Cap table + share classes
MICs often have multiple share classes with different fee structures, minimums, and distribution rules. The platform must handle per-class unit pricing, units outstanding, NAV history, and pro-rata ownership computation as first-class concepts — not bolted on.
Specifics to verify:
- Independent NAV cadence per share class.
- Per-class fee schedules (management + performance + trailing).
- DRIP enrollment per holding, not per investor.
- Audit-grade historical cap-table snapshot at any past date.
Distribution engine
Distribution math is regulator-exposed. Mistakes get caught. The platform should compute pro-rata by share class, apply per-jurisdiction withholding, support DRIP rollover, and produce per-investor distribution statements ready for EFT or wire.
Subscription + accreditation
Subscription wizard quality is the experience most prospective investors see first. A clean, multi-step flow with KYC + accreditation gates, OM acknowledgment, residency declaration, and exemption documentation tells investors you take their relationship seriously.
Tax reporting + T5 / NR4
The platform should generate T5, T5008, and NR4 documents the moment the fund year closes — not 4 weeks later. CRA-ready exports. Per-investor delivery via the portal. Year-over-year comparison for the investor's reference.
Investor experience
The investor portal is one of the most underweighted differentiators when raising the next fund. LPs notice live IRR/TVPI metrics, watermarked data rooms, and tax docs delivered Jan 1. They notice when these are missing and recommend funds accordingly.
FSRA + FINTRAC readiness
FSRA AIR-ready exports, FINTRAC LCTR / STR reporting, annual audit packages, and per-investor evidence trails should be a click — not a project. Ask the vendor to walk you through a real audit response on a real deal.