Fund expense allocation for PE, VC, credit, and real estate management companies.

Fund expense allocation software reads invoices and applies fund-agreement rules to split each cost across entities. Then it posts the journal entries to a general ledger. Ceviche does this for PE, VC, credit, and real estate management companies. The management company, the GP, and the funds are in one workflow. Ceviche documents the LPA basis for every allocation and keeps an audit trail from invoice receipt through GL posting.

Yes. Ceviche translates each fund agreement's expense policy into structured controls, including caps, exclusions, and fund or entity eligibility. The controls apply at allocation time, so an expense outside the LPA goes to review before it reaches a fund's ledger. In our customer conversations, neither IntegriDATA EAS nor StavPay enforces LPA policies at allocation time.

By its public materials, EAS is expense allocation plus AP and payment infrastructure. By the same materials, it came to market in 2016 and became part of Indus Valley Partners in 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 that your accounting team runs. It digitizes your LPA policies and enforces them at allocation time. Reports and simple rule changes are self-serve. Core go-live takes 2 to 4 weeks, and Ceviche writes back to QuickBooks Online, NetSuite, or Sage Intacct.

By its public materials, StavPay is a business-spend platform for alternative asset managers. By the same materials, it covers payments, procurement, budgeting, 1099s, and expense allocation, and it comes 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, with core go-live in 2 to 4 weeks. 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. It allocates shared expenses across fund entities and writes audit-ready journal entries back to your general ledger. Your fund administrator continues its work, and Ceviche gives it clean allocations with the backup attached.

Ceviche writes finished journal entries to QuickBooks Online, NetSuite, and Sage Intacct. It reads invoices, card transactions, and expense reports from Ramp, Bill.com, Brex, Expensify, and SAP Concur. It sits between those systems, applies the allocation rules in the middle, and replaces nothing in your stack.

Keep those splits. A saved split in your AP tool works well for a fixed percentage on one charge. Ceviche handles what a fixed split cannot. It handles a basis that changes each quarter, LPA caps and exclusions, and a legal invoice that splits line by line. It also records the approval, generates the fund invoice, and tracks the due-from balance for each split. If your team already tags a split in an AP or expense tool, Ceviche can import it.

By their public materials, those modules allocate transactions and account balances with preset percentages or schedules. Keep them for that work. Ceviche works on each invoice line, under the rules your team approved. Then it posts the journal entries into the same ledger. The comparison pages show the differences row by row.

Core go-live takes 2 to 4 weeks. It covers your entities, your methodologies, your rules, and import and export. In that time, we connect your AP and expense tools and set up your LPA-based allocation rules for your team to approve. Your team checks the output on its own invoices. We scope new GL connections and historical data separately.

The product is standard. Every customer gets the same features: entities, methodologies, rules, approvals, fund invoices, and reports. Core go-live sets them up for your firm, with your own methodologies and rules. The subscription includes support from our team, during onboarding and after it. We scope two things separately. The first is a connection to a general ledger other than QuickBooks Online, NetSuite, or Sage Intacct. The second is the migration of your historical data.

Ceviche is one annual subscription. The price is based on your entity structure and allocation setup. There is no implementation fee, and we do not charge per user. The price does not depend on AUM, and a fund that you add during your subscription does not change it. Ask for an estimate during the demo. You get the exact number after a free 2-week sandbox on your own invoices. The sandbox runs under an NDA and ends with a review call with your team.

No. AI reads each invoice and drafts its header fields and line items. Every split comes from a deterministic rule that your team configured and approved, or from an allocation that your controller or CFO made. Ceviche can suggest a split from your past allocations and custom fields, but it never decides one. Every number that posts traces back to a human approval. A rule runs the same way every time, so an auditor reviews the rule once, not hundreds of individual decisions.

You can build a first version quickly. A first version reads bills and card spend and applies a few rules. Fund expense allocation needs more inputs: your entity structure, the basis numbers for each period, and the terms of each LPA and side letter. It also has more outputs: journal entries for each ledger, a fund invoice for each fund, and the audit trail for auditors and SEC exams. In a quick build, the model makes each split, and a model that reads your LPA again can give a different answer. Your team cannot give an SEC examiner "the model decided" as the reason for a split. A tool that one person built with AI also depends on that person. In Ceviche, a split comes from a deterministic rule that your team configured and approved. The same invoice and the same basis always give the same split, and each journal entry traces back to its rule and its approval. Ceviche also includes the connections to your AP and expense tools and your GL, so your team does not have to maintain them. Fund expense allocation is our only product, and we built it for the questions that an SEC examiner asks. To compare the two, run the free 2-week sandbox on the same invoices.

Yes. Click any fund expense to open four items together. You see the source invoice, the methodology and numbers behind the split, the approval history, and the journal entry. Reports by fund, vendor, and period export to Excel, so the backup for an exam request is ready.

Yes. Ceviche reads every line of a legal invoice, from a PDF or a LEDES file. It sends each line to the correct entities under the correct methodology. The rule that your team approved for that matter number sets the entities and the methodology. Deal work can go to the fund while general counsel work stays with the management company.

Yes. A rule can send an expense to a portfolio company, a fund, or the management company. Ceviche generates an itemized invoice for the expenses that the management company paid for each portfolio company, with the vendor invoices and receipts attached. We can set up one invoice template for funds and a different template for portfolio companies.

Yes. Ceviche has a SOC 2 Type 2 report. You set access by role, and the database enforces it. Ceviche encrypts databases at rest and data in transit. A third party runs a penetration test on the platform at least once a year. Your data is never used to train AI models.

Yes. Your controller runs Ceviche day to day. The rules, approvals, and reports stay with your team, and your AP tool keeps paying vendors.

Yes. Venture firms run their main funds, co-invest vehicles, and SPVs in Ceviche, each with its own caps and methodology. When a follow-on round changes who invested, the split for that deal changes with it.