Frequently asked questions
Straight answers.
What does Managing Analyst do?
It's post-close monitoring for a portfolio company or fund. From your agreements — credit agreement, LPA, operating agreement, side letters — it tracks every obligation, covenant, and reporting deadline, each with its verbatim citation; computes the adjusted EBITDA your covenant ratios run on; and models the sponsor fees and distributions you're entitled to at current leverage. The same documents drive all three.
Can it model the sponsor's fees and distributions?
Yes. Define any permitted payment the agreements allow — management, monitoring, board, and expense fees, transaction fees, and distributions — as a fixed amount or a percentage of EBITDA, transaction value, or committed capital, with floors, ceilings, leverage conditions, basket caps, and netting (e.g. portfolio-company fees offsetting the LPA management fee). It shows what's payable versus accrued at your current leverage, per quarter.
Does it support covenants other than net leverage?
Yes — any financial covenant works: net leverage, DSCR, interest or fixed-charge coverage, minimum EBITDA, minimum liquidity, or any ratio or level test. You set the name, the ≥/≤ test, the threshold, and the current value, and it flags a thin cushion before a breach.
Does the AI decide anything on its own?
No. The AI is assistive. It proposes obligations from your documents and proposes which line items are addbacks under each definition — and a human confirms every one. Nothing is marked triggered, satisfied, or breached automatically, and no addback is counted until you accept it.
How is “covenant EBITDA” different from my reported EBITDA?
Your credit agreement defines its own addbacks, with its own caps (hard-dollar, percentage-of-EBITDA, aggregate) and time limits. The engine applies exactly those rules to your general ledger and shows a reported→adjusted bridge you can recompute line by line. And because each governing document — the credit agreement, the MIP, the LPA — defines EBITDA differently, the engine computes a separate number for each rather than one blended figure.
What happens to documents I upload?
Uploaded files (the credit agreement, LP agreement, side letters, financials) are stored as source-of-record and treated strictly as data, never as instructions. Obligations link back to the verbatim clause, and you can open the full document from any citation.
Can my whole team use it?
Yes. Your firm is an organization; you invite teammates. An admin sees every entity in the org; others see only the funds and portfolio companies they're a member of. Access applies across every tab for that entity — obligations, EBITDA, and sponsor economics.
How do you handle our data?
Your data stays within your organization: entities and documents are visible only to the teammates you invite, and every agreement you upload is treated strictly as source-of-record data — never as instructions. Managing Analyst is in early access, so we scope each pilot to what's appropriate and are glad to walk your team through our current security posture and roadmap. Reach out and we'll cover the specifics.
What does it cost?
It's free while we're in early access — the full product, no credit card, no seat or entity limits. When we introduce pricing later it'll be simple and per-firm, and we'll give early-access firms plenty of notice.
How do I get started?
Create an account and add a company or fund, then upload its agreements — credit agreement, LPA, operating agreement, side letters. Confirm the obligations and the covenant-EBITDA definition it proposes, and you're tracking. We're happy to help you onboard directly — just reach out.