# SPVs & Funds | Raziel Learn (page 1 of 3) > Guides for LPs and syndicate investors on capital calls, distributions, fees, carry, waterfalls, TVPI, DPI and IRR across SPVs and funds. Canonical: https://raziel.co/learn/category/spvs-funds ## Topics - [Startups & SAFEs](https://raziel.co/learn/category/startups-safes): SAFEs, convertible notes, priced rounds, cap tables and the investor rights that come with them. - [SPVs & Funds](https://raziel.co/learn/category/spvs-funds) (this page): Commitments, capital calls, distributions, fees, carry and fund performance for LPs and syndicate investors. - [Exits & Liquidity](https://raziel.co/learn/category/exits-liquidity): M&A terms, escrows and earnouts, secondaries, tenders, lockups and Rule 144 after the exit. - [Tax & Compliance](https://raziel.co/learn/category/tax-compliance): K-1s, QSBS, 83(b) elections, opportunity zones, trusts and the rules around private investing. - [Comparisons](https://raziel.co/learn/category/comparisons): Side-by-side looks at portfolio trackers, investor platforms and the tools angels and LPs use. - [Markets & Trends](https://raziel.co/learn/category/markets-trends): AltList weekly private markets recaps, sector themes and where alternative assets are heading. - [Investing Basics](https://raziel.co/learn/category/investing-basics): Portfolio building, diversification, risk and the fundamentals of managing alternative assets. ## Articles - [How to Log an SPV Capital Call (Commitment vs Wire)](https://raziel.co/learn/how-to-log-an-spv-capital-call) (2026-09-15, SPVs & Funds, 3 min read): How to log an SPV capital call: keep commitment, call notice, and wire date as separate fields. ILPA notices track remaining unfunded. Log it in Raziel. - [How to Track the Investment Period After Close](https://raziel.co/learn/investment-period-tracking) (2026-08-27, SPVs & Funds, 4 min read): How to track investment period after close. Copy start date, stated end, early-end events, follow-on exception, and any extension from the signed LPA. - [How to Track a Distribution Notice as an LP Ledger](https://raziel.co/learn/distribution-notice-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track a distribution notice as one LP row: notice date, wire date, cash vs in-kind, recallable, waterfall label, amount to you, unfunded pointer. - [How to Track an LP Advisory Committee After Close](https://raziel.co/learn/advisory-committee-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track an LP advisory committee: seat yes/no, appointment, meeting date, consent type, vote, effective date, and leftover open consents. Not legal advice. - [How to Track Vintage Year After You Close as an LP](https://raziel.co/learn/vintage-year-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track vintage year: which date the LPA uses (first close, final close, first investment), the year you store, and why a later close does not retag it. - [How to Track Paid-to-Paid IRR as an LP After You Close](https://raziel.co/learn/paid-to-paid-irr-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track paid-to-paid IRR as an LP. Log funded cash dates, distributions, remaining NAV, GP-reported net IRR, your dated series, and called-not-funded. - [How to Track a Defaulting LP After a Call Is Missed](https://raziel.co/learn/defaulting-lp-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track a defaulting LP: notice date, cure period, remaining unfunded, interest copied, and whether the GP declared a default after a missed capital call. - [How to Track Management Company Expenses After Close](https://raziel.co/learn/management-company-expense-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track management company expenses: GP salary and overhead vs fund legal, audit, broken-deal, admin. Copy the LPA. Log billed-to, offset, remaining fee. - [How to Track Organizational Expenses vs the LPA Cap](https://raziel.co/learn/organizational-expense-tracking) (2026-08-26, SPVs & Funds, 4 min read): How to track organizational expenses vs a copied LPA cap. Line item, billed-to, amount, cumulative vs cap, remaining budget, and who pays after the cap. - [How to Track Excuse Rights as an LP After You Close](https://raziel.co/learn/excuse-rights-tracking) (2026-08-25, SPVs & Funds, 5 min read): How to track excuse rights as an LP. Copy LPA or side letter source, excused types, notice sent, call skipped, remaining unfunded still due, last evidence. - [How to Track a Fund Term Extension as an LP After Close](https://raziel.co/learn/fund-term-extension-tracking) (2026-08-25, SPVs & Funds, 3 min read): How to track a fund term extension as an LP. Copy original term end, extension option, years added, fee during extension, remaining assets, last evidence. - [How to Track a Management Fee Waiver After You Close](https://raziel.co/learn/management-fee-waiver-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track a management fee waiver as an LP. ILPA's Reporting Template nets Fee Waivers separate from offsets. Copy billed, waived, remaining, type. - [How to Track Paid-In Capital as an LP After You Close](https://raziel.co/learn/paid-in-capital-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track paid-in capital as an LP. Log commitment, called, funded PIC, called-not-yet-funded, recallable restore, leftover unfunded, PIC as-of date. - [How to Track a Catch-Up Provision as an LP](https://raziel.co/learn/catch-up-provision-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track a catch-up provision after preferred return. Copy catch-up rate, base, remaining dollars, and next carry split from your LPA notice. - [How to Track Subsequent Close Equalization as an LP](https://raziel.co/learn/subsequent-close-equalization-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track subsequent close equalization as an LP. Log close dates, catch-up capital, interest, who receives it, resulting PIC, and final close. - [How to Track Broken Deal Expenses in a PE or VC Fund](https://raziel.co/learn/broken-deal-expense-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track broken deal expenses per aborted deal: expense types billed, amount charged to the fund, amount the GP bore, LPA authority, and any recoupment. - [How to Track a Placement Agent Fee After You Close](https://raziel.co/learn/placement-agent-fee-tracking) (2026-08-25, SPVs & Funds, 4 min read): How to track a placement agent fee after close: agent, LPs introduced, fee copied, billed, who pays, unpaid, and any management-fee offset. Not legal advice. - [How to Track Management Fee Offsets After You Close](https://raziel.co/learn/management-fee-offset-tracking) (2026-08-24, SPVs & Funds, 4 min read): How to track management fee offsets after close. ILPA Principles 3.0 prefers 100% offset. Log fee type, percent, applied, remaining, and period. - [How to Track GP Commitment as an LP After You Close](https://raziel.co/learn/gp-commitment-tracking) (2026-08-24, SPVs & Funds, 4 min read): How to track GP commitment as an LP. ILPA Model LPA fills at least [__]% of LP commitments. Copy cash vs waiver vs co-invest, called, remaining. - [How to Track Side Letters as an LP After You Close](https://raziel.co/learn/side-letter-tracking) (2026-08-24, SPVs & Funds, 4 min read): How to track side letters as an LP after close. Copy counterparty, date, MFN yes/no, rights, sunset, evidence file, last reviewed from the signed letter. - [How to Track PIK Interest on a Private Credit Loan](https://raziel.co/learn/pik-interest-tracking) (2026-08-24, SPVs & Funds, 4 min read): How to track PIK interest on a private credit loan. Copy cash vs PIK coupon, accrued, capitalized, cash paid, capitalization dates, remaining principal. - [How to Track Key Person Events as an LP After You Close](https://raziel.co/learn/key-person-tracking) (2026-08-24, SPVs & Funds, 6 min read): How to track key person events as an LP. Copy named persons, trigger, status, notice date, remaining unfunded freeze, last evidence from your LPA. - [How to Track a NAV Facility as an LP (Asset-Backed)](https://raziel.co/learn/nav-facility-tracking) (2026-08-24, SPVs & Funds, 3 min read): How to track a NAV facility as an LP. Asset-backed, not a subscription line. Copy size, outstanding, borrowing base, maturity, cash vs recycled, Net IRR pair. - [Unfunded Commitment Tracker: Remaining Capacity Across Funds](https://raziel.co/learn/unfunded-commitment-tracker) (2026-08-23, SPVs & Funds, 5 min read): Unfunded commitment tracker: ILPA Reporting Template v2.0 walks beginning unfunded to ending unfunded. Copy one row per LP interest before the next call. ## Pages [1](https://raziel.co/learn/category/spvs-funds) · [2](https://raziel.co/learn/category/spvs-funds/page/2) · [3](https://raziel.co/learn/category/spvs-funds/page/3)