# SPVs & Funds | Raziel Learn (page 2 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/page/2 ## 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 Track Recallable Distributions as an LP](https://raziel.co/learn/recallable-distribution-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track recallable distributions: ILPA Sep 2025 infers recallable from unfunded going up. Still a distribution, not a negative contribution. Two events. - [How to Track Fund of Funds Positions Without Double-Counting NAV](https://raziel.co/learn/fund-of-funds-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track fund of funds: one FoF commitment is the LP row. ILPA Reporting Template v2.0: underlying fees are roll-up totals, not a second NAV you add. - [How to Track Subscription Lines as an LP](https://raziel.co/learn/subscription-line-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track subscription lines as an LP. ILPA 2020: disclose Net IRR with and without the facility. Copy outstanding, unfunded, notice dates. - [How to Track In-Kind Distributions as an LP](https://raziel.co/learn/in-kind-distribution-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track in-kind distributions: ILPA 2011 stock notices list ticker, CUSIP, shares, cost, LPA basis, and settlement. Log still-held vs sold. - [How to Track Preferred Return (Hurdle) as an LP](https://raziel.co/learn/preferred-return-hurdle-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track preferred return: ILPA's Model LPA compounds the LPA rate annually and calculates it daily. Copy remaining hurdle from the pack. - [How to Track Carried Interest Clawback as an LP](https://raziel.co/learn/carried-interest-clawback-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track clawback: ILPA Principles 3.0 wants actual and potential clawback disclosed each period. Copy carry paid, escrow, and the notice figure. - [How to Track Warrant Coverage on a Note or Preferred Round](https://raziel.co/learn/warrant-coverage-tracking) (2026-08-23, SPVs & Funds, 4 min read): How to track warrant coverage: log Warrant Shares, strike, and expiry from the PDF. Carta does not define coverage as principal times a percent. Copy yours. - [How to Track Recycling Provisions as an LP](https://raziel.co/learn/recycling-provision-tracking) (2026-08-23, SPVs & Funds, 5 min read): How to track recycling provisions: ILPA Principles 3.0 wants a cap or monitoring threshold and a sunset at the investment period. Copy both. - [How to Track Preferred Return and Waterfall on a PE Deal](https://raziel.co/learn/pe-waterfall-tracking) (2026-08-22, SPVs & Funds, 5 min read): PE waterfall tracker: ILPA Model LPA pays LPs 100% until capital plus preferred return, then GP catch-up. Map each distribution notice to those tiers. - [How to Track Private Credit: Delayed Draws, PIK, and Distributions](https://raziel.co/learn/private-credit-tracking) (2026-08-22, SPVs & Funds, 4 min read): How to track private credit: ILPA's 2025 notice template requires each transaction's impact on unfunded. Split delayed-draw unused, PIK, and cash. - [TVPI vs MOIC: Same Multiple, Different Books](https://raziel.co/learn/tvpi-vs-moic) (2026-08-22, SPVs & Funds, 4 min read): TVPI vs MOIC: ILPA says most GPs present gross MOIC on portfolio-level cash and net TVPI on fund cash. Check the denominator before you mix books. - [How to Track Rolling Fund Positions After Each Quarter](https://raziel.co/learn/rolling-fund-position-tracking) (2026-08-22, SPVs & Funds, 5 min read): How to track rolling fund positions: AngelList forms a new fund under a master Delaware LP each quarter. Open one vintage row so IRR stays unblended. - [How to Track Management Fees and Carry Drag as an LP](https://raziel.co/learn/lp-fee-and-carry-tracking) (2026-08-22, SPVs & Funds, 5 min read): How to track PE management fees: ILPA Principles 3.0 wants quarterly packs that let LPs validate fees, offsets, and paid carry. Post both as cash rows. - [How to Track NAV vs Remaining Cost on Fund Positions](https://raziel.co/learn/nav-vs-cost-basis-tracking) (2026-08-22, SPVs & Funds, 4 min read): NAV vs cost basis PE: ILPA prints current cost next to reported value on the schedule of investments. RVPI is that ratio. Do not treat NAV as cash. - [How to Track Real Estate Syndication Distributions](https://raziel.co/learn/real-estate-syndication-distribution-tracking) (2026-08-22, SPVs & Funds, 4 min read): How to track real estate syndication distributions: Pub. 541, cash is not your K-1 income share. Accrue pref, split return of capital, leftover equity. - [SPV vs Fund vs Direct: How to Log the Same Company Three Ways](https://raziel.co/learn/spv-vs-fund-vs-direct-tracking) (2026-08-22, SPVs & Funds, 6 min read): SPV vs fund vs direct investment: Carta says an SPV buys one company, a fund buys many. Log three records so ownership is not triple-counted. - [How to Read an LP Capital Account Statement](https://raziel.co/learn/lp-capital-account-statement) (2026-08-22, SPVs & Funds, 5 min read): LP capital account statement: ILPA Reporting Template v2.0 rolls beginning NAV to ending NAV plus unfunded. Map each line to one tracker row. - [MOIC vs IRR: Which Number to Trust on an Angel or LP Statement](https://raziel.co/learn/moic-vs-irr) (2026-08-21, SPVs & Funds, 4 min read): MOIC vs IRR: which number to trust on an angel or LP statement. Report both, then add DPI so an early distribution does not hide a thin multiple. - [Private Equity Spreadsheet for LPs: Columns That Matter (and When Excel Breaks)](https://raziel.co/learn/private-equity-spreadsheet) (2026-08-21, SPVs & Funds, 4 min read): A private equity spreadsheet for LPs tracks commitment, called capital, unfunded, NAV, DPI, and TVPI. Tamarix says Excel works until about 10–15 funds. - [How to Track SPV Positions After a Syndicate Close](https://raziel.co/learn/syndicate-spv-tracking) (2026-08-21, SPVs & Funds, 5 min read): How to track SPV positions after a syndicate close. AngelList lists 20% carry as standard on SPVs. Keep fees, K-1s, and the company as linked records. - [TVPI vs DPI vs RVPI: How to Read an LP Performance Line](https://raziel.co/learn/tvpi-vs-dpi-vs-rvpi) (2026-08-21, SPVs & Funds, 4 min read): TVPI vs DPI vs RVPI: ILPA’s sample quarterly pack prints DPI 0.3x, RVPI 0.9x, TVPI 1.2x. Read cash, leftover NAV, and the sum on one LP performance line. - [How to Track PE Distributions: Cash-In Date and Carry](https://raziel.co/learn/private-equity-distribution-tracking) (2026-08-21, SPVs & Funds, 5 min read): How to track PE distributions: cash-in date, recallable vs not, carry already taken. ILPA puts recallable amounts in DPI; that bump is not yours to keep. - [How to Track PE Co-Investments Next to Fund Commitments](https://raziel.co/learn/pe-co-investment-tracking) (2026-08-21, SPVs & Funds, 4 min read): How to track PE co-investments: Cambridge Associates says GPs typically offer LPs no fee and no carry. Keep a fund line and a separate co-invest K-1. - [Net IRR vs Gross IRR: Which Number Belongs on Your Tracker](https://raziel.co/learn/net-irr-vs-gross-irr) (2026-08-21, SPVs & Funds, 4 min read): Net IRR vs gross IRR: ILPA defines net as the dollar-weighted return after management fees and carried interest. Track the cash you actually moved. ## 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)