How to Track a Fund Term Extension as an LP After Close

How to track a fund term extension as an LP is the ledger you keep after you already own the fund: original term end, who can extend it, and whether a fee still accrues. It is not a harvest-period team update. Raziel's key person tracking page is named persons, the trigger, and remaining unfunded freeze. This page is six fields on the term clause you signed: original term end, extension option (GP vs LP vote), years added, fee during extension, remaining assets, last evidence.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the signed LPA and the latest notice or vote. Do not paste a model tenth anniversary or two one-year extensions into the row.

What this ledger is (and is not)

ILPA Principles 3.0 (June 2019) prints a Fund Term Extensions chapter: extensions should be in one-year increments, limited to a maximum of two, first approved by the LPAC and then by a super majority of LP interests. Those are recommendations, not your dates. The ILPA Model LPA (whole of fund, July 2020) Section 18.1 is template language: the fund continues until the bracketed tenth anniversary of the Initial Closing Date, and the General Partner may extend for up to two successive periods of one year with specified consents. Those years are template fill-ins. Do not confuse this row with a commitment-period extension.

Six columns on one fund row

Open one row per fund after close. Copy each field from the LPA and the latest notice or vote. If a field is missing, store that it was missing. A harvest sentence on the quarterly pack is not original term end.

• Original term end. The calendar date the initial term expires under the LPA you signed, before any extension. The Model LPA fills that as the bracketed tenth anniversary. Compute your date from your initial closing and your years.

• Extension option (GP vs LP vote). Who may extend, and whose consent is required. Model LPA Section 18.1: first extension needs Advisory Committee consent; second needs a Majority in Interest. Principles 3.0 is stricter as a recommendation. Copy your clause.

• Years added. The years actually added by the notice or vote in hand, dated. The Model LPA's two successive one-year periods are a cap in the template, not years already added.

• Fee during extension. Whether a management fee still accrues after original term end. Model LPA Section 8.3.1: the Management Fee continues until the last day of the initial Term, excluding any extension. Principles 3.0: no fees should be charged after the original term has ended. Copy your fee clause.

• Remaining assets. Remaining NAV or remaining portfolio companies as the pack reports, dated. This is not remaining unfunded.

• Last evidence. The document date on the LPA clause, extension notice, LP vote, or pack. If you have no notice, store that it was missing.

Do not invent the years or treat winding up as an extension

Years added are years the term actually moved. Model LPA Section 18.2.1.4 dissolves the fund on expiration of the Term. Section 18.3.1 then gives a winding-up clock that is not years added. Do not log a liquidation period as an extension option.

When the ledger holds

The row holds if original term end is the LPA's calendar date, extension option is GP versus LP vote as the clause tests, years added are years that actually landed, fee during extension is the LPA or amendment rate (including none), remaining assets are dated from the pack, and last evidence is a document date. It fails when you paste 10 years or two one-year extensions because a model used brackets, or when you treat a commitment-period extension as a fund-term extension. Raziel's alternative-asset dashboard is the investment record those rows can sit on: cash dates, documents, IRR and MOIC, AI ingest of the pack, capital calls, wallets and bank linking. Raziel does not give investment advice. Copy the six columns. Leave the term math to the LPA and the notice.