Glossary
Key terms used throughout the FundAdmin AI documentation.
Fund Administration
LPA — Limited Partnership Agreement. The governing document for a private fund, setting out the rights and obligations of the GP and LPs.
PPM — Private Placement Memorandum. The disclosure document provided to prospective investors.
Side Letter — A bilateral agreement between the GP and a specific LP that modifies or supplements the LPA terms for that investor.
Capital Call — A notice to LPs requesting a draw-down of committed capital.
Distribution Notice — A notice to LPs of a return of capital or profit distribution.
Capital Account Statement — A periodic statement showing an LP's account balance, contributions, distributions, and allocated income/loss.
Schedule K-1 — US tax form issued to each partner showing their allocated share of income, deductions, and credits.
DDQ — Due Diligence Questionnaire. A structured questionnaire sent by prospective investors to assess the GP's operations.
MFN — Most Favoured Nation. A side letter provision entitling an LP to the benefit of any more favourable terms granted to another LP.
LPAC — Limited Partner Advisory Committee. A committee of LP representatives that advises the GP on conflict-of-interest matters.
Waterfall — The distribution priority mechanism that determines the order in which proceeds are allocated among the GP and LPs.
Carried Interest — The GP's share of fund profits, typically 20% above a preferred return hurdle.
Clawback — A provision requiring the GP to return carried interest if, at fund liquidation, it has received more than its correct share.
Key Person — A named individual whose departure from the GP triggers an automatic suspension of the investment period.
Platform Terms
T1 — Tier 1: the 62 /fund Claude Code skills and MCP vault server. Free, MIT licensed.
T2 — Tier 2: the Obsidian vault template (fund-admin-vault/). Free, MIT licensed.
T3 — Tier 3: the commercial Next.js 16 webapp (apps/web, apps/worker, apps/ws).
LPA Safety Score — A 0–100 composite score produced by the 5-agent review pipeline. See LPA Safety Score.
MCP — Model Context Protocol. The protocol used by mcp-vault-server/ to expose vault tools to Claude.
Inbox — ~/FundAdmin-AI-Vault/Inbox/. PDFs dropped here are automatically classified and, if LPA-type, reviewed by the SDK pipeline within 30 seconds.
Workspace — A logical container in the T3 webapp grouping funds, investors, reviews, and runs. URL slug: /w/[slug]/.
Slug — A URL-safe identifier derived from a workspace or fund name.
Risk Levels
High Risk — A finding that requires immediate attention or legal review before signing.
Medium Risk — A finding that warrants negotiation or further diligence.
Low Risk — A minor issue or market-standard deviation that is noted but unlikely to be negotiable.
Regulatory
AIFMD — Alternative Investment Fund Managers Directive. EU regulation governing alternative fund managers.
Form PF — SEC reporting form for private fund advisers.
Form D — SEC exemption notice for securities offerings under Regulation D.
FATCA — Foreign Account Tax Compliance Act. US legislation requiring foreign financial institutions to report US account holders.
CRS — Common Reporting Standard. OECD framework for automatic exchange of financial account information.
KYC — Know Your Customer. Due diligence process for verifying investor identity and source of funds.
AML — Anti-Money Laundering. Regulatory requirements to detect and prevent money laundering.