Masttro launches cash projection hub for closed-end funds

Masttro has launched Cash Projection Hub, a module within its wealth management platform that forecasts cash flows from closed-end funds.

The tool projects capital calls, distributions, net asset value, unfunded commitments and allocation drift for closed-end funds and the broader portfolios that hold them. Users can manage assumptions directly in the system instead of relying on separate spreadsheet models.

The launch targets a persistent challenge for family offices and other investors with large private market allocations. Closed-end funds can draw capital over long periods, return proceeds years later and report valuations that lag public market pricing, making liquidity planning and portfolio rebalancing more difficult.

Many investors still model these flows manually in spreadsheets, especially when accounting for multiple funds, vintages and legal entities. As allocations to alternative assets rise, that approach has become harder to maintain across large books of business.

Industry data cited by Masttro points to that shift. BlackRock's Global Family Office Survey found that alternatives made up 42% of family office portfolios in 2025, up from 39% a year earlier. The UBS Global Family Office Report 2026 said 60% of family offices planned changes to strategic asset allocation over the following 12 months.

That matters because closed-end fund positions are not easily traded. Investors typically adjust exposure through commitment pacing, so changes to alternatives allocations can increase the need to model future capital calls and distributions more precisely.

Allianz Research has also reported that capital calls continue to exceed distributions as an exit backlog extends holding periods. That has added pressure on investors to monitor future liquidity needs across private market portfolios.

Model design

Cash Projection Hub extends the Yale Model, a framework commonly used to estimate private fund cash flows. The module adds intra-year cash flow timing and current-year activity at the point a projection is run.

Users can set assumptions including fund life, contribution rate, growth rate and yield. Those assumptions can be applied at the security type, strategy, vintage or individual fund level, and can vary between clients that hold the same underlying fund.

The module shows projected allocations against target allocations so users can identify future overweights earlier. It also measures unfunded commitments against a client-defined reference portfolio, such as cash and fixed income, to place liquidity demands in a broader portfolio context.

Users can also compare projected figures with historical fund data on a single timeline. This is intended to help investors test whether assumptions match prior fund behaviour.

Client focus

The product's controls were shaped by input from clients managing institutional alternatives portfolios. The goal is to let firms run a single forecasting framework across multiple families and entities rather than maintain separate models for each client.

"Anyone managing meaningful closed-end fund exposure deals will have the same four questions: how much capital will be called, when will it be called, when does the money come back, and what does that mean for liquidity if markets turn," said Domingo Viesca, Co-founder and Head of Innovation at Masttro.

"Today, those questions are usually answered by a spreadsheet that one person built and is responsible for maintaining. Cash Projection Hub replaces that brittle process with a governed forecasting engine inside the platform that already holds the data, so every fund, entity, and family in the book is forecast with the same rigor," Viesca said.

The product sits alongside the historical reporting tools already used in Masttro's platform. Projections are estimates based on models rather than assurances of future cash flow timing, which remains dependent on fund managers' decisions.

Masttro provides software for single-family offices, multi-family offices, registered investment advisers, financial institutions and professional services firms to aggregate and monitor complex portfolios. More than 400 organisations use its platform to serve more than 10,000 end clients across more than 40 countries.

The business focuses on consolidating data across asset classes, jurisdictions, currencies and ownership structures, including alternative investments, real estate and collectables, in a single reporting system.