How to Track Paid-to-Paid IRR as an LP After You Close

How to track paid-to-paid IRR is the dated cash series on one closed-end commitment: actual contribution and distribution dates (funded wires), not the pledge and not quarter-end. Raziel's paid-in capital tracking page is the PIC column (called versus funded). Raziel's IRR calculator is a free online IRR calculator for venture capital, private equity, real estate, and alternative investments. This page is paid-to-paid IRR (since-inception, cash-dated): cash dates, called versus funded, whether unpaid called capital sits in the series, and which IRR the GP reported versus what you recompute.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the labeled cash dates from the notices and the statement. Do not invent an IRR.

What paid-to-paid IRR is (and is not)

ILPA's glossary: internal rate of return is the discount rate at which the present value of future cash flows equals the cost of the investment. Net IRR is the dollar-weighted internal rate of return, net of management fees and carried interest. It considers the daily timing of all cash flows and cumulative fair stated value as of the end of the reported period. Investopedia (Barclay Palmer, updated September 2, 2025): SI-IRR is simply the fund's internal rate of return since its first investment. CFA Institute's Enterprising Investor (Antonella Puca, CFA, 16 July 2018): funds report IRR as a money-weighted return from inception through the measurement date.

ILPA's Performance Template (released January 2025, go-forward for funds commencing operations on or after January 1, 2026) displays since-inception fund-level net IRR and net TVPI from cash flows between the Fund and its investors, both with and without fund-level subscription facilities. Periodicity is inception-to-date. The Cash Flow table supplies transaction types, dates, and amounts so you can recalculate those metrics. That is this row. It is not commitment, not a quarter-end time-weighted return, and not the PIC total on the sibling page.

Six 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.

• Contribution dates and amounts (funded). ILPA: paid-in capital is committed capital actually transferred. Contributions are the total capital a limited partner paid into the fund. Date each transfer.

• Distribution dates and amounts. ILPA: cash and/or securities paid out to the limited partners.

• Remaining NAV as a terminal value if the notice uses it. ILPA Net IRR includes cumulative fair stated value as of period end. Copy that NAV only if the notice uses it as a terminal value. Do not invent a mark.

• GP-reported net IRR. Copy the printed figure and whether it is with or without the subscription facility. ILPA prints both.

• Your dated series. The same cash dates and amounts, in one column you can recompute.

• Whether called-not-funded is included. Yes or no, copied from the notice mapping, not assumed.

Dates are cash dates, not commitment or quarter-end

ILPA Performance Template guidance (Granular Methodology v1.1): the Effective Date should reflect the date cash moved. For capital calls, use the due date of the call, not the date the notice was distributed. Disclose any other date in the footnotes. Fund-level net calculations typically begin with the Fund's first capital call. Do not stamp the first outflow as the commitment date. Do not collapse every wire in a quarter onto quarter-end. Cambridge Associates (Jill Shaw, March 2, 2014): an IRR looks holistically at the time horizon and considers all cash flows. A compounded quarterly time-weighted return does not. Always review IRRs alongside cash-on-cash multiples (DPI and TVPI). IRRs can be managed. Do not invent a "good" IRR.

Called-not-funded does not automatically enter the series

Until the wire, called-not-yet-funded stays open on the PIC sibling. ILPA's investor-side drawndown is committed capital actually requested. Paid-in is the transfer. A paid-to-paid series uses funded amounts on cash dates. If the GP dated the call at the due date before you wired, copy that mapping and mark the called-not-funded flag yes. If cash has not moved and the notice does not treat the due date as Effective Date, leave the unpaid call out of the series. Do not drop commitment into the first cell as a proxy for funded cash.

Recompute the printed net IRR from the same dates

ILPA built the Cash Flow table so investors can recalculate fund-level performance. Copy GP-reported net IRR first, then run your dated series. If the two disagree, the usual gaps are date (notice versus due date versus wire), unpaid called capital in one series only, a terminal NAV one side included, or the subscription-facility with/without pair. The template is the Cumulative Fee-Paying LP allocation of the Total Fund, not investor-specific. Your LP cash dates can differ from the printed fund-level net IRR. Log both. Raziel's IRR calculator is a free online IRR calculator for venture capital, private equity, real estate, and alternative investments. Check the cash dates the tool asks for.

When the row holds

The row holds if contributions are funded amounts on cash dates, distributions are dated the same way, remaining NAV is the printed terminal value only when the notice uses it, GP-reported net IRR is copied with its with/without label, your dated series is the same cash, and called-not-funded is a yes or no copied from the mapping. It fails when you date the first outflow as commitment, collapse wires to quarter-end, treat unpaid called capital as funded, or paste an undated PIC total into an IRR. Raziel's alternative-asset dashboard is the book those dated rows can sit on: capital calls, documents, IRR and MOIC. Leave the LPA math to the notice and the statement.