M3-Measure

Build Value & Trust.

Durable relationships with LPs through transparency, confidence, and shared understanding. When your numbers are exact, trust follows naturally.

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Three Modules, One System

From Warehouse to Investor

M3 transforms M1's warehouse of truth into certified outputs, governed workflows, and institutional-grade LP reporting — all powered by deterministic calculations.

Logic Models

Performance Book of Record

A warehouse-native operating system for private funds. Unifies fund, investor, and terms data into a Performance Book of Record (PBoR), executes deterministic waterfall calculations, and produces explainable step-ledger outputs.

Rules DSL for LPA/side-letter logicDeterministic waterfall engineStep-ledger explainabilityCapital calls & distributionsFee computation & allocationSubsequent close handling

Performance Monitoring

Observability & Quality Controls

End-to-end observability across data ingestion, PBoR, calculation runs, workflows, and reporting. SLOs for every critical path, data quality checks that block bad outputs, and audit-grade traceability.

SLIs & SLOs per capabilityData quality monitoringFund close readiness dashboardReconciliation break detectionAutomated evidence packsCost & performance profiling

Investor Portal

Institutional-Grade LP Reporting

A permissioned, read-only LP experience that delivers clear, timely, and trusted reporting. Not a document dump. Not an uncontrolled AI interface. Purpose-built for trust, clarity, and institutional reporting.

Holdings & ownership viewsCapital activity trackingSecure document vaultPerformance trends & deltasWatermarking & access controlshenonGPT in-context queries
Logic Models

Codify Your Fund Rules

Every fund has unique economics — waterfall structures, fee calculations, allocation rules, clawback provisions, and side-letter overrides. Logic Models lets you define them once in a Rules DSL, execute them deterministically in-warehouse, and audit them forever.

The deterministic calculation engine compiles rules into warehouse-executable logic with push-down execution. Every output includes a step ledger — tier-by-tier allocations, rounding deltas, and full lineage back to input snapshots.

No more spreadsheet-based waterfall calculations. No more manual fee computations. The rules live in the system, execute against the warehouse, and produce certified outputs.

LOGIC MODEL — FUND III WATERFALL

TIER_1 preferred_return: 8%

→ LP receives 100% until 8% IRR

TIER_2 catch_up: 20%

→ GP receives 100% until 20/80 split

TIER_3 carried_interest: 20%

→ 80% LP / 20% GP thereafter

// Clawback provision

CLAWBACK trigger: lifetime_carry > realized

→ GP returns excess carry to LP

// Side-letter override

OVERRIDE investor: LP_042 | precedence: 2

→ Reduced mgmt fee: 1.25% (vs 1.50%)

STATUS: VERIFIED ✓ | RULE_SET: r_789@v3 | AUDIT_ID: LM-2026-0847

Workflow & Controls

From Draft to Delivery

DraftCreate distribution event or capital call
ValidateCompile and execute rules in-warehouse
ApproveDual control with configurable approver groups
PostImmutable approval logs and GL summaries
NotifyPublish notices and packs to portal
ReconcileTie-out against GL, bank, and platform
Performance Monitoring

Observability at Every Layer

Every published number links to inputs, rule versions, and execution traces. SLOs ensure calculations complete on time. Data quality checks block bad outputs before they reach LPs.

SLO TARGETS — V1
Waterfall calc

P95 < 5 min

250 investors / 1 fund
Capital call calc

P95 < 2 min

250 investors
Report generation

P95 < 60 sec

Standard LP pack
Data freshness

By 04:00 local

GL + bank ingest nightly

Platform Health

Job success rate, runtimes, failures by stage, query cost

Fund Close Readiness

Pending approvals, breaks, stale sources, last run times

Calculation Quality

Tie-out deltas, rounding deltas, exception counts

Audit Evidence

Change logs for rules, approvals, exports with immutable IDs

Investor Portal

Where Truth Lives

The M3 Investor Portal is Henon's permissioned, read-only LP experience — designed to deliver clear, timely, and trusted reporting. It replaces PDFs and email threads with a single, consistent source of truth.

Holdings & Ownership

Investor commitments, fund hierarchy, and look-through exposure to portfolio companies.

Capital Activity

Capital calls and distributions with allocation detail per notice and historical traceability.

Documents

Quarterly reports, capital account statements, notices, LPAs, and side letters — watermarked and access-controlled.

Performance Views

Structured visual presentation of performance, trends, and period-over-period deltas.

Governance & Trust

Human review and sign-off before LP visibility. Auditability and consistency across periods.

Intelligence Access

henonGPT explains results in context. MCP allows LPs to access answers from preferred tools.

Three Surfaces, One Truth

Portal

Where truth lives

Visual narrative, formal reporting moments, document governance, brand signaling.

henonGPT

Where truth is explained

In-context queries that reference portal artifacts. AI responses link back to views and documents.

MCP

Where truth is accessed

LPs access answers from their preferred tools. All powered by the same M3 system of record.

The Outcome

Trust at Every Level

What LPs Get

  • Self-service access to holdings, capital activity, and exposure
  • Structured performance views with trends and deltas
  • Secure access to statements, notices, and reports
  • Consistent experience across reporting periods

What GPs Get

  • Reduced servicing overhead
  • Fewer ad-hoc LP questions
  • Confidence that LPs see the right data
  • Institutional reporting that reflects brand

Measure with Certainty.

Henon turns LP reporting from a quarterly obligation into a durable, trusted system of record.

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