# Raziel Learn (page 7 of 23) > Guides on tracking startup equity, SAFEs, SPVs, funds, real estate, and crypto from Raziel. Canonical: https://raziel.co/learn/page/7 ## Topics - [Startups & SAFEs](https://raziel.co/learn/category/startups-safes): SAFEs, convertible notes, priced rounds, cap tables and the investor rights that come with them. - [SPVs & Funds](https://raziel.co/learn/category/spvs-funds): Commitments, capital calls, distributions, fees, carry and fund performance for LPs and syndicate investors. - [Exits & Liquidity](https://raziel.co/learn/category/exits-liquidity): M&A terms, escrows and earnouts, secondaries, tenders, lockups and Rule 144 after the exit. - [Tax & Compliance](https://raziel.co/learn/category/tax-compliance): K-1s, QSBS, 83(b) elections, opportunity zones, trusts and the rules around private investing. - [Comparisons](https://raziel.co/learn/category/comparisons): Side-by-side looks at portfolio trackers, investor platforms and the tools angels and LPs use. - [Markets & Trends](https://raziel.co/learn/category/markets-trends): AltList weekly private markets recaps, sector themes and where alternative assets are heading. - [Investing Basics](https://raziel.co/learn/category/investing-basics): Portfolio building, diversification, risk and the fundamentals of managing alternative assets. ## Articles - [How to Track Preferred Return (Hurdle) as an LP](https://raziel.co/learn/preferred-return-hurdle-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track preferred return: ILPA's Model LPA compounds the LPA rate annually and calculates it daily. Copy remaining hurdle from the pack. - [How to Track Carried Interest Clawback as an LP](https://raziel.co/learn/carried-interest-clawback-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track clawback: ILPA Principles 3.0 wants actual and potential clawback disclosed each period. Copy carry paid, escrow, and the notice figure. - [How to Track Warrant Coverage on a Note or Preferred Round](https://raziel.co/learn/warrant-coverage-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track warrant coverage: log Warrant Shares, strike, and expiry from the PDF. Carta does not define coverage as principal times a percent. Copy yours. - [How to Track Recycling Provisions as an LP](https://raziel.co/learn/recycling-provision-tracking) (2026-08-23, SPVs & Funds, 5 min read): How to track recycling provisions: ILPA Principles 3.0 wants a cap or monitoring threshold and a sunset at the investment period. Copy both. - [How to Track Preferred Return and Waterfall on a PE Deal](https://raziel.co/learn/pe-waterfall-tracking) (2026-08-22, SPVs & Funds, 5 min read): PE waterfall tracker: ILPA Model LPA pays LPs 100% until capital plus preferred return, then GP catch-up. Map each distribution notice to those tiers. - [How to Track Private Credit: Delayed Draws, PIK, and Distributions](https://raziel.co/learn/private-credit-tracking) (2026-08-22, SPVs & Funds, 4 min read): How to track private credit: ILPA's 2025 notice template requires each transaction's impact on unfunded. Split delayed-draw unused, PIK, and cash. - [TVPI vs MOIC: Same Multiple, Different Books](https://raziel.co/learn/tvpi-vs-moic) (2026-08-22, SPVs & Funds, 4 min read): TVPI vs MOIC: ILPA says most GPs present gross MOIC on portfolio-level cash and net TVPI on fund cash. Check the denominator before you mix books. - [How to Track Rolling Fund Positions After Each Quarter](https://raziel.co/learn/rolling-fund-position-tracking) (2026-08-22, SPVs & Funds, 5 min read): How to track rolling fund positions: AngelList forms a new fund under a master Delaware LP each quarter. Open one vintage row so IRR stays unblended. - [How to Track Management Fees and Carry Drag as an LP](https://raziel.co/learn/lp-fee-and-carry-tracking) (2026-08-22, SPVs & Funds, 5 min read): How to track PE management fees: ILPA Principles 3.0 wants quarterly packs that let LPs validate fees, offsets, and paid carry. Post both as cash rows. - [How to Track NAV vs Remaining Cost on Fund Positions](https://raziel.co/learn/nav-vs-cost-basis-tracking) (2026-08-22, SPVs & Funds, 4 min read): NAV vs cost basis PE: ILPA prints current cost next to reported value on the schedule of investments. RVPI is that ratio. Do not treat NAV as cash. - [How to Track Real Estate Syndication Distributions](https://raziel.co/learn/real-estate-syndication-distribution-tracking) (2026-08-22, SPVs & Funds, 4 min read): How to track real estate syndication distributions: Pub. 541, cash is not your K-1 income share. Accrue pref, split return of capital, leftover equity. - [409A vs Preferred Price: How Investors Should Mark Common](https://raziel.co/learn/409a-vs-preferred-price) (2026-08-22, Startups & SAFEs, 4 min read): 409A vs preferred price: Cooley GO calls them apples and oranges. 409A is common FMV for option strikes; last preferred is what you paid. Keep two cells. - [SPV vs Fund vs Direct: How to Log the Same Company Three Ways](https://raziel.co/learn/spv-vs-fund-vs-direct-tracking) (2026-08-22, SPVs & Funds, 6 min read): SPV vs fund vs direct investment: Carta says an SPV buys one company, a fund buys many. Log three records so ownership is not triple-counted. - [K-1 Tracker Template: Status, States, and Late Issuers](https://raziel.co/learn/k-1-tracker-template) (2026-08-22, Tax & Compliance, 5 min read): K-1 tracker template: entity, EIN, tax year, expected, received, federal vs state, PTP, accountant pinged. IRS: item D checked means you are in a PTP. - [How to Track Private Company Valuations Between Rounds](https://raziel.co/learn/private-company-valuation-tracking) (2026-08-22, Startups & SAFEs, 4 min read): How to track private company valuations: IPEV 2025 says last-round price is not a default mark. Keep dated prints; IRR uses cash dates only. - [Private Real Estate Spreadsheet Template for Syndications and Direct Deals](https://raziel.co/learn/private-real-estate-spreadsheet-template) (2026-08-22, Investing Basics, 4 min read): Private real estate spreadsheet template: Wall Street Prep's cap rate is unlevered NOI ÷ value. Copy equity, pref, capex calls, last CoC on one row. - [Angel Investment Checklist: What to Log Before You Send the Wire](https://raziel.co/learn/angel-investment-wire-checklist) (2026-08-22, Startups & SAFEs, 4 min read): Angel investment checklist: log entity, wire instructions, instrument PDF, shadow cap table, and QSBS start. IRC 1202 clocks original-issue stock. - [How to Read an LP Capital Account Statement](https://raziel.co/learn/lp-capital-account-statement) (2026-08-22, SPVs & Funds, 5 min read): LP capital account statement: ILPA Reporting Template v2.0 rolls beginning NAV to ending NAV plus unfunded. Map each line to one tracker row. - [How to Track Alternative Investments Across LLCs and Trusts](https://raziel.co/learn/multi-entity-investment-tracking) (2026-08-22, Investing Basics, 4 min read): How to track investments across entities: IRS treats a single-member LLC as disregarded for income tax. Log cash owner vs tax owner so NAV is counted once. - [Angel Portfolio Tracker: What to Log Besides a Spreadsheet Tab](https://raziel.co/learn/angel-portfolio-tracker) (2026-08-21, Startups & SAFEs, 5 min read): An angel portfolio tracker is more than a sheet tab. Log cash dates, SAFE conversions, Carta and AngelList positions, and founder updates in one ledger. - [How to Track SAFE Notes After You Wire (Caps, Conversion, Ownership)](https://raziel.co/learn/safe-note-tracking) (2026-08-21, Startups & SAFEs, 5 min read): SAFE note tracking after the wire: log cash, ownership, and documents. At conversion, close the SAFE and open preferred linked to the same cash history. - [MOIC vs IRR: Which Number to Trust on an Angel or LP Statement](https://raziel.co/learn/moic-vs-irr) (2026-08-21, SPVs & Funds, 4 min read): MOIC vs IRR: which number to trust on an angel or LP statement. Report both, then add DPI so an early distribution does not hide a thin multiple. - [How Angels Should Read a Cap Table (Fully Diluted, SAFEs, Option Pool)](https://raziel.co/learn/startup-cap-table-for-angels) (2026-08-21, Startups & SAFEs, 5 min read): Startup cap table for angels: check fully diluted count, stacked SAFEs, and the pre-money option-pool refresh before you wire. Keep your own shadow table. - [How to Track K-1s from Alternative Investments Before Your Accountant Asks](https://raziel.co/learn/k-1-alternative-investments-tracking) (2026-08-21, Tax & Compliance, 5 min read): K-1 alternative investments tracking: issuer, tax year, expected/received/late. Calendar-year Form 1065 is due March 15; status beats unlabeled PDFs. ## Pages [1](https://raziel.co/learn) · [2](https://raziel.co/learn/page/2) · [3](https://raziel.co/learn/page/3) · [4](https://raziel.co/learn/page/4) · [5](https://raziel.co/learn/page/5) · [6](https://raziel.co/learn/page/6) · [7](https://raziel.co/learn/page/7) · [8](https://raziel.co/learn/page/8) · [9](https://raziel.co/learn/page/9) · [10](https://raziel.co/learn/page/10) · [11](https://raziel.co/learn/page/11) · [12](https://raziel.co/learn/page/12) · [13](https://raziel.co/learn/page/13) · [14](https://raziel.co/learn/page/14) · [15](https://raziel.co/learn/page/15) · [16](https://raziel.co/learn/page/16) · [17](https://raziel.co/learn/page/17) · [18](https://raziel.co/learn/page/18) · [19](https://raziel.co/learn/page/19) · [20](https://raziel.co/learn/page/20) · [21](https://raziel.co/learn/page/21) · [22](https://raziel.co/learn/page/22) · [23](https://raziel.co/learn/page/23)