The capital account statement, explained
Every line an LP sees each quarter, what it means, and how it should reconcile.
What is a capital account statement?
A capital account statement is the quarterly report showing one LP's position in a fund: its commitment, contributions and distributions to date, its share of income, expenses, fees and gains, its ending capital balance (its share of NAV) and its remaining unfunded commitment.
The lines
Commitment — the total the LP agreed to invest. Contributions — capital called and paid. Distributions — cash or securities returned. Allocated income and expenses — the LP's share of investment income, fund expenses and management fees. Realised and unrealised gains — its share of the change in portfolio value. Ending capital — opening balance plus contributions, minus distributions, plus allocations. Unfunded commitment — commitment minus contributions, plus any recallable amounts.
How it should reconcile
The sum of every LP's ending capital should equal the fund's NAV attributable to partners. Each LP's contributions should match the calls it paid. When statements are generated from the ledger, these reconciliations hold by construction.
What LPs check first
Contributions against their own payment records, unfunded commitment for liquidity planning, and fees against the LPA and any side letter.
Questions
How often are statements issued?
Quarterly for most funds; some credit and evergreen funds report monthly.
Can LPs see this in an app?
In FUN/D, yes — on the web portal and the iPhone and Android apps.
Related reading
Capital account · Investor reporting software · Mobile app for investors and fund teams
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