How to Read an LP Capital Account Statement

An LP capital account statement is the quarter's roll of your interest in a closed-end fund, not a wire instruction. ILPA's Reporting Template v. 2.0 (January 2025) presents that roll as a standardized Partners' Capital Account Statement: beginning NAV to ending NAV, then beginning unfunded to ending unfunded. Copy each line onto one tracker row so later IRR sits on cash and marks you can defend.

This is not legal, tax, or investment advice. Raziel, Inc. does not provide it. Copy the labeled figures from the statement you hold, and the limited partnership agreement those figures follow. Do not invent a fee rate.

What the statement is (and is not)

ILPA's January 2025 Suggested Guidance splits the updated Reporting Template into two components. (A) is the Capital Account Statement, an enhanced PCAP that walks your economics. (B) is a schedule of fees and reimbursements the adviser and related persons received from portfolio companies. This page is (A). The template supplements the GP quarterly pack. It is not a substitute for capital-call and distribution notices. ILPA notes that LPs and GPs may prefer to use it in lieu of a PCAP.

The notice that moves cash is a different document. Raziel's capital call tracking guide is that wire and the unfunded delta on the notice. This page is how the quarter's statement should agree with those rows. First delivery of the updated Reporting Template is for the Q1 2026 reporting period for funds still in their investment period during Q1 2026, or commencing operations on or after January 1, 2026. ILPA's Capital Call and Distribution Template v2.0 is a separate pack: ILPA's template page, the September 2025 Suggested Guidance, and Katten all state that first required delivery is Q1 2027. Do not treat those two dates as one.

Map each line onto one tracker row

Open one row per fund per statement date. Do not collapse two vehicles that share a GP brand. ILPA wants NAV, carried interest, fee offsets, management fees, unfunded, and call and distribution amounts consistent with the fund's other financial reporting, including PCAPs.

• Beginning capital. Beginning NAV. It should equal last quarter's ending capital on the same vehicle. If it does not, log the difference. Do not overwrite last quarter.

• Calls. Contributions inside Total Cash / Non-Cash Flows. ILPA's glossary: contributions are the total capital a limited partner paid into the fund. Paid-in capital is committed capital actually transferred, also called the cumulative takedown. Keep offering or syndication costs, placement fees, and partner transfers labeled.

• Distributions. Cash and/or securities paid out to limited partners from the partnership (ILPA glossary). Post them as outflows of NAV. How the wire is booked is the call-tracking guide. How DPI splits from leftover NAV is Raziel's TVPI vs DPI vs RVPI page.

• Fees. Management fees, then internal chargebacks (allocated or paid to the GP or related persons), then external partnership expenses, then offsets, rebates, or waivers. Do not net gross fee and offset into one silent number. Raziel's LP fee and carry tracking page is how those hit cash. This column is how they hit the PCAP.

• Income. Investment income, realized gain (loss), and unrealized gain (loss). Unrealized gain is a mark, not a wire. Accrued carried interest is a reconciliation on the same statement. ILPA: increases in carried interest are a negative balance for LPs. That is a reallocation of NAV, not Dist: Carry. Do not post accrued carry as cash.

• Ending capital. Ending NAV after the lines above. Put the as-of date on the row. ILPA's glossary "NAV" entry is a mutual-fund share formula. On a closed-end PE fund, ending capital is the PCAP ending NAV allocated to you.

• Unfunded. Beginning unfunded, the signed adjustments, and ending unfunded. ILPA's glossary: unfunded commitment is money committed but not yet transferred to the GP. The same walk is Table A.2, copied into the CC&D template's LP Unfunded Commitment section.

Lines that are not what they look like

Katten and ILPA's September 2025 CC&D guidance: a return of excess capital called is a negative contribution. It reduces paid-in and increases unfunded. It is not a distribution. A recallable distribution is still a distribution, with a corresponding increase to unfunded. Note it in the description if the notice says so. Impact on unfunded is a required field, separate from inside or outside the Fund. A management-fee call may occur inside the Fund and still sit outside commitment. Do not subtract every call from commitment and call the remainder unfunded.

The Capital Account Statement walks beginning unfunded to ending unfunded on the same document as the NAV roll: less contributions, plus recallable distributions, less expired or released commitments, plus or minus other adjustments. Copy those onto the same tracker row as beginning and ending capital. If ending unfunded does not equal last ending unfunded plus this quarter's adjustments, the row is not done.

Check the row before you file the PDF

The row holds if beginning capital equals last ending capital, cash totals agree to notices already booked, fees and offsets are separate, income splits realized from unrealized, accrued carry is NAV rather than cash, ending capital is dated, and unfunded rolls. It fails when you store only ending NAV, treat the statement as the wire, or paste a quarterly NAV into an IRR as if it were cash. ILPA prefers Excel or another digital format, not PDF. Keep the PDF anyway. Then type the seven columns. For dated cash-flow math, Raziel's IRR calculator is the box. Feed it notice dates, not a quarterly NAV.

Raziel's alternative-asset dashboard is the book those statement lines can sit on: capital calls, documents, AI ingest of the pack, IRR and MOIC. Raziel does not prepare PCAPs and does not give tax advice. When the next LP capital account statement lands, open one row. Leave the LPA math to the statement.