Building the ERP for private capital: 2026 product roadmap

Private Capital is a virtuous multi-node flywheel. Companies solve world problems, funds invest in those companies, and LPs invest in those funds. At Carta, we’re building the platform that will bring transparency, efficiency, and accuracy to this flywheel. We call it the networked ERP for private capital.

In 2025, we focused on connectivity. We strengthened connectivity between companies and funds with capabilities like QSBS, audit confirmations, and valuations. We elevated the GP entity and management company as first-order citizens on our platform. And we extended connectivity to LPs through Fund Tax (well, hello, Holiday K-1s!), LP KYC, and the launch of our LP Portfolio Analytics product. This connectivity, combined with our employment of AI, allowed us to deliver speed, accuracy, and transparency in unprecedented ways. 

In 2026, our work continues. This year we’ll focus on depth. We have moved well beyond simple record-keeping to deliver a real-time system of record that connects every workflow in your firm. We’re building foundational components that enable us to cater to the complexities of private capital. Here is a look at the three major themes driving our product roadmap this year.

Solving for complexity

In 2026, we are expanding our coverage to support the most complex asset classes and structures, ensuring you can unify your operations regardless of your investment strategy.

Loan operations

In 2025, we launched Carta Loan Operations with the acquisition of Sirvatus. This year, we’ll continue to integrate Carta Loan Operations with our Fund Administration platform. This makes way for automated cash reconciliation, automated money movement, and real-time reporting. 

Fund of funds

Our LP Portfolio Analytics and Fund Admin integration takes fund of fund operations to a new level. We’re upgrading fund of funds-specific workflows for deeper automation. We’re also taking reporting to a whole new level with look-through SOIs, exposure reporting, and more. 

American waterfalls

We’re streamlining our support for American/deal-by-deal waterfalls. We’re introducing deal containers as a construct to track investments by tranche. Deal containers will track conversions, realizations, and even M&A at the deal level. This not only allows us to track metrics by deal, but also to tag workflows like contributions, investments, distribution, expenses, and management fees to deal. On the other end, our scenario modeling tool will allow fund managers to model deal-by-deal waterfalls and then draft a distribution directly from a model. 

Support for complex funds

In addition to the above, we’re continuing to uplevel our support for the complexities we encounter in private capital funds. Here are just a few of the other things we’re addressing this year: 

• Support for unitized funds 

• Bespoke management fee calculation 

• Complex allocations 

• Complex waterfalls 

Advanced valuation capabilities

We are evolving Portfolio Valuations into a comprehensive solution for both VC and PE. Expect support for complex multi-entity waterfalls, OPM, and expanded methodologies like public comps and DCF, alongside covenant tracking for private credit.

Data and reporting

The promise of an ERP is data integrity. When your front, middle, and back offices are disconnected, reporting becomes a forensic exercise. In 2026, we’re giving you more data, more control, and better reporting.

Integrated data collection

Our new AI-enabled Data Collection product will help you gather portfolio company financials and KPIs without the pain. This data flows directly into Carta, such that you can easily perform work like valuations and data analysis. We’re also adding tracebacks to this data set so you know exactly where the numbers came from and have confidence they are correct.

GP member experience

We’re bringing the power of our GP Carry product to the GP Member Experience. We’ll provide partners with real-time access to their complete carry picture, including deal-specific grants and vesting status, without waiting for finance teams to manually compile reports. 

Automated tearsheets

Powered by the Carta Data Warehouse, our new Tearsheet Builder allows you to create hundreds of LP-ready reports in under ten minutes, with the flexibility to customize fields and swap in your own data tables and charts. 

Data explorer and co-pilot

We launched Data Warehouse to all Fund Admin customers last year. This year, we’re rolling this product out to all our Valuations and Data Collections customers. We’ll continue adding more data sets so that Data Warehouse is a one-stop shop. This year, we’ll also give customers the ability to upload their own data sets so that they can query and join data across data sets. The AI-powered Co-pilot serves as a powerful agent to build custom reports, templates, and dashboards. 

Document intelligence

In 2025, we launched Documents Portal, which allowed fund managers to upload documents, connect to Box, and retrieve/browse documents by attribute. This experience has embedded AI to automatically categorize documents and extract key terms. This year, we’re taking document intelligence capabilities to a whole new level. We’re building document-specific schemas that enable us to extract much more data. This data will not only help us automate workflows, but this data will also get populated into the data warehouse for querying and analysis. 

Deeper automation (with AI)

Last year, we talked about an agentic future for our Fund Admin product. We’ve made great strides in making that a reality. This work continues in 2026. Here are the surface areas that will receive an Agentic upgrade imminently. A lot of this work is emergent. The more we do, the more opportunities to automate with AI present themselves. This roadmap will continue to evolve this year. 

Expense allocation and preparation (workflow)

Our expense agent prepares expenses based on historical context. This year, we’re training it to allocate expenses across entities based on a natural language prompt. Eventually, fund managers will be able to store expense allocation policies in Carta, allowing the expense agent to automatically prepare them. 

Tax prep (continuous monitoring)

Getting taxes right is overwhelmingly about getting the right inputs. Our continuous monitoring agent for tax tracks all key inputs for recency and accuracy and triggers workflows for resolution when it finds gaps or inaccuracies. 

Valuations (workflow)

Our valuation agent will help you generate real-time valuations. Taking a combination of your firm's valuation policy and key inputs, the agent will update your valuations if it detects changes in inputs or market data. 

Tracebacks (insights)

In 2025, the first set of AI-powered tracebacks went live for complex GP carry calculations and management fees. This year, we’re bringing tracebacks to the more complex calculations across our platform—waterfalls, allocations, and more.

LP onboarding (configuration)

Onboard LPs with a few clicks. The LP onboarding agent takes in the client’s LP list in whatever format is available. It will read the file, extract the data, and automatically create LP records in the Carta platform. 

Investments onboarding (configuration)

The investments onboarding agent will ingest the client’s SOI to hydrate the general ledger with the correct issuers, assets, share counts and more. 

Financial reporting (insights)

Our financial reporting agent is specially trained on GAAP and IFRS reporting, allowing users to customize data in reports to fit their needs. 

KYC (insights)

Our KYC Agent automatically reads LP submitted verification paperwork to help facilitate a KYC check and risk score.

The future is connected

The era of "spreadsheet fatigue" is ending. By connecting workflows across assets, funds, and LPs, the Carta ERP gives you the power to move away from manual data wrangling toward strategic financial leadership.

These 2026 products and features are designed to give you total command over your data, ensuring your firm is audit-ready, efficient, and scalable.

We are excited to build this future with you. To learn more about these upcoming features and see the ERP in action, schedule a demo with the Carta team today.