Governance
We report with the same rigor at every portfolio company.
Whoever sits on the board sees the same numbers the operation's leadership sees. No portfolio company in the group closes the month outside this standard.
How we close the month
Every portfolio company closes the month within 5 business days, with a reconciled trial balance and metrics measured against budget. The number that comes out on the fifth business day is the number that stands: there's no provisional close that turns into something else later.
The dashboard doesn't wait for the close
The ERP a portfolio company runs on belongs to IKKI, a company within the group. That changes what the board sees between one meeting and the next: instead of waiting for the trial balance to close on the fifth business day to know how the month is going, the partner tracks the numbers in real time, straight from the same system the operation uses to sell, invoice, and manage inventory.
The trial balance and the management P&L remain the formal numbers, the ones that close the month and inform decisions recorded in the minutes. But the stretch between one board meeting and the next stops being an information vacuum: whoever sits on the board opens the dashboard whenever they want, not only on the scheduled date.
The system behind the dashboard
The platform mentioned above exists and has a name: Phanes, built by IKKI. What appears below isn't a pitch deck screenshot. It's the same executive dashboard a portfolio company opens from its first month, with accrual-basis P&L, estimated EBITDA, and period cash, each with drill-down to the source accounting entry.
The same dashboard calculates valuation by market multiple, benchmarked against Kroll/Anbima data for companies the size of the group's portfolio companies. The board discusses growth and exit pricing against the same yardstick, not a separate estimate put together outside the system.
The same technology team at the group also builds Óbolo, a personal and light business finance app connected to banks in 11 countries. It isn't a governance tool for the holding, but it shows the standard of execution IKKI applies to any product it builds, inside or outside the portfolio.
How the board keeps track
Each portfolio company's board receives the same report that circulates inside the operation: trial balance, management P&L, and metrics measured against budget. There's no summarized version for outsiders and full version for insiders only.
How leadership takes part
Antequera operates with one board per portfolio company, not a central leadership team deciding from a distance. Every company in the group has a partner from the holding sitting on its board, tracking the numbers alongside whoever runs the operation every month, not just in a quarterly report.
This model prioritizes continuity over any one individual's role: the financial-control standard and board discipline hold regardless of who occupies the seat, and they stay the same across every portfolio company in the group.
For a company that has just joined the group, the change shows up first on the calendar. The first board meeting starts with a formal agenda, trial balance in hand, and a budget under discussion, not a welcome presentation. That's the same standard repeated every month from then on, starting with the first close.
A standard, not an exception
This process doesn't change based on a company's size or how long a partner has been involved. It's the same financial-control model at every portfolio company in the group, applied from day one.
If this standard matters to your decision
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