open the associated fund or investment and click Add Capital Call.

Step 1 - Open the Capital Call Dialog

After selecting Add Capital Call, the capital call creation dialog will open.

This form allows you to track contribution amounts, investment units, valuation metrics, and supporting documentation related to the capital call.

Step 2 - Enter Capital Call Information

Fill in the required capital call details.

• Investment Date

  Date the capital contribution was made or processed.

• Capital Amount

  Total amount contributed as part of the capital call. This value contributes to paid-in capital tracking, exposure calculations, and commitment reporting.

• Share Class

  Optional investment or unit class associated with the contribution. Examples: Class A, Class B, Institutional.

• Units Purchased

  Number of units or shares acquired through the capital contribution.

• NAV per Unit

  Net Asset Value per unit at the time of the capital call. Used for valuation and ownership tracking.

Additional Notes

• Notes

  Track additional information related to the capital call. Examples: co-investor participation, special investment terms, funding notes, operational updates, allocation commentary.

Document Uploads

• Upload Documents

  Attach supporting documents related to the capital call. Examples: capital call notices, subscription documents, allocation schedules, fund statements, payment confirmations.

Step 3 - Add the Capital Call

After entering the required information, click Add Capital Call.

Adding a Quarterly Statement

Quarterly Statements can be added to track periodic valuation updates, contributions, distributions, and fund performance over time.

This is commonly used for:

• Quarterly NAV reporting
• Private fund statements
• Investor reporting
• Contribution tracking
• Distribution tracking
• Performance reconciliation

To add a quarterly statement, open the associated fund or investment and click Add Quarterly Statement.

Step 1 - Open the Quarterly Statement Dialog

After selecting Add Quarterly Statement, the statement creation dialog will open.

This form allows you to record valuation updates, unit balances, contributions, distributions, and supporting statement documents.

Step 2 - Enter Statement Information

Fill in the required quarterly reporting details.

• Statement Date

  Date associated with the quarterly statement or reporting period.

• Statement Period

  Quarter or reporting period covered by the statement. Examples: Q1 2024, Q2 2025.

• Total Units

  Total investment units or shares held during the reporting period.

• NAV per Unit

  Net Asset Value per unit reported for the statement period. Used for valuation and portfolio reporting calculations.

• Total Market Value

  Total valuation of the investment position for the reporting period. This may be entered manually or automatically calculated based on unit values.

• Total Contributions

  Total capital contributions made during the reporting period.

• Total Distributions

  Total distributions received during the reporting period.

• Management Fees

  Management fees charged during the reporting period.

Document Uploads

• Upload Documents

  Attach supporting quarterly reporting documents. Examples: quarterly statements, NAV reports, investor letters, fund performance summaries, capital account statements.

Step 3 - Add the Statement

After entering the required information, click Add Statement.

Common workflows

• Quarterly statement processing

  When a quarterly statement arrives, open the investment, go to the Statements tab, and upload the PDF. Review the parsed values in Pending Reviews, confirm, and the platform updates NAV, distributions, and all downstream metrics automatically.

• Cash flow planning for capital calls

  Look at the Open Capital column in the list view to see how much could still be called across all your funds. For investments in their active deployment period, plan on calls of 15-25% of remaining commitment per year as a rough liquidity reserve.

• K-1 season prep

  In Q1 each year, filter your investments by entity and pull the Documents tab for each. K-1s typically land between March and September - anything missing by April is worth chasing.

• Performance review for an advisor or CPA

  Export the list view as a starting point, then drill into the Performance tab on individual investments for IRR, TVPI, and DPI. Having those numbers ready cuts advisor meeting time in half.