How to Track a Distribution Notice as an LP Ledger

How to track a distribution notice is one ledger row per notice, not a waterfall essay and not a recallable deep dive. Log the notice date, the distribution or wire date, cash versus in-kind, recallable yes or no, the waterfall label printed on the notice (ROC, preferred return, catch-up, or carry split), the amount to you, and a pointer to remaining unfunded or paid-in capital (PIC). Raziel's recallable distribution tracking page is the unfunded-up flag and the later call. Raziel's in-kind distribution tracking page is the securities line. This page is the notice as a row.

This is not legal, tax, accounting, or investment advice. Raziel does not provide it. Copy amounts and labels from the notice and the limited partnership agreement (LPA). Do not invent a tranche.

What the notice row is (and is not)

ILPA's Capital Call & Distribution Template Guidance (September 2025) states that capital call and distribution notices are the GP's announcement of a required transfer of capital between itself and its LPs, and that for an LP those notices are the basis for initial monitoring and fiduciary reporting. The same guidance says the updated Capital Call & Distribution Template is intended to supplement those notices, not replace them. Keep the cover letter, the description letter, and the attachment. One notice is one row (or one row per line if the notice itemizes more than one distribution).

ILPA's Capital Call & Distribution Notice Best Practices (Version 1.1, revised September 2016) lists Issue Date (or Date of Notice) and Due Date (or Settlement Date) as template fields, alongside LP amount for the current notice and LP unfunded commitment before and including the notice. The settlement or wire date is what you later feed to an IRR calculator. The notice date is when the GP told you.

Columns to log from each notice

Open one row per distribution notice, per fund. Do not collapse two vehicles that share a GP brand into one cell.

• Notice date. ILPA's 2011 template field Issue Date (or Date of Notice). Copy the date printed on the letter.

• Distribution date / wire date. ILPA's Due Date (or Settlement Date). For cash, the day the wire is due or lands. For stock, ILPA's stock-distribution narrative also asks for settlement location. Keep that date separate from the notice date.

• Cash vs in-kind. ILPA's 2011 Best Practices build separate narrative guidelines for cash distributions and for stock distributions (security name, ticker, CUSIP, shares, historical cost, current value, restrictions). Mark the row cash or in-kind from what the notice sent.

• Recallable yes / no. ILPA's September 2025 guidance removed standalone "Recallable Distribution" transaction types. Whether a line is recallable is inferred from its impact on LP unfunded commitment, and GPs should still note in the Transaction Description field if a distribution, or a portion of it, is recallable. Copy that flag. The later call is the recallable page.

• Waterfall label from the notice. Not your own hurdle math. ILPA's 2011 Best Practices: with each distribution, the GP should disclose the exact amount of carry taken and provide a reconciliation (or build-up) of the carry calculation, plus waterfall details including escrow and potential clawback. For cash distributions, the narrative asks for an aggregate ROC / gain / income breakdown at fund level. ILPA's September 2025 template puts Waterfall/Carry Calculation in an optional Supplemental Calculations section GPs may tailor to the LPA. Write the tranche label the notice uses (return of capital, preferred return, catch-up, or carry split). If silent, store the net and note that the build-up was missing.

• Amount to you. The LP amount for the current notice. Use the figure on your notice, not a fund-level total you prorated yourself.

• Remaining unfunded / PIC pointer. Point only. ILPA's 2011 fields include LP Unfunded Commitment and LP Cumulative Contributions. ILPA's September 2025 template keeps amounts and impact to LP unfunded, plus an LP Unfunded Commitment Reconciliation. Record the printed ending unfunded and cumulative contributions (PIC) as pointers. Do not rebuild a full commitment ledger on this row.

Flags on the row, not sibling pages

ILPA's 2011 Best Practices say the template allows sufficient detail for both cash and stock distributions. Put cash-versus-in-kind on the notice row so you can filter later. Put recallable yes or no on the same row so DPI and unfunded stay honest. Neither flag turns this page into those sibling trackers.

Waterfall label is a copy step

ILPA Principles 3.0 defines a waterfall as the order of distributions to limited partners and the general partner. That definition belongs on a waterfall commitment page. On the notice row, copy the LPA section the notice cites, the components printed (ROC, gain, income), carry taken if disclosed, and the tier label if the GP printed one. ILPA's September 2025 guidance also says LPs may request supplemental schedules for detailed waterfall/carry calculations outside the template's scope. If you received one, attach it to the row.

A workbook holds this if each notice is a row with both dates, a cash-or-in-kind mark, a recallable flag, the waterfall label from the notice, the amount to you, and pointers to printed unfunded and PIC. It fails when you keep only a quarterly distributions-to-date total, overwrite the notice date with the wire date, or invent a tranche the letter never named. Raziel's investment record is where those dated notices should sit. Raziel does not issue distribution notices and does not interpret your LPA. Open the row when the letter arrives. Close the wire date when cash or shares settle.