Side letters that actually get honoured.
Every investor-specific term stored as structured data, applied in the calculations it affects, and tracked as an obligation until it's done.
What is side letter management?
Side letter management is recording the terms a fund has granted individual investors outside the LPA — fee breaks, reporting rights, co-investment rights, excuse rights, MFN elections — and making sure each one is applied in calculations and fulfilled as an obligation. It matters most after final close, when MFN elections can change many investors' terms at once.
A side letter is only as good as the process that remembers it. FUN/D turns each term into either an override (a fee rate, a reporting format) that the relevant calculation applies automatically, or an obligation (a notice, a consent, a report) with an owner and a due date.
FUN/D is the books-of-record product from the company behind InvestorPortalPro: where IPP is a portal for firms whose accounting lives elsewhere, FUN/D is the ledger, with the portal as its read side.
Structured terms
Each term captured by type, investor and effective date.
MFN elections
Election packages generated after final close and elected terms applied across investors.
Fee overrides
Rate breaks and waivers applied in management fee and waterfall calculations.
Reporting rights
Additional reports and cadence tracked as recurring obligations.
Excuse rights
Investors excused from specific investments handled in calls and allocations.
Audit trail
Who recorded, changed and fulfilled each term, and when.
Questions we get about this
Can FUN/D read our side letters automatically?
Terms are captured during onboarding; we'll walk through your letters with you and set each one up.
Related reading
See FUN/D on your own fund data.
One conversation, no deck, no seat count. Tell us the structure and we'll show the platform running it.
Talk to us
Name and work email. We reply within one business day, from a person.
Sent.
Someone from FUN/D will email you within one business day. If it's urgent, call +1-212-658-0862.