Committed capital & capital calls
Investors commit capital and fund calls under the fund agreement for permitted purposes, which may include investments, fees, expenses and follow-ons. Unfunded commitments are obligations, not cash already held by the fund.
Paid-in capital is money investors have actually contributed to the fund. Uncalled capital, also called an unfunded commitment, is the amount still available for the fund to call under its agreement.
Committed capital & capital calls in round numbers
Hypothetical: investors commit US$500m and fund a US$50m call. Assuming no other calls or adjustments, US$450m remains unfunded and 10% has been drawn. This describes commitments and contributions, not investment returns.
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| Measure | Amount |
|---|---|
| Total commitments | 500 |
| Funded call | 50 |
| Unfunded commitment | 500 − 50 = 450 |
| Share drawn | 50 ÷ 500 = 10% |
Terms Related to Committed capital & capital calls
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