You know the moment. The deal terms are agreed in principle, someone asks for a tweak to the pref or a new promote tier, and your model starts to sprawl. Tabs multiply, references break, and you are double checking who gets what in each period. The friction is not the math. It is rebuilding the same waterfall logic again and making sure the outputs match the story you are telling LPs and partners. This task cuts that loop to a single run. Underwriting ~15 min to run Build an Equity Waterfall Vic prompt Use Vic to build an equity waterfall for a real estate deal with specified equity structure, project cash flows, contributed capital, and hold period. Purpose Replaces three hours of manual modeling with a 15-minute output. Ensures accurate promote calculations and clear visibility into LP and GP returns before committing to a deal structure. Inputs Equity Structure Optional Project Cash Flows Optional Contributed Capital Optional Hold Period Optional Outputs An Excel file with distributions to LP and GP by tier and period, each party's IRR and equity multiple, GP promote dollars and percentage, and LP net return after promote, plus a short summary. Time saved Turns roughly three hours of manual work into about 15 minutes. How it works You hand Vic the core inputs you already have: equity structure, project cash flows, contributed capital, and hold period. If you have specific terms like a preferred return, GP catch up, or multiple promote tiers, include them. The run command is simple: Use Vic to build an equity waterfall for a real estate deal with specified equity structure, project cash flows, contributed capital, and hold period. Vic returns an Excel file that lays out distributions to LP and GP by tier and by period. The model walks through return of capital, preferred return, GP catch up, and any promote tiers you define. It calculates each party’s IRR and equity multiple, the GP’s promote dollars and effective promote percentage, and the LP’s net return after promote. You also get a short summary with the key outputs so you do not have to hunt through tabs before a call. The value here is accuracy and speed on the pieces that tend to drift. Promote math is easy to get wrong when you edit an old template or add a new tier late in the process. With distributions broken out by period and tier, you can see where dollars go and when. That clarity matters when you are negotiating splits or explaining outcomes to an investment committee. This is built for how deals get worked. Acquisition analysts can drop in a revised cash flow and see how a higher pref changes the GP’s effective promote. Fund managers can test a catch up structure without rewriting formulas. GPs and JV partners can align on terms with a shared file that shows the same numbers to both sides. The output is a working model, not a static exhibit. You can trace distributions through each tier, tie totals back to your cash flow, and adjust assumptions as the deal evolves. Because the file includes both IRR and equity multiple for each party, you can compare structures on equal footing instead of arguing from partial metrics. Time is the obvious gain. What used to take a few hours of careful setup and review comes back in about 15 minutes. The less obvious gain is confidence. When the waterfall is right, the conversation shifts from fixing formulas to deciding terms.