Fund Information. Fund Performance Status.
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Fund Information. Fund Performance Status.

This article from the Fund Information section contains the information on what should the Fund Performance Status provide to Limited Partners of the Fund.
Fund Information. Fund Performance Status.

Purpose

The Fund Performance Status should aim to provide LPs with sufficient information to assess the performance of the fund as a whole as well as details of the remaining commitments and the expected investment timeframe.

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Requirements

A summary of:

  • Total commitments to the fund;
  • Cumulative paid-in capital to date;
  • Total unfunded commitments available for drawdown (analysed, if desired, between undrawn original commitments and recallable distributions);
  • Cumulative management and other fees drawn down outside commitment (where not funded from commitments);
  • Cumulative distributions to the investors;
  • Recallable distributions, if applicable;
  • Total fair value of the current portfolio;
  • Total cash, borrowings, other assets and liabilities;
  • Total net asset value;
  • Gross IRR;
  • Gross multiple of cost;
  • Fund Net IRR (i.e. after accrual for carried interest and fees), optional during the two years after the first investment;
  • Distributions to paid-in capital (DPI);
  • Residual value, net of management fees and carried interest, to paid-in capital (RVPI);
  • Total value to paid-in capital (TVPI);
  • Paid-in capital to committed capital (PiCC);
  • Total invested in portfolio companies;
  • Total additional capital commitments to portfolio companies.
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Additional possible disclosures

  • Comparative figures as relevant;
  • Best estimate of potential drawdowns and distributions for the next reporting period;
  • Total additional planned/reserved for follow-on investments;
  • Guarantees made by the fund to or on behalf of portfolio companies, and their impact on fund fair value, if any;
  • Net IRR and TVPI adjusted to exclude the impact of the use of bridge/credit facilities.
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Alternative Investment Fund (AIF) is the best solution for making collective venture capital investments and organising investor funds in stocks, bonds, commodity indices, derivatives, currencies, cryptocurrencies, real estate and other financial assets.


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