Catalpa梓川科技

Sector · Private equity & venture capital

Portfolio data completed the week before the annual report is a design fault

The gap is not workflow discipline. It is that pipeline, IC papers, cap-table events, valuation and exit models each keep their own fields, so the numbers an investment committee wants have to be assembled by hand. PEPM joins pre-investment, portfolio, post-investment and disclosure into one chain without hand-offs.

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24 of the Zero2IPO VC Top 100 use PEPMChinaVenture 50+ and Top 10 exit managers covered14,000+ funds on platformDingTalk / Lark / WeCom / WeChat integration

Context and source of the rules

Definitions belong to the valuation policy and the LP pack

For a market manager, two internal documents own the field definitions: the valuation policy and the LP reporting pack. They decide how cost, fair value and distributions are calculated, how often they are recomputed, and whether a change is recorded.

When those two live in spreadsheets and email attachments, three outcomes are predictable. The same fund reports different DPI figures in different documents. Portfolio-company financials arrive only in the week before the annual report. The exit model and the IC model are never the same model.

Our position: give definitional authority back to the policy and the pack, then map each rule onto a system object. Only after that step can pre-investment, portfolio and post-investment share one data spine.

One data spine

A deal is one object; the stages are views

Most platforms model deal, investment, holding and portfolio company as four unrelated tables, so one company carries four IDs in four modules. We collapse them into a single entity: the DealFlow lead, the screened target, the post-IC position and the exited record are four stage views of the same object.

The benefit shows up immediately. Dilution computed at IC reads the same cap table that post-investment valuation uses later. Exit modelling does not re-enter history. Every figure in an LP pack traces back to a stored voucher.

  • Lead, target and position share one master ID
  • Valuation reads the IC-time cap table
  • Exit models reuse history instead of retyping it
  • Disclosure fields trace to attachments
How we build the dictionary

Pre-invest · portfolio · post-invest

Five stages, each with a deliverable

We follow the PEPM capability stages and name who produces what, and when, at every step.

pre

Sourcing and diligence

Sourcing, screening, diligence and IC support run as one reviewable progression.

  • DealFlow pipeline
  • IC materials
  • VDR document trail

in deal

Dilution and data capture

Terms drive dilution and stake changes while portfolio reporting definitions are set.

  • Dilution calculation
  • Standard reporting pack
  • USD-fund cross-border

post

Monitoring and alerts

Sentiment monitoring and KPI alerts run continuously; eighteen indicators recompute daily.

  • Sentiment watch
  • KPI alerts
  • Company data collection

post

Valuation and exit

Valuation recomputes to policy; exit runs from intent to final distribution with a trail.

  • Asset valuation
  • Exit modelling
  • Distribution basis

disclose

LP and GP portals

LP and GP portals plus mobile integration keep disclosure on the same source.

  • LP portal
  • DingTalk / Lark / WeCom
  • Encrypted document delivery

Capability map: PEPM modules against real questions

Module names follow the public PEPM product site. Edition tiers (standard, advanced, professional) are set by assets under management and governance depth.

ModuleQuestion it answersStageData shape
DealFlow pipelineWhat are we looking at, and where is each deal stuckPre-investmentLead to IC status flow
VDRIs the diligence file complete, and who opened which versionPre-investmentDocument versions and access trail
Portfolio ManagementCurrent position, diluted stake and carrying valueIn deal and postHoldings ledger and valuation records
Company data collection and reportingHow portfolio-company financials arrive, and how oftenPost-investmentReporting templates and cadence
Portfolio and fund risk monitoringWhich names tripped the eighteen indicators or sentimentPost-investmentIndicator results and alert tickets
LP portal / manager portalWhat a given LP may see, and when it became finalDisclosureReports and encrypted documents

Integration and compliance perimeter

Frequent in-scope items. Cross-border structures still require your own counsel’s position.

DingTalkLarkWeComWeChatLP and GP portal integrationUSD fund cross-border reportingEncrypted LP report deliveryFinancial-report OCRRisk-model assessmentPrivate deploymentAES-256 and TLS 1.3

24/100

Zero2IPO VC Top 100 institutions using PEPM (annual third-party list)

14,000+

Funds covered on platform (managed basis)

5.6RMB tn+

Assets covered on platform (managed basis)

500+

Institutions served to date

What we can actually substantiate

Only list-coverage statistics and contract scope are citable. Case pages stay anonymous unless the client has published the engagement.

ItemBasisHow to verify it
Adoption among leading market managers24 of the Zero2IPO VC Top 100 use PEPMAnnual third-party selection; coverage statistic, not a current ranking
Exit scenario coverageTop 10 exit manager list coveredSame basis; no claim of specific deal outcomes
Published engagementYueming Capital, SaaS edition, covering fund and project managementCompany case page on pepm.com.cn
Platform scale14,000+ funds / RMB 5.6 tn+ assetsCumulative coverage, not revenue or assets we manage
Service commitment24/7 response, issue located within one hour, one year free after acceptanceContract terms

When we advise against buying

A single-fund manager with fewer than fifteen people and one annual LP pack is better served by a shared sheet. A standard edition with nobody assigned to maintain the data dictionary will decay back to Excel within two years. And we decline briefings that ask the software to decide whether to invest: AI here compresses evidence-gathering, extraction and calculation, not accountability.

Questions at the shortlist stage

These answers give mechanism, not a substitute for your valuation policy or counsel.

Portfolio companies refuse to report financials. How does a system help?
Split the fields into three groups. Items the agreement obliges them to report are collected on contract cadence with lateness recorded. Anything derivable from public sources or registry changes is filled automatically by company data collection and reporting. Interview-only data becomes a semi-annual field with a named owner. The platform fixes missing capture and absent trails; it does not fix a counterparty that will not cooperate — that is a term to negotiate before the cheque.
How does the platform handle USD-fund cross-border compliance?
It makes the structure explicit: entity layers, source and direction of funds, filing checkpoints, and which fields are restricted, with graded storage and access trails. The compliance conclusion itself comes from counsel and the filing duty. Our scope in the in-deal stage is traceability, classification and evidence, not issuing compliance opinions.
Dilution maths never matches the registration record. Which one is correct?
Neither — they answer different questions. The agreement carries the contractual effective percentage; the registry carries the public figure, and a time gap separates them. We store both values by effective date with the reason for the difference, and each report selects the basis it needs. Any mismatch then traces to a specific change event, which is what IC and audit actually require.
How often should valuation recompute, and how do LP packs stay consistent?
Set cadence from your valuation policy; quarterly recompute with an annual review is common. The control that matters is that the LP pack reads the holdings ledger and valuation records directly rather than a copy. We pin three things: the input field list, the recompute date, and the data version the report snapshots, so only one final figure exists for a given date.
How is sensitive LP reporting distributed safely?
Two layers. Permissions run at function, data and field level, and the LP portal isolates what each investor can see. Delivery uses the encrypted LP report and document service, so a finalised pack remains traceable and revocable in transit. Static data sits under AES-256 with TLS 1.3 in transport.
SaaS or private deployment — how do we choose?
Two tests: whether you have a system administrator on staff, and whether your LPs permit third-party hosting. With governance capacity and permissive LP terms, SaaS reaches value fastest. With state-owned LPs or disclosure clauses that keep data inside your network, choose private or on-premises. The published Yueming Capital engagement runs on the SaaS edition, covering fund and project management.

Next step

Bring last quarter’s LP pack and we will trace one number end to end

In a 45-minute session we reverse three headline metrics back to IC papers, cap-table events and valuation records, and mark where the chain breaks. A separate case page covers closed-loop post-investment data for market managers.

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