Investor Information. Capital Account.

Purpose

The Capital Account information presented for the current period and since inception provides each Limited Partner (LP) of the fund with current and cumulative information on their individual commitment in the fund and allows analysis of income and capital allocations.

The descriptions below reflect a typical limited partnership structure for the fund vehicle. Accordingly, the format may need adapting to accommodate other legal structures such as those used in continental Europe involving allocation of returns to different classes of shares.

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Requirements (for both current period and since inception)

Each LP should receive a statement of their own capital account along with relevant information for either the whole fund or the entity/partnership in which they have invested (or both) to include the following information:

• LP’s percentage ownership in the fund/partnership at the reporting date. In the case of funds that are made up of parallel structures, the whole fund position should be included if applicable;
• Total commitment, split between different instruments if appropriate at the reporting date;
• Total contributions;
• LP unfunded commitment at the reporting date;
• LP’s share of any outstanding Bridge Financing balance;
• Cumulative distributions;
• Amount of cumulative distributions recallable by the manager at the reporting date;
• Realised portfolio gains/losses;
• Unrealised portfolio gains/losses;
• Allocation to the carried interest partner;
• Non-portfolio income and expenses;
• Management fees;
• Capital account at fair value at the beginning of the period (for current period report);
• Capital account at fair value at the reporting date;
• Confirmation that LP’s NAV is reported net of unrealised carried interest attributable to the General Partner and the amount of the unrealised carried interest deducted; alternatively, show unrealised carried interest assuming that all investments are realised at their reported Fair Value at the reporting date.

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Additional possible disclosures

• Cash flow schedule detailing dates and amounts of drawdowns and distributions, either showing amounts for the individual LP or for the fund/partnership as a whole;
• Analysis of distributions for the current period by source (i.e. between return of cost, capital gains/losses, dividends and interest) and/or by nature (i.e. cash vs. in-specie);
• LP’s share of individual investments (particularly where individual LPs are excluded from certain investments);
• Breakdown of expenses between establishment costs and ongoing operational costs;
• A table showing the bridge between the opening and closing capital account balance.