Fund expense allocation for PE and VC management companies.
Ceviche sits between your AP systems and your general ledger. It reads each invoice, applies your LPA-based allocation rules line by line, and posts audit-ready intercompany entries back to the GL. It is not a fund administrator or a managed service. Your controller runs it.
Why does Excel still run fund expense allocation?
Of the 80 fund finance teams we spoke with for The State of Fund Expense Allocation 2026.
81% of the 80 fund finance teams we spoke with for the State of Fund Expense Allocation 2026 still allocate in Excel. The work takes 1 to 5 days a quarter: building formulas, checking splits, reconciling entity totals by hand. The spreadsheet keeps no audit trail and enforces no LPA rule, so the methodology lives in the controller's head.
Legal invoices break spreadsheets fastest, and 63% of teams named them their hardest allocation problem. One outside-counsel invoice can run 25-plus lines, each allocating to a different entity under a different methodology: one line pro rata across three funds, the next charged to the GP, another held at the management company. In Excel that means one column per rule and one manual check per line, every quarter. The full pattern is in the legal invoice allocation benchmark.
What does Ceviche do?
Ceviche reads invoices from your AP and expense systems, applies LPA-based allocation rules line by line, splits costs across fund entities, and writes audit-ready journal entries back to your general ledger. It is not a fund administrator or a managed service. Your controller runs it.
LPA policies, digitized
Ceviche translates each fund agreement's expense policy into structured controls: caps, thresholds, exclusions, and fund or entity eligibility. The controls apply at allocation time, so an expense a fund should not bear never reaches its ledger.
Legal invoice allocation
Ceviche ingests LEDES files and splits a 25-plus line outside-counsel invoice per line. Each line lands on the correct entity even when one invoice mixes several methodologies.
Multi-entity allocation
The management company, the GP, funds, SPVs, blockers, and feeders in one workflow. Intercompany due-to and due-from entries generate automatically.
GL write-back
Finished journal entries post directly to QuickBooks Online, NetSuite, or Sage Intacct. Nobody rekeys an allocation after it clears.
Versioned audit trail
Every allocation keeps its source document, methodology, LPA basis, and approver in one record. Dated snapshots preserve the rules in force when it posted, so historical allocations stay traceable under exam.
Your stack stays
Invoices flow in from Ramp, Brex, Bill.com, Expensify, and SAP Concur. Ceviche is the allocation layer above your AP stack, not a replacement for it.
Which systems does Ceviche connect to?
General ledgers
QuickBooks Online
NetSuite
Sage Intacct
Audit-ready journal entries post directly to the GL. No rekeying, no export files.
AP & expense systems
Ramp
Brex
Bill.com
Expensify
SAP Concur
Invoices and card transactions flow in from the systems where your team already approves them.
How does Ceviche compare to IntegriDATA EAS and StavPay?
The two systems fund CFOs ask about most, compared on the criteria that decide the fit.
 Ceviche | IntegriDATA EAS | StavPay | |
|---|---|---|---|
| Focus | Fund expense allocation. One product. | Allocation plus AP, payments, and vendor management; one product line in IVP's portfolio since the September 2024 acquisition | Business-spend platform: payments, procurement, budgeting, 1099s, allocation |
| Platform | Modern software, built for how fund finance teams work today | Legacy architecture, in market since 2016 | Legacy architecture |
| LPA policy digitization | Yes. Caps, thresholds, exclusions, and entity eligibility enforced at allocation time | No LPA-policy enforcement at allocation time | No LPA-policy enforcement at allocation time |
| Who runs it | Your accounting team. Queries, reports, and rule changes are self-serve | Developer-led; custom reports and queries require code | Software with a bundled invoice-processing operations team |
| Configuration changes | Same-day for simple changes, 48 hours for complex ones | Development cycles; integration work is scoped as development in its own onboarding guidance | Customers report months for custom configurations |
| Implementation | 3–4 weeks from signed contract to first close run, with no separate implementation bill | 6–8 weeks for reference data alone; longer once integrations start | Services-led, scoped and billed per engagement |
| GL write-back | QuickBooks Online, NetSuite, Sage Intacct | SAP, Oracle, QuickBooks named publicly | GL integrations advertised; named systems not disclosed |
| Audit trail | Per-line trail from invoice receipt to GL entry, with dated snapshots of the methodology in force | Advertises a complete audit trail and Q&A hub | Not disclosed in public sources |
Competitor rows reflect their public materials and our customer conversations, current as of July 2026.
Ceviche is the modern system in this table. It goes live in 3 to 4 weeks with no separate implementation bill, and configuration changes come back within a day or two. EAS and StavPay are older platforms where implementation runs as a development project over several months.
The second difference is who does the work. EAS and StavPay deliver allocation through managed service teams, so the process runs on their people. Ceviche is a software that empowers your internal team to do expense allocations. The rules and approvals are yours, and the audit trail sits under your review.
The third is your AP stack. EAS and StavPay come with their own AP and payment layer, so buying them means paying for another AP system whether you use it or not. Ceviche does not force you to use any AP system. It works alongside Ramp, Brex, or Bill.com and leaves vendor payments where they are.
Full comparisons, including NetSuite REMS and Sage Intacct, are in the comparison library.
How Flybridge unified quarterly allocations across 18+ fund entities
“Ceviche streamlines our close process, organizes our data for audits, and drafts entries for our fund admin, all in a single workflow.”
Every allocation traces back to source documentation with a full audit trail, turning year-end fire drills into one-click PDF pulls.
Fund expense allocation software, answered.
Fund expense allocation software reads invoices, applies fund-agreement rules to split each cost across entities, and posts the resulting journal entries to a general ledger. Ceviche does this for PE and VC management companies: the manco, GP, and fund entities in one workflow, with the LPA basis documented for every allocation and an audit trail from invoice receipt through GL posting.
Yes. Ceviche translates each fund agreement's expense policy into structured controls: caps, thresholds, exclusions, and fund or entity eligibility. The controls apply at allocation time, so an expense a fund should not bear never reaches its ledger. In our customer conversations, neither IntegriDATA EAS nor StavPay enforces LPA policies at allocation time.
EAS is expense allocation plus AP and payment infrastructure, in market since 2016 and part of Indus Valley Partners since September 2024. It names SAP, Oracle, and QuickBooks publicly and scopes onboarding in waves, starting at 6 to 8 weeks for reference data. Ceviche is a single product run by the accounting team: LPA policies digitized and enforced at allocation time, self-serve reports and rule changes, live in 3 to 4 weeks, writing back to QuickBooks Online, NetSuite, or Sage Intacct.
StavPay is a business-spend platform for alternative asset managers: payments, procurement, budgeting, 1099s, and expense allocation, delivered with a bundled invoice-processing operations team. Ceviche does one job with software your controller runs. It applies LPA-based rules per line and writes audit-ready entries to your existing GL after a 3-to-4-week onboarding. Pick StavPay to replace your spend stack and add a service team. Pick Ceviche if your stack works and allocation is the broken part.
No. Ceviche does not keep capital accounts, compute NAV, or run distribution waterfalls, so it does not replace your fund administrator. It automates one part of the management-company close, which is allocating shared expenses across fund entities and writing audit-ready journal entries back to your general ledger. Your fund administrator continues its work, and Ceviche gives it clean, documented allocations to consume.
Ceviche writes finished journal entries to QuickBooks Online, NetSuite, and Sage Intacct. Upstream, it ingests invoices and card transactions from Ramp, Brex, Bill.com, Expensify, and SAP Concur. It sits between those systems, applies the allocation rules in the middle, and replaces nothing in your stack.
Onboarding runs 3 to 4 weeks from signed contract to first close run. In that window Ceviche encodes your LPA-based allocation rules, connects your AP systems and general ledger, and validates the output against a recent quarter. There is no separate implementation bill and no services team to schedule.
Stop reconciling. Get it right the first time.
Move your fund expense allocation process on Ceviche today.