How to Track Paid-In Capital as an LP After You Close

How to track paid-in capital is the funded column on one closed-end commitment: what you actually transferred against the pledge, not the quarter's full capital-account roll. Raziel's LP capital account statement page is the NAV roll. Raziel's unfunded-commitment tracker is leftover unfunded. This page is paid-in capital (PIC, also called contributed capital): called versus funded, called-not-yet-funded, recallable cash that does not reduce PIC, and the PIC as-of date later DPI and TVPI sit on.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the labeled figures from the notices and the limited partnership agreement. Do not invent a funded percent.

What PIC is (and is not)

ILPA's glossary: paid-in capital is the amount of committed capital a limited partner has actually transferred to a venture fund. Contributions are the total capital a limited partner paid into the fund. Committed capital is the pledge. Drawndown capital, on the investor side of that same glossary, is committed capital actually requested. Called is the request. Funded (PIC) is the transfer. ILPA's Reporting Template v. 2.0 (January 2025) puts contributions and distributions in Total Cash / Non-Cash Flows on the Capital Account Statement, including offering or syndication costs, placement fees, and partner transfers. Do not treat the pledge as PIC.

Seven columns on one fund row

Open one row per fund. Do not collapse two vehicles that share a GP brand. Copy each field from the notice, the wire, and the statement.

• Commitment. The signed pledge. ILPA: committed capital.

• Cumulative capital called. Sum of drawdown notices. ILPA's investor-side drawndown is capital actually requested.

• Cumulative capital funded (PIC). Sum of amounts actually transferred. ILPA paid-in / contributions. This is the column.

• Called-not-yet-funded. Called minus funded until the wire lands. Date it from the notice due date. Your receivable, not a second PIC total.

• Recallable distributions, and whether they reduce PIC. Copy the LPA. ILPA treats a recallable as a distribution that increases unfunded. It does not reduce paid-in. A return of excess capital called is the opposite. Raziel's recallable-distribution tracking page is that event ledger.

• Leftover unfunded. Copy the printed ending unfunded. ILPA's Reporting Template walks beginning unfunded to ending unfunded. September 2025 CC&D guidance: that LP walk is Table A.2, and unfunded reflects recallable increases. Do not hard-code leftover as commitment minus funded plus recallable restored unless the LPA and that walk say so.

• PIC as of date. The statement or notice date on the funded total you will later use as the TVPI and DPI denominator. Do not invent a multiple.

Called is not funded

Until the wire, called-not-yet-funded stays open. ILPA's September 2025 CC&D guidance makes Impact on Unfunded Commitment a required field, separate from whether the line sits 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 same guidance: a return of excess capital called is a negative contribution. It decreases total paid-in and increases unfunded. It is not a distribution. Katten's advisory on that update states the same split: negative contribution reduces paid-in; a recallable distribution does not.

Recallable cash does not retire PIC

ILPA's glossary: recallable is the total amount of distributions that may be recalled by the fund at a future date. Template v2.0 removed standalone Recallable Distribution types; infer them from the unfunded impact, and still note them in Transaction Description. The updated CC&D template is built gross of recallables. If a GP nets recallables and changes the embedded formulas, ILPA wants that in the Footnotes. Your PIC column should match the notice you received. When the GP later calls that amount, that is a new capital call. Unfunded goes down. Paid-in may rise. How unfunded was restored is the recallable sibling. This row asks whether PIC moved.

PIC as of date is the TVPI and DPI denominator

Stamp the funded total with its as-of date before you divide anything by it. ILPA defines distributions to paid-in (DPI) as money distributed relative to contributions. Citing GIPS, ILPA puts recallable distributions in the DPI numerator and reinvested capital from recallable distributions in the denominator. Residual value to paid-in (RVPI) uses those same contributions. ILPA's investment multiple adds reported value and distributions received, then divides by total capital contributed. Cambridge Associates recommends reviewing IRRs alongside DPI and TVPI. Copy the dated PIC. Do not invent a "good" multiple.

ILPA's Performance Template (funds commencing operations on or after January 1, 2026) displays fund-level net TVPI from fund-to-investor cash flows and portfolio-level gross MOIC from fund-to-investment cash flows. Paid-in (contributed) is the usual LP TVPI denominator. Invested capital is the usual deal MOIC denominator. Do not paste this PIC total into a deal box as if the labels matched. Raziel's MOIC calculator is a free MOIC calculator for private equity, venture capital, and angel investments. Check the denominator the tool asks for.

When the row holds

The row holds if commitment is the signed pledge, called is the notice sum, funded PIC is actual transfers, called-not-yet-funded is the open gap, recallable lines did not silently reduce PIC, leftover unfunded matches the printed Table A.2 (or matching CC&D) walk, and PIC as of date is the statement date on that funded total. It fails when you store only commitment, treat a recallable as a negative contribution, or paste an undated PIC into TVPI. Raziel's alternative-asset dashboard is the book those funded rows can sit on: capital calls, documents, IRR and MOIC. Raziel does not prepare PCAPs. Copy the seven columns. Leave the LPA math to the notice and the statement.