{"id":890,"date":"2026-08-30T13:13:55","date_gmt":"2026-08-30T13:13:55","guid":{"rendered":"https:\/\/www.dealsplus.io\/blog\/?p=890"},"modified":"2026-08-31T13:16:33","modified_gmt":"2026-08-31T13:16:33","slug":"private-equity-cap-tables-in-the-age-of-outcomes","status":"publish","type":"post","link":"https:\/\/www.dealsplus.io\/blog\/private-equity-cap-tables-in-the-age-of-outcomes\/","title":{"rendered":"Private equity cap tables in the age of outcomes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"890\" class=\"elementor elementor-890\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-501a4992 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"501a4992\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f3de8f3\" data-id=\"5f3de8f3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-99d35ef elementor-widget elementor-widget-text-editor\" data-id=\"99d35ef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"609\" class=\"wp-image-891\" src=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-1024x609.jpg\" alt=\"\" srcset=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-1024x609.jpg 1024w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-300x178.jpg 300w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-768x457.jpg 768w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-1536x913.jpg 1536w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/shutterstock_2365344903-2048x1218.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p><strong>A question with an expensive answer<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>A PE sponsor wants to convert their loan notes into equity at one of their portfolio companies.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Working through a transaction like this is not a small job. The cap table has the fund, co-investors and management in it, holding three classes of loan notes, a series of preference shares and multiple classes of strip and sweet equity, across a cross border legal entity chain.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>It means knowing what the notes are worth today, what the equity is worth once the debt comes out of the stack, how many shares get issued and at what price, and what that does to the fund and every other holder&#8217;s position.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>A transaction like this can take days \u2013 starting with chasing scattered data, and ending with a spreadsheet nobody can reconstruct six months later.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>What we did instead<\/strong><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>We built a Claude Skill that uses the DealsPlus MCP connector, and lets the user build an end to end model in under an hour. Claude followed these steps, engaging with the user in natural language throughout:<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\"><!-- wp:list-item --><\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Got the value of the specific loan notes at the transaction date.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Ran the waterfall at an implied equity value following the swap, to value the equity.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Set out the full transaction logs and steps for the cancellation of debt and the issuance of shares, with new share counts and subscription price per class.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Set out the cap table before and after, with the dilution and the value of holdings for the sponsor, the co-investors and management.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><!-- wp:paragraph --><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17fcfac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17fcfac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2db97a6\" data-id=\"2db97a6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-443e5cc elementor-widget elementor-widget-image\" data-id=\"443e5cc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"884\" src=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-927x1024.png\" class=\"attachment-large size-large wp-image-910\" alt=\"\" srcset=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-927x1024.png 927w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-272x300.png 272w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-768x848.png 768w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-1391x1536.png 1391w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1-1855x2048.png 1855w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig1-1.png 1880w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-936a085 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"936a085\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2789116\" data-id=\"2789116\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a423d8d elementor-widget elementor-widget-image\" data-id=\"a423d8d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"785\" src=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-1024x1005.png\" class=\"attachment-large size-large wp-image-911\" alt=\"\" srcset=\"https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-1024x1005.png 1024w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-300x294.png 300w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-768x754.png 768w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-1536x1507.png 1536w, https:\/\/www.dealsplus.io\/blog\/wp-content\/uploads\/2026\/08\/fig2-1-2048x2010.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0010540 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0010540\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8624e49\" data-id=\"8624e49\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b14c8a0 elementor-widget elementor-widget-text-editor\" data-id=\"b14c8a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Doing this accurately<\/strong><\/p>\n<p>Claude had access to the structured, auditable data within DealsPlus: every instrument with its rank, coupon, day count and currency; every holder; every event; the whole entity chain. And it had access to our calculation engine, which is deterministic, owns the interest, the ranking and the waterfall, and returns the same answer every time.<\/p>\n<p>Given both, and a set of rules and guardrails, the AI&#8217;s job is not to guess, but to orchestrate. It resolves what the user means, asks the engine the right questions in the right order, and presents the result for review.<\/p>\n<p>Claude does not calculate the value of the debt, or the price at which the shares should be issued. Where something is a commercial judgement rather than a calculation, such as valuation, it allows the user to make the judgement, and gives them the waterfall to test it against. The deliverables required for accounting and legals are not produced unless they reconcile \u2013 in this case, to the value discharged, to the cent. And it produces the full before and after position, with the dilution and the value of every holding, for the user to cross check.<\/p>\n<p>The connector gives Claude access to the data and the calculation engine. The skill holds the sequence, the checks and the domain rules, so the work runs the same way every time.<\/p>\n<p><strong>The age of outcomes<\/strong><\/p>\n<p>The interesting thing is how many PE workflows have exactly the same shape: take the live structure, apply a change or ask a question, let the engine compute, present the outcome in the form someone actually needs.<\/p>\n<p>They fall into two groups.<\/p>\n<p><strong>Work where the answer already exists in the data and just needs assembling.<\/strong><\/p>\n<p><strong><em>Notes to the accounts.<\/em><\/strong> Every portfolio company needs a share capital note and a debt note, tied to comparatives, and events during the year. Today someone manually rebuilds them each year from scattered data sets. The data and workings are already in DealsPlus \u2013 the note is a presentation problem, not a calculation problem.<\/p>\n<p><strong><em>Exit funds flows.<\/em><\/strong> At exit, someone builds the schedule of who receives what, in what order, net of everything. It is one of the most-checked documents in the deal, and it is the waterfall the engine already runs, formatted as payment instructions with every line traceable back to auditable data inside the app.<\/p>\n<p><strong><em>Exit due diligence.<\/em><\/strong> The facts legal and tax advisers ask for: what has happened to the portfolio cap table since inception, every transaction and every event, in one place.<\/p>\n<p><strong><em>Audit queries.<\/em><\/strong> Answering auditor and depositary questions on ownership structures, holdings and value, at the date they are asking about.<\/p>\n<p><strong>Work where you are modelling a change that hasn&#8217;t happened yet.<\/strong><\/p>\n<p><strong><em>Add-on acquisitions.<\/em><\/strong> What the structure and cap table look like afterwards, and what the funding does to management&#8217;s position and to fund-level ownership through the chain.<\/p>\n<p><em>Management incentive plans.<\/em> Setting one up, or changing it \u2013 new joiners, leavers, re-basing, ratchet amendments. The hard part is never the plan itself. It is what the plan does to everyone else&#8217;s economics at each exit value, which is a waterfall question.<\/p>\n<p><strong><em>Capital events.<\/em><\/strong> Cap table resets, reorganisations, and swaps like the one above.<\/p>\n<p><strong><em>Planning new deal structures.<\/em><\/strong> From sources and uses to a proposed structure and instrument set, informed by what worked on comparable deals.<\/p>\n<p>The first group is available now and is mostly a question of presentation.<\/p>\n<p>The second group is harder, and one we are experimenting with. Bundling these outcomes with our MCP connector will need guardrails, and will need to let the human make the right judgement calls. We do not think it will be easy; we also do not think it is far off \u2013 as the debt for equity swap example showed.<\/p>\n<p><strong>What changes<\/strong><\/p>\n<p>DealsPlus has always been where private equity ownership structures live. What we are building towards is somewhere clients think \u2013 where assembling the facts stops being most of the work, and the judgement gets most of the time.<\/p>\n<p>Experts will still decide. What this removes is the two days of assembly before that decision can be made. What it adds is the room to test more than one answer before committing to one.<\/p>\n<p><em>If you are working through private equity capital events like this, and would like to see how we are enabling this, get in touch <a href=\"https:\/\/dealsplus.io\/request-demo.html\">here.<\/a><\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A question with an expensive answer A PE sponsor wants to convert their loan notes into equity at one of their portfolio companies. Working through a transaction like this is not a small job. The cap table has the fund, co-investors and management in it, holding three classes of loan notes, a series of preference [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,1],"tags":[],"class_list":["post-890","post","type-post","status-publish","format-standard","hentry","category-featured","category-private-equity"],"_links":{"self":[{"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/posts\/890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/comments?post=890"}],"version-history":[{"count":20,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/posts\/890\/revisions"}],"predecessor-version":[{"id":917,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/posts\/890\/revisions\/917"}],"wp:attachment":[{"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/media?parent=890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/categories?post=890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dealsplus.io\/blog\/wp-json\/wp\/v2\/tags?post=890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}