How to Track GP Commitment as an LP After You Close

How to track GP commitment as an LP is the alignment ledger you keep after you already own the fund: the GP's pledged percent, dollars called, remaining, and whether those dollars were cash, a fee waiver, or a co-invest. It is not remaining unfunded on your own interest. Raziel's unfunded commitment tracker is remaining capacity across LP interests. This page is six fields on the GP's own commitment: committed percent, dollar commitment, called to date, remaining, source (cash versus waiver versus co-invest), date of last evidence.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the signed LPA, the PPM, and the latest notice or capital-account pack. Do not paste a glossary 1 percent or 2 to 5 percent into the row.

What this ledger is (and is not)

ILPA Principles 3.0 (June 2019) says alignment of interest is best achieved when the GP's wealth creation is primarily derived from profits on the GP's substantial equity commitment, after LP return requirements have been met. The Principles glossary aliases General Partner Commitment as GP Contribution: capital the GP contributes alongside LPs. Those are definitions, not your balances. Do not paste a glossary illustration (Principles 2 to 5 percent "standard practice," or the public glossary's 1 percent "standard practice" among venture funds) into the row. Your percent is the one in your LPA.

Six columns on one fund row

Open one row per fund after close. Do not collapse two vehicles that share a GP brand. Copy each field from the LPA and the latest pack. If a field is missing, store that it was missing. ILPA's Capital Call and Distribution Notice Best Practices (Version 1.1) prints GP Commitment as field 2.05, next to fund size. A headline fund size is not remaining GP unfunded.

• Committed percent. The rate in the agreement you signed. The ILPA Model LPA (whole of fund, July 2020) fills General Partner Commitment as at least a blank percent of aggregate Limited Partner Commitments. That blank is a template fill-in. Your percent is the one in your LPA.

• Dollar commitment. The GP and Affiliate aggregate commitment in the currency the documents use. Date the figure.

• Called to date. Cumulative capital actually transferred on that GP or Affiliate interest, as of a dated notice or capital account.

• Remaining. Dollar commitment minus called to date under that LPA, unless the pack prints a different remaining. Do not invent a dollar example.

• Source (cash versus waiver versus co-invest). How the GP funded, or will fund, that interest. Principles 3.0 wants cash as opposed to waiver of management fees or specialized financing facilities. Store what your documents show, including mixed sources.

• Date of last evidence. The date on the LPA clause, PPM, subscription, call notice, capital account, or waiver election you copied.

Copy the LPA percent, not a glossary illustration

Model LPA Section 4.2: on the Initial Closing Date, the General Partner and its Affiliates shall make and maintain an aggregate Commitment equal to at least a blank percent of the aggregate Commitments of the Limited Partners. That commitment is increased at each Subsequent Closing so that at all times it equals at least that same blank percent. The July 2020 whole-of-fund term sheet prints the same blank. Footnote 10: the General Partner may make all or part of its commitment in a Parallel Vehicle or as a Limited Partner; if so, appropriate adjustments should be made. Store the vehicle. Do not treat a parallel-vehicle or LP-interest slice as missing just because it is not labeled GP.

Source is cash, waiver, or co-invest, not a market default

Principles 3.0: the GP should have a substantial equity interest in the fund, contributed in cash as opposed to waiver of management fees or specialized financing facilities. The GP should not cherry pick underlying deals; its whole equity interest shall be via a pooled fund vehicle, whose sharing percentage may not decrease. An annual election to increase the co-invest percentage may be permitted. Model LPA Section 6.1 has each Partner contribute cash as set forth therein. ILPA's Version 1.1 call-notice appendix names Call: Deemed GP Contribution as a call from LPs on behalf of the GP's share of a capital call, typically an offset to future management fees. If a notice uses that type, store waiver, or mixed, not cash. If the GP's dollars sit in cherry-picked deals instead of the pooled vehicle, store co-invest. Do not treat deal-level co-invest as the fund GP commit.

Called and remaining are the GP's unfunded, not yours

Dollar commitment is the GP and Affiliate pledged amount. Called to date is cash, or a deemed contribution, already applied to that pledge. Remaining is their difference under the LPA you signed, not last quarter's fund size. Raziel's unfunded commitment tracker is your LP remaining-capacity walk. This row is the GP's pledged interest those notices also mention. Do not overwrite your LP unfunded when a deemed GP contribution posts.

When the ledger holds

The row holds if committed percent is the LPA's, dollar commitment is dated, called to date and remaining are dated, source is cash or waiver or co-invest as the documents show, and date of last evidence is a document date. It fails when you paste 1 percent or 2 to 5 percent because a glossary used those illustrations, when you treat a fee-waiver deemed contribution as cash, or when you treat remaining GP unfunded as your own unfunded commitment. 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 run the waterfall and does not give investment advice. Copy the six columns. Leave the LPA math to the agreement and the notice.