What if the agent cannot establish the cause?

The finding identifies the missing support and the question still to resolve. Your operator can request evidence or return the finding for more investigation. A difference alone does not prove its cause.

What if we do not keep an internal book?

Use the prior period rolled forward as the comparison, with fluctuation analysis on what moved. We agree the files and comparison before the run.

Do we need a connection to our administrator?

No. Start with the files your administrator already sends. We agree the mapping and delivery method before the run. A direct connection is recommended where available.

What happens when version 3 changes something we already accepted?

The changed line returns for review. Its earlier acceptance stays on the record; it does not approve the new value.

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Start each NAV review with what changed.

An agent investigates changed lines against your internal book, source records and earlier decisions. It prepares the evidence and a proposed response for your team to approve.

Built for: Tender-offer funds, interval funds, non-traded BDCs and evergreen vehicles with an external administrator
Sources: Each NAV pack version and your internal book, by class and entity
Runs: When each pack version arrives
Writes: Read-only by default. Your team retains NAV sign-off.

A worked example

NAV investigationIllustrative · fictional fund

Meridian Private Credit FundJune NAV review

Reviewed packEarlier version
The servicing fee agreed with the internal book.
Review approved for that version.
Operator approved
Revised packLatest version
The servicing fee changed; the book did not.
Agent prepared a finding for fresh review.
Operator approval pending

Changed in the latest version

Class S servicing fee

Book and reviewed pack: $68,000
Revised pack: $120,000

Agent finding

Evidence: Fee changed
Missing support: Reason for revision
Proposed response: Request fee support

Earlier acceptance remains on record. It does not approve the revised fee.

The agent isolated the changed fee and prepared a request for support. The records establish the change; they do not yet explain it. Your operator approves the response.

How the work runs

Manual review

With FundCycle

Manual review
Compare the latest pack with your book and the reviewed version.
With FundCycleFundCycle
FundCycle identifies changed lines and differences against your tolerances.
Manual review
Reconstruct what changed and find the supporting records.
With FundCycleFundCycle agent
An agent traces the changed line to available source records and prior decisions. It prepares an explanation, evidence gaps and a proposed response.
Manual review
Decide which differences to accept or return to the administrator.
With FundCycleYour team
Your operator reviews the finding and approves the response. A changed value needs fresh review; earlier decisions remain on record.

Questions

Read-only by default. Agents investigate and prepare findings; your operators approve the resolution. Your administrator and books stay in place. FundCycle does not strike NAV.

How it sits in your stack →What it will never do on its own →

Try it on one historical cycle.

Choose one workflow and one past cycle. We agree the sources, investigate read-only, and return findings with evidence, proposed next steps and gaps that still need review. Sanitized files are fine.

The one-page result

Exceptions foundFindings checked against the source records

Evidence gapsMissing support and unresolved questions

Reviewer hoursBefore and after, on your own cycle

False positivesUnsupported findings counted and listed

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