deLeon
Advisory

Model Audits & Rebuilds
Independent review and restructuring of complex or legacy financial models to improve transparency, speed, and auditability.Portfolio Analytics
Portfolio-level performance tools for valuation, attribution analysis, liquidity forecasting, and investor reporting.Waterfall & Promote Modeling
Design and validation of complex partnership waterfalls, including cross-asset promotes and fund-level structures.Financial Model Development
Development of institutional-grade Excel models for portfolios, acquisitions, and developments.Valuation & Scenario Analysis
Independent review of valuation assumptions, downside scenarios, and portfolio sensitivities.

Sample investment and returns summary

Portfolio Valuation Model

An institutional real estate investment team required a streamlined model to support quarterly valuation committee meetings. The existing process relied on fragmented data sources and manual updates across multiple analyst teams.The objective was to build a portfolio-level model integrating Argus underwriting data, accounting records, and third-party valuation inputs into a single transparent analytical tool. The resulting model consolidated data across more than 50 assets and enabled leadership to analyze valuation changes, capital expenditures, and scenario sensitivities in real time during investment committee discussions.

Waterfall
Audits

Institutional portfolios often include complex partnership structures with multiple promote tiers, preferred equity layers, and cross-asset waterfalls. In several cases, asset managers were calculating returns independently, leading to inconsistent interpretation of fund agreements and reporting discrepancies.On behalf of a leading Sovereign Wealth Fund, we developed standardized waterfall models for individual assets and crossed European waterfalls, ensuring alignment with partnership agreements and consistent return calculations across the portfolio. These models improved transparency for investment teams and provided a reliable framework for forecasting distributions, investor returns, and promote participation.

Project Underwriting

Our team has supported underwriting for individual projects through $1B+ portfolio acquisitions. These models evaluated projected operating performance, expected capital expenditures, potential financing structures, and investor return profiles across multiple investment scenarios.The underwriting process involved integrating Argus cash flows, capital planning, debt assumptions, and partnership waterfalls to evaluate investment risk and return outcomes. These models supported investment committee decisions and performance targets.

Model Audits & Rebuilds

Evolving models over years of analyst usage often resulting in complex spreadsheets with inconsistent formulas, hard-coded inputs, and hidden VBA logic. We have performed numerous model audits and rebuillds to improve clarity, performance, and auditability.By centralizing inputs, standardizing formulas, and removing unnecessary complexity, these rebuilt models became significantly faster and easier for analyst teams to maintain. The result is a transparent modeling framework that supports both ongoing portfolio management and ad-hoc investment analysis.

Portfolio Analytics & Reporting

Institutional investment teams frequently rely on multiple systems including accounting platforms, asset-level models, and proprietary software (such as Argus) making it difficult to generate consistent portfolio insights. Out team has built centralized analytics tools that consolidate data from these sources into a single reporting structure designed for investment committees and senior leadership.These tools can track portfolio performance metrics including NAV, IRR, cash flow projections, and operating performance across hundreds of assets. By standardizing inputs and automating roll-ups, the models significantly reduce reporting timelines while improving transparency and consistency across teams.

Scenario & Downside Analysis

Investment committees often require the evaluation of market scenarios including changes in cap rates and discount rates, or increased capital requirements.We were engaged by a team who's workflow required manually updating Argus files during executive meetings, slowing decision-making and introducing version-control risk. We developed an exit sensitivity tool that worked with Argus to allowed the testing of valuation and return assumptions in real time while maintaining consistency with underlying models. These tools provided immediate visibility into scenarios and helped teams evaluate risk across the portfolio.