Capital call reconciliation transformation for a private equity firm

The challenge 

A leading private equity (PE) firm managing nearly $20B in assets partnered with Clearsulting to modernize their high-stakes capital call reconciliation process, which had become increasingly difficult to sustain as their fund activity scaled. Issues that prevented the company from effectively scaling further included: 

• The treasury team was spending hours each week manually reviewing hundreds of pages of bank statements, trying to manually match investor deposits that arrived in inconsistent formats and lacked clear identifiers. This wasn’t just manual pain; it was operational risk preventing growth. 
• Visibility into which calls were fully funded versus outstanding was limited. 
• Small errors in tracking inflows risked creating downstream financial reporting issues. 

As fund activity increased, capital call reconciliation became more of a control risk than an inconvenience, prompting action from Treasury. 

The approach 

Clearsulting stepped in to design a reliable and efficient operating model powered by Kyriba to overcome PE-specific complexities and operating pressures. We approached the problem as an operating design challenge, not a reporting fix. The solution was built around three principles: standardizing investor inputs, automating reconciliations through Kyriba, and delivering decision-ready visibility to treasury. 

We began by recommending targeted process adjustments, including standardized investor ID tagging to create consistency in payment references. The results were immediately impactful. 

“This looks significantly cleaner and makes tracking simple,” said one Treasury team member. “With standardized investor numbers, there’s no room for manual error. It’s easy to input and go. We spend far less time sifting through transactions.”

With that foundation in place, Clearsulting built a reporting solution that leverages Kyriba’s API-based Open Report Studio to automatically retrieve, filter, and present capital call data in a categorized format that is far easier for the treasury team to consume.  

To give the team a powerful analytical tool, Clearsulting also developed a dynamic workbook that visualizes reconciled and unreconciled payments, enabling quick identification of missing or delayed funds. 

The solution 

The results were clear within the first capital call cycle: 

• Treasury gained real-time insight into the status of capital calls without relying on manual review, with over 70% of capital call activity automatically reconciled through Kyriba. 
• A time-intensive scanning process was replaced with a consistent, reference-based approach that increased accuracy and reduced operational friction. The solution led to an 83% reduction in the time required to resolve reconciliation exceptions, freeing treasury capacity to support new funds and increased deal velocity. 
• The team now benefits from a single view of payment activity, making it easier to identify unpaid items and understand investor behavior.  

Most importantly, the solution established a scalable foundation for future automation across treasury, fund, and payment workflows. The evolved process supports fund lifecycle growth, reduces investor relations risk, and prepares the team for internal and external audit scrutiny. 

Supporting private equity

For PE firms, capital calls are not just cash movements. They are “trust moments” with investors. Clearsulting helps PE firms design these trust moments to scale with confidence, using platforms like Kyriba as accelerators.  

For PE firms navigating high-volume, high-stakes cash activity, Clearsulting is a leading firm that brings the combination of treasury expertise, practical process redesign, and Kyriba implementation experience needed to drive clarity and control. This project is one more example of how we help PE organizations modernize operations and increase precision.