From first screen to final exit, Nikashya ties every figure your investment committee sees back to the document, page and person it came from. Conflicts are caught, decisions are frozen, and your LPs get answers they can audit.
Claim · FY26 adjusted EBITDA
Private markets in 2026 are short of liquidity and short of proof.
European DPI as a share of AUM in 2025, against a historical 14–16%.1
US PE-backed companies waiting for an exit, roughly nine years of inventory.2
of fund-of-funds teams' time spent handling GP data from PDFs, emails and scans.3
of VC firms use AI for LP reporting. AI is only as good as the data behind it.4
GPs, LPs, family offices and founders describe the same failures. Each one is a gap between what was known and what was decided.
What it costs. Decisions rest on management's figures. Gaps surface after signing, when they cost the most.
What changes. Every claim cites the document, version and page it came from. Conflicting sources are flagged and resolved by a named reviewer.
What it costs. Protections are missed in the SPA, and the 100-day plan ignores what diligence found.
What changes. Each confirmed finding is mapped to an SPA protection, a condition precedent or a 100-day action, with an owner.
What it costs. Nobody can say whether the thesis is working, and the lessons leave with the deal team.
What changes. The underwriting case is frozen at closing and tracked against actuals, value-creation initiatives and look-backs.
What it costs. Consents are missed and covenant breaches are found a quarter late.
What changes. A counsel-confirmed obligation register, covenant tests on actuals and forecasts, and a 13-week cash view.
What it costs. Figures don't reconcile, DPI questions take days, and regulatory filings are assembled by hand.
What changes. IPEV marks with sign-off, reconciled to the administrator; ILPA-style statements; AIFMD, SEBI AIF and SFDR extracts.
What it costs. Raises run long, and deals are re-traded after diligence uncovers what was already knowable.
What changes. Evidence-backed readiness scores, an improvement plan and a statement that investors and lenders can rely on.
What it costs. Reputational and regulatory risk is discovered after the money has moved.
What changes. Integrity scans from the first screen; KYC, sanctions and PEP checks with second-person decisions and due process.
What it costs. Teams reconcile spreadsheets between CRM, data room, monitoring and administrator instead of making decisions.
What changes. One platform across the lifecycle that imports from your existing systems and reconciles to them.
Monitoring tools collect KPIs. Fund administrators keep the ledger. CRMs track the pipeline. None of them can tell an investment committee where a number came from, who challenged it, and what was decided on it.
Nikashya joins the deal lifecycle and the evidence trail in one system. That is the moat, and it is what LPs now ask for: what is my cash back, against what benchmark, and on whose evidence?
| Category | Strength | Typical gap |
|---|---|---|
| Portfolio monitoring | KPI collection, roll-ups | Manual mapping, thin storytelling |
| Fund administration | Ledger, waterfalls | Analytics bolted on |
| Family-office wealth | Multi-asset consolidation | Long implementations, shallow private-asset depth |
| Deal-flow CRM | Relationships, sourcing | Little after closing |
| Benchmarks & data | Quartiles, PME | Providers disagree |
| Nikashya | Lifecycle + evidence | One cited record from screen to exit, with integrations into the tools above |
Most platforms serve one seat at the table. Nikashya connects the people who create, test, fund and oversee an investment. Nothing leaves a firm without consent, a defined scope and an access log.
NikashyaEvery module owns its data and talks to the others only through governed interfaces, so you can start with one and add the rest as you grow.
Every claim cites a document version and page. Conflicting sources are flagged, resolved by a named reviewer and restated when facts change.
IC gates with authorised waivers, separation of duties and a frozen underwriting case, so "what we believed at entry" is never rewritten.
AI drafts briefs, IC memos and red-flag scans with citations. Nothing enters the record until a person reviews it.
A hash-chained, append-only audit trail sealed with signatures held outside the database. Show a regulator exactly what happened.
Integrity indicators, beneficial owners, screening with second-person decisions, and due process before anything is concluded.
Gross and net returns, exposure and concentration, reconciled to the administrator before anything reaches an LP.
“Would this number survive the IC, and will the plan survive the first board?”
Today. Unverified figures, findings lost at signing, value-creation plans nobody tracks.
With Nikashya. An IC pack where every figure opens its source, and an exit case built on the same record.
Modules you will use
“Where is the power law in our book, and where should reserves go?”
Today. Thin company reporting, ad-hoc follow-on decisions, LP questions on concentration.
With Nikashya. Reserves by performance band, follow-on rates by stage and cohort views, from verified KPIs.
Modules you will use
“What is my cash back, against what benchmark, and when?”
Today. Manager data in PDFs, slow reconciliation, no view of pacing against policy.
With Nikashya. Pacing, liquidity and allocation against policy, with manager scorecards you can defend.
Modules you will use
“Are we ready to raise, and what will diligence find?”
Today. Long raises, surprise findings, re-trades and investors who don't fit.
With Nikashya. A readiness statement backed by evidence, the right investors, and fewer surprises.
Modules you will use
“Can this company carry the debt, and will we see trouble early?”
Today. Self-reported figures and covenant breaches found after the quarter closes.
With Nikashya. Indicative capacity from verified figures, and covenant tests on actuals and forecasts.
Modules you will use
“Which companies are investable, and what exactly are we being shown?”
Today. Unverified cohort claims, unscoped data sharing, no record of who saw what.
With Nikashya. Consented, scoped access to released evidence, with a full access log.
Modules you will use
Built to the Manhotra Consulting application standard: every module, every screen, every data path.
Designed for the privacy and security regimes of these jurisdictions (including DPDP, PDPA, PDPL, GDPR and DORA). Formal certifications and regional hosting are confirmed per engagement.
निकष (nikaṣa) is Sanskrit for the touchstone. For two thousand years, assayers in India rubbed gold on a black stone and read the streak it left before anyone traded on it.
Nikashya does the same for capital. Every figure is rubbed against its source before your committee, your lenders or your LPs rely on it. In our seal, the gold streak is the one that passed, set inside an engraved rosette like the guilloché on a banknote: hard to forge, easy to verify.
Nikashya is built and delivered by Manhotra Consulting: partners who have sat on both sides of the investment committee.
We walk your team through Nikashya using your own process, gates and reporting obligations.
Run a live diligence or portfolio review end to end and judge the evidence trail for yourself.
Add funds, teams and modules at your pace, with your data kept in the region you choose.
No. Nikashya imports from the systems you already run and reconciles to your administrator's statements. Most firms start alongside their existing tools and retire spreadsheets, not systems.
Yes. Each module owns its own data, so a firm can start with diligence, portfolio monitoring or LP reporting and add modules later without a migration.
No. Agents draft briefs, memos and red-flag scans with citations. Nothing enters the record until a person reviews and approves it. You choose the model (Claude, OpenAI, Gemini, Kimi or a local model) through one governed gateway.
You choose the region for each firm. Access is set by role, record, field and lifecycle status, and enforced on the server. Co-investors, lenders and LPs see only the released content you share with them, with consent and an access log.
A pilot runs one live deal or portfolio review end to end in about eight weeks, so your team can judge the evidence trail on its own work before committing.
Forty-five minutes with a partner. Bring a deal; we will show you its evidence trail.
Prefer email? contact@manhotraconsulting.in
