How to Track Fund of Funds Positions Without Double-Counting NAV

How to track fund of funds is one LP row, not a stack of NAVs. ILPA's private equity glossary defines a fund of funds as a vehicle that spreads capital across a selection of private equity managers, who then invest directly. You committed to the FoF. That Partners' Capital Account Statement is the position. Underlying funds are look-through. Adding their remaining value to the FoF ending NAV counts the same dollars twice. Raziel's investing in venture capital funds page is why LPs use funds. This page is the book.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy labeled figures from the FoF capital account you hold. Do not invent a fee stack.

One FoF commitment is the LP row

You are the limited partner of the fund of funds. ILPA's glossary: paid-in capital is the committed capital you actually transferred, also called the cumulative takedown. Contributions are capital you paid into the fund. Distributions are cash and/or securities paid out from the partnership. Unfunded commitment is money committed but not yet transferred to the GP. Ending capital is the FoF Partners' Capital Account Statement ending NAV allocated to you. Those five numbers live on the FoF row.

ILPA's Reporting Template v. 2.0 (January 2025) presents the roll as a Capital Account Statement: beginning NAV to ending NAV, then beginning unfunded to ending unfunded. How to read that roll is Raziel's LP capital account statement page. This page is which vehicle the row belongs to. Do not open a second NAV row for each underlying fund and add it to the FoF. The FoF already holds those interests. Multi-entity tracking is cash owner versus tax owner on the same deal. Here the legal owner is one LP interest: the FoF.

Underlying funds are look-through, not a second NAV

ILPA's January 2025 Suggested Guidance, Section XI, is explicit. On the main Reporting Template, the FoF should report fees and expenses for its own Fund, not a look-through of line-item expenses for underlying Fund holdings. The Fund of Funds Underlying tab is a supplemental schedule. It itemizes the layer of fees, expenses, and carried interest the FoF paid via its commitment to each Fund holding. Those values do not include any pro-rata share of fees the FoF charges its own LPs. The tab asks for roll-up totals, not line-item look-through.

Use look-through for concentration: which managers, vintages, and strategies sit under the FoF. Do not use it to sum NAV. Remaining value of those holdings is already inside the FoF ending NAV. ILPA notes a FoF may struggle to provide the roll-up totals, because it depends on uniform reporting from underlying funds. ILPA recommends FoF organizations provide the supplemental schedule to LPs by special request only, while still providing the primary Reporting Template tab for their own fees and expenses. If you do not have that tab, you still have a position: the FoF capital account.

What the FoF pack actually reports

ILPA's Combined Overview (April 2025) lists PE Fund-of-Funds, and PE Fund-of-Fund-of-Funds, as in-scope for the updated Reporting Template. First delivery is the Q1 2026 reporting period for funds still in their investment period during Q1 2026, or commencing operations on or after January 1, 2026. Delivery after quarter-end follows the LPA and jurisdiction. ILPA's promoted framework: Fund-of-Funds within 120 days after quarter-end except fiscal year-end (180 days). A late FoF pack is often the lag, not a missing NAV. Do not fill the hole by pasting underlying fund NAVs on top of last quarter's FoF ending capital.

The Capital Account Statement ending NAV should be consistent with the FoF's other financial reporting, including PCAPs. That ending NAV already includes the FoF's remaining interest in underlying funds, after FoF-level management fees, partnership expenses, offsets, and accrued carried interest on the FoF itself. ILPA's template withholds the current management fee rate, preferred return rate, carry percentage, and waterfall structure. Copy the labeled fees from the statement.

TVPI sits on the FoF paid-in line

ILPA's glossary: Total Value to Paid In (TVPI) is the current value of remaining investments plus the total value of all distributions to date, relative to capital paid into the fund to date. Distributed to Paid In (DPI) is money distributed to limited partners relative to contributions. Residual Value to Paid In (RVPI) is the current value of remaining investments relative to those same contributions. Compute those ratios on your cash to the FoF, your distributions from the FoF, and your remaining FoF NAV. Do not sum underlying funds' NAVs and divide by FoF paid-in. Do not average the underlying funds' TVPIs. A workbook that lists underlying NAVs next to FoF NAV and totals the column has double-counted residual value. Keep the identity on one commitment.

Tracker that does not double-count

Open one row per FoF legal interest, per statement date.

• FoF legal name. The name on the capital account, not the GP brand.

• Commitment. Pledged to the FoF.

• Paid-in. Cumulative takedown to the FoF.

• Unfunded. Remaining commitment to the FoF.

• Ending NAV. From the FoF Capital Account Statement.

• Distributions. Cash and/or securities from the FoF.

• TVPI, DPI, RVPI. On that paid-in line.

Look-through children, if you keep them: underlying fund name, vintage, exposure for concentration. They are notes, not a second column that sums. The row holds when FoF ending NAV is the only residual value in the total.

Raziel's alternative-asset dashboard is the book those FoF rows can sit on: capital calls, documents, AI ingest, IRR and MOIC, wallets and bank linking. Raziel does not prepare PCAPs and does not give tax or investment advice. When the next FoF statement lands, post it to the FoF row. Leave underlying NAVs off the total.