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carta-portfolio-analytics-routing — Portfolio Analytics Router (mirror)

Routes to Schedule of Investments, Co-Investor Lookup, or Performance Benchmarks — each executed inline from a content mirror of its own specialist skill. See specialists are unchanged in Architecture Notes below. The fourth Portfolio Analytics capability (Loan Dashboard) is internal-stage today and will be wired into this router as it reaches general availability for external users.

Scope note: This router covers the Portfolio Analytics skills available to external customers today. Loan Dashboard exists as an internal-stage skill but is not yet GA for external users — see Future routes below.

---

Route Map

Intent	Skill
View fund holdings — Schedule of Investments (SOI)	references/soi.md
Who co-invested alongside us in portfolio companies	references/co-investors.md
Benchmark a fund's performance against peer cohorts	references/benchmarks.md

---

Customer Intent Framework

Use this as the semantic layer when Step 1 signal phrases don't produce an exact match.

What the customer is trying to do	Typical phrasing	Route
View fund holdings / portfolio breakdown	"show me the SOI", "what companies is the fund invested in", "portfolio breakdown for our flagship fund", "what does Fund III hold right now"	soi
Find who else invested alongside us	"show me my co-investors", "who co-invested with us in Acme", "who else participated in the Series B for TechCorp", "co-invest analysis by stage"	co-investors
Benchmark fund performance against peers	"run performance benchmarks for Fund I", "how does our fund compare to peers", "how does Fund II stack up against vintage 2019 peers", "are we top-quartile for our vintage"	benchmarks

---

Step 1 — Parse Intent [Deterministic]

Respond immediately without extended reasoning.

STOP rows — handle before routing:

Message signals	Action
"run my valuations", "do my marks", "quarterly marks", "fair value", "batch valuations", "close my quarter", "update the EV", "autopilot valuation", "goal seek", "waterfall", "exit scenario"	Stop. Portfolio valuations are handled separately. Tell the user: "Portfolio marks and valuations are handled by a different skill set — try /carta-valuations-routing or say 'run my valuations'."
"K-1", "capital call notice", "distribution notice", "LP documents", "LP quarterly report", "AGM deck", "tear sheet"	Stop. LP reporting is handled separately. Tell the user: "LP documents and reporting live in a separate skill set — try /carta-lp-reporting-routing or say 'show me my LP documents'."
"comparable companies", "comp set", "GPC comps", "select comps", "find comps", "add comparables", "update the comp set", "trading comps", "browse comps", "add ticker", "industry comparables"	Stop. Comparable company selection is handled by the Portfolio Valuations skill set. Tell the user: "Comparable company selection lives in the Portfolio Valuations skill — try /carta-valuations-routing or say 'update my comp set'."
"SPA audit", "SPA coverage", "missing SPAs", "Form ADV", "regulatory AUM"	Stop. SPA audit and Form ADV are handled separately. Tell the user: "SPA audit and Form ADV live in a separate skill set — try /carta-compliance-routing."
"fund of funds", "FoF", "fund-of-funds"	Stop. Fund of Funds is an upcoming capability and not yet available. Tell the user: "Fund of Funds is on the roadmap but isn't available yet — check back soon or contact your Carta account manager for the latest on availability."

Route rows — classify and proceed to Step 2.5:

Message signals	Route
"SOI", "schedule of investments", "fund holdings", "what is the fund invested in", "what companies is the fund in", "portfolio breakdown", "portfolio companies", "fund portfolio view", "investments by stage", "portfolio list", "what has [fund] invested in", "show me the portfolio"	soi → proceed to Step 2.5
"co-investor", "coinvestor", "co-invest", "who co-invested", "who else invested", "co-investors by stage", "co-investors by round", "co-invest analysis", "who are our co-investors", "co-investors on Aumni", "which funds invest alongside us"	co-investors → proceed to Step 2.5
"performance benchmark", "fund benchmark", "peer comparison", "percentile ranking", "IRR vs peers", "TVPI benchmark", "net IRR benchmark", "how does our fund compare", "how does Fund [X] stack up", "fund performance vs cohort", "vintage year benchmark", "benchmark cohort", "peer benchmark"	benchmarks → proceed to Step 2.5

If exactly one route matches: proceed to Step 2.5. If zero or multiple routes match: proceed to Step 2.

---

Step 2 — Clarify Intent [Interactive]

Fire only if Step 1 returned no clear match.

If the user said anything at all: reason over it before asking. Present the menu only if you've genuinely worked through every signal and still can't determine intent.

Ambiguous phrase	Signal that tips the balance
"fund performance" alone	"vs peers" / "benchmark" / "cohort" / "percentile" → benchmarks; "company-level performance" / "individual portco" → may not be portfolio analytics — ask
"portfolio" alone	"what's in the portfolio" / "portfolio breakdown" / "holdings" → soi; "portfolio dashboard" → ask — could mean SOI or (not-yet-active) loan portfolio
"loans" / "loan portfolio"	Not yet GA externally — see Future routes below; do not route
"analytics" alone (bare noun)	Ask — too broad to route without more context

If you need to ask, present once:

Which Portfolio Analytics capability can I help with?

1. Schedule of Investments (SOI) — fund holdings and portfolio breakdown
2. Co-investor lookup — who else invested in our portfolio companies
3. Performance benchmarks — fund IRR/TVPI vs peer cohorts
4. Something else — Describe what you need and I'll point you in the right direction

User picks	Action
Option 1 — SOI	Proceed to Step 2.5
Option 2 — Co-investor lookup	Proceed to Step 2.5
Option 3 — Performance benchmarks	Proceed to Step 2.5
Option 4 — Something else	Respond: "I specialize in fund holdings (SOI), co-investor lookups, and performance benchmarks. Tell me what you're trying to do and I'll point you to the right Carta workflow." Then stop.

Out-of-scope

Topic	Suggestion
Portfolio valuations, quarterly marks, EV updates	/carta-valuations-routing
Comparable company selection, comp sets	/carta-valuations-routing
SPA audit, Form ADV, regulatory AUM	/carta-compliance-routing
LP documents, K-1, LP reporting, AGM decks, tear sheets	/carta-lp-reporting-routing
Cap table ownership, equity management, 409A	Carta cap table tools
Fund of Funds	Not yet available — see STOP rows

---

Step 2.5 — Fund Admin access preflight [Active proxy gate]

If the Carta MCP server is not connected (noMcp environment), skip this step and proceed to Step 3.

Otherwise:

1. Call welcome to establish session identity (skip if already called this session).
2. Run exactly one proxy probe: call_tool({"name": "fa__list__entities", "arguments": {}}). You get exactly one attempt at this probe — do not retry it, do not vary the call, and do not substitute a different tool to route around a failure.

Branch on the result:

Result	Action
Returns a list (even empty)	Fund Admin data is reachable — proceed to Step 3
Errors with a permission/entitlement signal (403, "not entitled", "no access", firm not found)	Surface the access message below and stop — do not proceed to Step 3
Errors for any other reason (timeout, connection drop, malformed response)	Proceed to Step 3 anyway — let the matched route's mirrored logic surface the specific error. Do not false-block on a transient failure.

If access is not confirmed, surface this message and stop:

This workflow requires Fund Admin access, which your firm doesn't appear to have enabled. Reach out to your Carta account manager or contact Carta Support to request access.

Important — this is a proxy, not a real entitlement check. See Architecture Notes §"Fund Admin access preflight" for the full rationale — there is no Carta MCP command today that exposes real SKU/entitlement data (SOI's own Step 3 discover call is for MCP UUID-form tool disambiguation only, not an entitlement gate), so this substitutes a cheap reachability probe. It cannot distinguish specific FA sub-products, so false negatives/positives are possible.

---

Step 3 — Route [Deterministic]

Mechanical rule — no exceptions: the very first content block of your very first turn after a route match, before any tool call (including list_contexts, welcome, or any firm-lookup call the matched route's own Step 1 would otherwise make first) and before any internal reasoning about what the user still needs to provide, must be plain text output containing exactly:

Routing to [Display Name].

Do not combine this turn with a tool call. Do not decide the announcement is unnecessary because you can already tell the matched route will need to ask a clarifying question (e.g. "which firm?"). That clarifying question — and every other step of the matched route's own workflow, including its own "Announce" step if it has one — happens in the next turn, after this one, never instead of it or merged into the same turn as a tool call.

Then read and execute the matched route's instructions inline:

Route	Display Name	Read
soi	Schedule of Investments	${CLAUDE_PLUGIN_ROOT}/skills/carta-portfolio-analytics-routing/references/soi.md
co-investors	Co-Investor Lookup	${CLAUDE_PLUGIN_ROOT}/skills/carta-portfolio-analytics-routing/references/co-investors.md
benchmarks	Performance Benchmarks	${CLAUDE_PLUGIN_ROOT}/skills/carta-portfolio-analytics-routing/references/benchmarks.md

Follow the matched file's instructions exactly, starting from its own Step 1/Workflow entry point with the user's original message as context. Every reference file resolves its own internal script and data paths independently (see Architecture Notes) — do not rewrite them.

Do not summarize what the target skill will do beyond the announcement itself. Do not add any other output before the routing announcement.

---

If Something Goes Wrong

Situation	Response
User asks about portfolio valuations or marks	Out of scope — see STOP rows, redirect to /carta-valuations-routing
User asks about comparable company selection or comp sets	Out of scope — see STOP rows, redirect to /carta-valuations-routing
User asks about LP documents, K-1s, or LP reporting	Out of scope — see STOP rows, redirect to /carta-lp-reporting-routing
User asks about SPA audit, Form ADV, or regulatory filings	Out of scope — see STOP rows, redirect to /carta-compliance-routing
User asks about cap table, equity grants, or 409A	Out of scope — redirect to the cap table skills
User asks about Fund of Funds	Not yet available — tell the user it is upcoming and to contact their account manager
User asks about a loan dashboard, loan portfolio, or draw balances	Not yet GA externally — see Future routes below

---

Architecture Notes

Orchestrator pattern

This skill is the sole external-facing entry point for the Portfolio Analytics theme. It classifies intent, resolves ambiguity via AskUserQuestion, and executes each matched route's logic inline via Read references/<route>.md. No separate registered skill is dispatched — the routing skill owns the entire user-facing surface for its three active routes. Loan Dashboard will be wired in as it reaches GA for external users.

Scope decision (as of v2.0.0)

SOI, Co-Investor Lookup, and Performance Benchmarks are confirmed GA for external users — all three carry publish: true on their backing skills. Loan Dashboard (carta-investors:carta-loan-dashboard) has a version field but no publish field — internal-stage today — and is documented below as a future route, not an active one.

Structural patterns

This router follows the same 6 patterns established in carta-valuations-routing and carta-compliance-routing (the reference routing skills), extended to three active mirrored routes instead of one:

Pattern	Applied here
Step 1 [Deterministic] + "Respond immediately"	No over-reasoning on signal classification; STOP rows short-circuit valuations/LP-reporting/comps/compliance/FoF before route classification
Step 2 AskUserQuestion	SOI (1) / Co-investors (2) / Benchmarks (3) / Something else (4) — three active routes, same shape as the single-route pattern in valuations-routing and compliance-routing, just with more options
Customer Intent Framework	All three active routes; loans documented separately below
Explicit skip logic	Match → Step 2.5; no match → Step 2
Step 2.5 (active proxy gate)	welcome + one fa__list__entities probe — not a real entitlement check (see below), but no longer purely passive
Step 3 [Deterministic] + Read references/<route>.md	Inline execution per matched route, no Skill() dispatch

Fund Admin access preflight — proxy, not a real SKU check

Step 2.5 was upgraded from a passive welcome-only check to an active proxy gate — same change, same rationale, as carta-compliance-routing and carta-lp-reporting-routing. Research into carta/carta-web's eshares/iam/models.py confirmed there is no single "FA" SKU — Fund Admin access is a family of ~23 ProductCode values fed by fund-admin's own products_fundproductaccess table via an internal gRPC call, cached in carta-web's EntityProductAccess model. That model is not exposed through the Carta MCP gateway — there is no search_tools-style command this router can call the way carta-valuations-routing calls search_tools({"query": "waterfall modeling"}). (SOI's own tool-discovery in Step 3 is unrelated — it disambiguates the MCP's UUID-form tool prefix, not an entitlement check.)

Absent a real entitlement command, Step 2.5 substitutes a cheap proxy: one fa__list__entities call. This only proves FUND_ADMIN.* data is reachable — it cannot tell which FA sub-products are actually enabled, so it can produce false negatives (transient failure on an entitled firm) or false positives (base FA present, but the specific feature a route needs isn't). The one-attempt cap follows the sub-agent safety pattern in the marketplace root CLAUDE.md — capped rather than left to retry loop.

Replace this the moment a real entitlement check exists — file a request for an MCP command surfacing EntityProductAccess for the current firm context; that's Carta MCP team work, not something fixable from the skill side.

Specialists are unchanged — these are mirrors, not migrations

references/soi.md, references/co-investors.md, and references/benchmarks.md are content mirrors of carta-investors:carta-soi, carta-investors:carta-co-investors, and carta-investors:carta-performance-benchmarks's own SKILL.md bodies. Two of the three are verbatim copies; soi.md is not:

• soi.md is not re-mirrorable by copy-paste. When re-mirroring, rewrite both of its Step 4b paths — the find pattern and the ${CLAUDE_PLUGIN_ROOT} fallback — to this router's own references/soi/ copy. carta-soi's body points them at skills/carta-soi/, which the publish pipeline strips. render-artifact.py and artifact.html need no rewrite — the script probes both template offsets — so those two files stay byte-identical across both locations and re-mirror with cp. Keep them that way.
• carta-co-investors resolves its scripts and canonical-investors data via a $SKILL_DIR shell probe that searches for a directory literally named carta-co-investors (via $CLAUDE_PLUGIN_ROOT/skills/carta-co-investors or the Cowork bind-mount equivalent) — this resolves correctly regardless of which file the mirrored text lives in.
• carta-performance-benchmarks is entirely self-contained SQL/logic with no sub-references or scripts at all.

carta-investors:carta-soi and carta-investors:carta-co-investors were not modified: both are still publish: true, still have their original trigger-phrase-rich descriptions, and are still directly invocable by the skill picker exactly as before. carta-investors:carta-performance-benchmarks had only its description softened (see "Picker de-tune" below) — same precedent carta-compliance-routing used for carta-form-adv (PR #11162) and carta-lp-reporting-routing used for carta-download-tearsheet (PR #11953). These mirrors exist purely as additional, router-owned execution paths so the router can run each workflow inline without touching any standalone skill's tools or its existing test coverage in tests/carta-investors/skill-triggers.test.yaml.

Maintenance cost — read before editing any of the three specialists: because these are mirrors, not a shared source, any change to carta-soi/SKILL.md, carta-co-investors/SKILL.md, or carta-performance-benchmarks/SKILL.md must be manually re-applied to the matching carta-portfolio-analytics-routing/references/<route>.md or the two will drift. There is no tooling that keeps them in sync. carta-co-investors in particular is an 800-line skill — re-mirroring it by hand on every change is real, ongoing cost; this was an explicit tradeoff (mirror-for-consistency over direct-dispatch-to-avoid-drift) made when this router was built.

Picker de-tune — carta-performance-benchmarks: its trigger-phrase-rich description was stripped down to a one-line redirect ("For performance benchmark requests, use carta-portfolio-analytics-routing instead"), following the same pattern documented under "How to promote a future route to active" § Mirror + de-tune below. It keeps publish: true and all its tools — this only changes picker precedence for ambiguous natural-language prompts and remains fully invocable directly by name. Added version: 1.0.0 — the skill had no prior version: field, matching the WARN default the frontmatter validator recommends rather than fabricating a bump from a nonexistent prior release.

Known limitation — carta-soi and carta-co-investors only: because these two specialists still have trigger-phrase-rich descriptions and remain standalone public skills, specific prompts ("show me the SOI") can still win the skill picker directly and bypass this router — the mirror does not fix that. This is a known, accepted limitation. See the failing: true trigger tests in carta-portfolio-analytics-routing.test.yaml and carta-portfolio-analytics-routing-triggers.test.yaml for the two remaining un-de-tuned routes; the former benchmarks picker test is now a hard assertion, matching PR #11953's approach for tear sheets. Routing logic (STOP rows, disambiguation, inline execution) is fully verified by the inject-mode tests in carta-portfolio-analytics-routing.test.yaml, which force the router to run regardless of picker behavior.

References layout

carta-portfolio-analytics-routing/
├── SKILL.md                 ← this file (sole registered skill)
└── references/
    ├── soi.md                ← mirror of carta-soi/SKILL.md — ACTIVE
    ├── soi/                  ← copies of carta-soi's script + template (see below)
    │   ├── artifact.html
    │   └── scripts/render-artifact.py
    ├── co-investors.md       ← mirror of carta-co-investors/SKILL.md — ACTIVE
    ├── co-investors/         ← copies of carta-co-investors' scripts + data files
    ├── benchmarks.md         ← mirror of carta-performance-benchmarks/SKILL.md — ACTIVE
    ├── loan-dashboard.md     ← mirror of carta-loan-dashboard/SKILL.md — NOT YET WIRED (future route)
    └── loan-dashboard/
        └── artifact_template.html   ← copy of carta-loan-dashboard/references/artifact_template.html, used only by the Step 7e fallback path (see below)

soi/ and co-investors/ hold real copies of their source skills' scripts and assets: the publish pipeline strips the whole directory of any publish: false skill, so a published route must not reference skills/carta-soi/ or skills/carta-co-investors/. Both mirrored bodies point at these copies; benchmarks.md needs none (self-contained SQL). loan-dashboard.md is different again: its primary render path ($SKILL_DIR/references/artifact_template.html, Step 7c) also resolves correctly with no rewrite, since $SKILL_DIR is probed by literal name (carta-loan-dashboard) same as the others — but its fallback path (Step 7e) calls read_skill(file_path="references/artifact_template.html"), a tool that resolves relative to whichever skill is currently executing. Mirrored verbatim, that call would resolve to this router's own references/, not carta-loan-dashboard's — so the fallback needed a real asset copy into references/loan-dashboard/ and a rewritten path. Check every source skill's tool calls individually; Read/absolute-path/$SKILL_DIR-probe calls behave differently from read_skill's implicit-relative resolution, and a skill can mix both (as this one does).

None of the routes below are dispatched from Step 3 and none have Step 1 route rows — promoting them is wiring work only, per "How to promote a future route to active" below, not a re-mirroring job.

Route dispatched

Route	Reference file	Status
soi	references/soi.md	GA — external users, executed inline (mirror of carta-investors:carta-soi)
co-investors	references/co-investors.md	GA — external users, executed inline (mirror of carta-investors:carta-co-investors)
benchmarks	references/benchmarks.md	GA — external users, executed inline (mirror of carta-investors:carta-performance-benchmarks)
loan-dashboard	references/loan-dashboard.md	Mirror built, not wired — internal-stage, awaiting GA

How to promote a future route to active

1. Confirm the underlying skill is GA for external users.
2. Decide dispatch mechanism:
   • Mirror (this router's pattern for all three active routes) — copy the backing skill's SKILL.md body verbatim into references/<route>.md. Check first whether the source skill has any Read ${CLAUDE_PLUGIN_ROOT}/skills/<source>/... calls or relative references/ links that assume they're being read from the source skill's own directory — if so, rewrite those paths into a references/<route>/ sub-directory (as carta-compliance-routing did for form-adv); if the source skill resolves its own paths dynamically or via literal skill-anchored strings (as all three routes here do), no rewrite is needed. Does not require touching the backing skill's frontmatter or publish flag, so its existing test coverage stays intact. Cost: the mirror can drift from the source if the backing skill changes later — there's no auto-sync, re-mirror by hand on every meaningful change.
   • Direct dispatch (simplest) — Step 3 just names the skill (carta-investors:carta-<skill>) with no references/ copy at all. No duplication, no drift risk, but still inherits picker-competition risk if the skill's own description is trigger-phrase-rich.
   • Mirror + de-tune (carta-valuations-routing's pattern for waterfall) — mirror as above, and set the backing skill to publish: false plus soften its description. Eliminates picker competition, but changes the skill's public availability and can break existing tests that assert direct-picker behavior. Get explicit sign-off before doing this to any currently-public skill.
3. Add its signal phrases to the Step 1 Route rows table and the Customer Intent Framework.
4. Add it as an option in Step 2's AskUserQuestion (existing active routes keep their numbers; new route gets the next number; "Something else" moves to last).
5. Add a Read ${CLAUDE_PLUGIN_ROOT}/skills/carta-portfolio-analytics-routing/references/<route>.md row to the Step 3 table (mirror/mirror+de-tune) or the bare skill name (direct dispatch).
6. MINOR bump the version and add verdict tests — both inject-mode (routing logic) and plugin-mode (picker behavior, expect failing: true if the backing skill still wins the picker on its own).

---

Future routes — not yet active

Loan Dashboard

• Status: Internal stage — has a version field (1.0.0) but no publish field. Not GA for external users.
• Mirror status: Already built at references/loan-dashboard.md — one call rewritten (the Step 7e read_skill fallback, see References layout above) plus a real copy of artifact_template.html into references/loan-dashboard/. Every Bash pattern it needs (carta workspace cache, uv run, test -d/-f, find, mkdir -p) and Artifact are already in this router's allowed-tools (added for carta-soi's own artifact calls). Only read_skill is missing — add it at promotion time.
• Signals: "loan dashboard", "loan portfolio", "show my loans", "loan overview", "draw balance", "drawn balance", "undrawn", "credit facility", "outstanding loans", "loan commitments", "borrower portfolio", "loan KPIs", "loan exposure"
• CTA until GA: "The loan portfolio dashboard is coming to external users soon. Reach out to your Carta account manager or contact Carta Support to request early access."
• Skill when live: carta-investors:carta-loan-dashboard
• Dispatch mechanism to use: Mirror already built — promote via Read references/loan-dashboard.md once the tool grants above are added.
• Disambiguation to carry forward: "loan portfolio" / "loans I've made" / "draw balance" → Loan Dashboard (once live); "my LP portfolio" / "LP investments" → out of scope, suggest /carta-lp-reporting-routing (do not confuse loan portfolio with LP portfolio — these are different products, "loan" vs "LP").