Perceptix automates deal documentation, models cash flow waterfalls across complex tranche structures, generates investor reports, and monitors covenants across loan pools — replacing the patchwork of Excel models and Word templates that underpins trillions in securitised debt.
Investment banks and asset managers run ABS and MBS operations on a stack of standalone Excel workbooks and Word templates — passed deal-to-desk, edited by hand, and reconciled manually every reporting period. Perceptix exists because the underlying instruments have grown far more complex than the tools used to manage them.
Indentures, prospectuses, and servicing agreements are redrafted clause-by-clause for every new issuance, with structural terms re-keyed across documents that should already agree with each other.
Cash flow waterfall logic — priority of payments, triggers, subordination — is encoded in spreadsheet formulas that are difficult to audit, easy to break, and slow to re-run under stress scenarios.
Pool-level covenant breaches and trigger events are typically caught at the next reporting cycle — days or weeks after they occur — rather than the moment the underlying loan data changes.
Perceptix sits underneath the existing deal stack — ingesting term sheets, loan tapes, and servicer reports — and produces the documents, models, and monitoring outputs that structuring and surveillance teams currently build by hand.
Generate indentures, prospectus supplements, and servicing agreements directly from a deal's structural parameters — tranche sizes, coupon, subordination, triggers — keeping every document in the deal package internally consistent as terms evolve.
Configure priority-of-payment logic, interest and principal allocation rules, and trigger-driven redirections once — then run the same waterfall against actual collections, stress scenarios, and forward projections without rebuilding the model.
Produce periodic investor reports — tranche balances, distributions, pool performance metrics — formatted to deal-specific templates, generated directly from the underlying waterfall run rather than re-typed from it.
Continuously evaluate pool-level covenants — delinquency, default, and concentration tests — against incoming loan-level data, flagging breaches and trigger events as they occur rather than at the next reporting date.
Term sheets, loan tapes, and servicer files are read directly — no manual re-entry into spreadsheets.
Tranche structure, waterfall logic, and covenants are defined once as the deal's structural model.
Waterfalls are recalculated each period; covenant tests run continuously against live pool data.
Investor reports, distribution statements, and updated deal documents are produced automatically.
"Every structuring desk I've spoken with runs on the same stack — a master Excel waterfall, a Word template for the prospectus, and a person whose job is making sure the two agree. Perceptix replaces that person's worst hours, not their judgment."
Apoorav founded Perceptix after observing how little had changed in structured finance operations despite the scale and complexity of the ABS and MBS market. The instruments — tranching, subordination, triggers, covenants — have become significantly more intricate, while the tools used to document, model, and monitor them have largely stayed the same: general-purpose spreadsheets and word processors stretched far beyond their original purpose.
Perceptix is built around a simple premise: the structural terms of a deal — its tranches, its waterfall, its covenants — should be defined once, as data, and every document, model, and report that depends on those terms should be generated from that single source rather than maintained separately by hand.
We're working closely with a small group of structuring and surveillance teams as design partners. If your desk is still reconciling waterfalls by hand, we'd like to talk.