Fund Analysis

Record Date

The as-of / reporting date that anchors the analysis - the point-in-time date every fund-level balance and capital-account figure is reported as of, so period-sensitive documents route correctly.

Fund Overview

The one-look roll-up of the fund - name, manager/GP, series or vehicle, strategy, vintage, currency, inception, size, and life-cycle status - so a reviewer can orient before reading detail.

Fund Terms and Economics

The fund's economic terms from the LPA and PPM - management fee initial and step-down rates and basis, GP carried interest, preferred return/hurdle, GP commitment, and fund term and extensions - the deal every downstream fee and waterfall check depends on.

Fund Financial Position

Fund-level balances from the financial statements - gross invested, gross and net distributions, gross unfunded, net called, a net-cash formula that foots, and the credit facility - as of the record date.

Fund Performance Metrics

The headline returns per the ILPA Performance Template - net and gross IRR, net TVPI, DPI, RVPI, gross MOIC, and quartile - with the identity TVPI = DPI + RVPI that separates realized from unrealized value.

LP Capital Account

The limited partner's position from the capital account statement - commitment, paid-in capital, unfunded commitment, LP net NAV, ownership %, and recallable distributions - the LP's stake in the fund.

Portfolio Companies

The clean master list of every company held in the fund, de-duplicated across share classes and expanded from acronyms, that anchors each schedule-of-investments period.

Schedule of Investments - Record Date

The per-company schedule of investments as of the record date - cost, proceeds, current cost, current valuation (ASC 820 fair value), ownership %, and share count - the point-in-time holdings snapshot.

Schedule of Investments - Prior Quarter

The same schedule for the quarter before the record date, so movements in cost, value, and ownership can be measured period over period; left blank when no prior-quarter report exists.

Schedule of Investments - Most Recent

The schedule for the most recent quarter after the record date, capturing the latest available marks and any post-record-date activity for the same holdings.

New and Follow-On Investments

New and follow-on investments drawn from capital call notices and distribution notices, one combined row per company, so capital deployment this period is captured for the model.

Management Fees and Expenses

The management-fee and expense line items from call and distribution documents - priority profit share, tax advances, ongoing expenses, and other - the fee drag an LP tracks against terms.

Credit Facility Paydown

Line items relating to pay-down of the fund's credit / subscription facility from call and distribution documents, so facility movement is reflected in the cash-flow model.

Known Distributions

Confirmed cash distributions to investors by company, date, and type (gain, return of capital), positive values only, de-duplicated to one row per company per date.

Projected Distributions

Assumed / expected-but-unconfirmed distributions on the same basis as known distributions, so the forward cash-flow view is complete; empty when none are indicated.

Distributions to Pay Down NAV Loan

Distributions specifically applied to pay down a NAV loan or credit facility, separated out so leverage repayment is not double-counted as investor cash; empty when none exist.

Distribution Waterfall Structure

Whether the fund pays carry deal-by-deal (American) or whole-of-fund (European) - the single classification that governs how and when the GP is paid, decided from the trigger language in the audited financials and LPA.

Fund Currency Validation

A true/false gate confirming the fund's reporting currency is one of the supported currencies, so downstream currency handling in the model is safe.

Target Vehicle NAV Ratio

The NAV of the specific vehicle or share class the LP holds divided by total fund NAV - the LP's proportional slice of the fund, used to scale fund-level figures to the LP.

Commitment and Cash-Flow Reconciliation

The recompute-and-reconcile checks an analyst runs before trusting the model - commitment = paid-in + unfunded, called <= committed, TVPI = DPI + RVPI, RVPI ties to NAV, the net-cash formula foots, and one reporting currency - each flagged Pass, Fail, or Review.

Fund Analysis Summary

The analyst narrative: where the fund sits in its life cycle, headline performance and the realized-vs-unrealized split, notable capital activity this period, and any reconciliation flags to resolve before relying on the model.