If your capital call notice does not match the ILPA template, it gets paid last
LP back offices are built around the ILPA capital call and distribution notice template. A notice in your own format goes to the bottom of the queue.
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Institutional LPs process dozens of capital call notices a month, and their teams and their software expect the ILPA template: fund, call date, due date, purpose by category, the LP's amount, cumulative called, remaining commitment, wire instructions. A notice that carries the same information in a different layout gets re-keyed by hand, which puts it behind every notice that did not need re-keying.
For a new manager the fix is free. Use the template from the first call. Our first capital call guide walks through it.
Sources
- ILPA Capital Call and Distribution Templateilpa.org/industry-guidance/templates-standards-model-documents/ilpa-templates-hub/ilpa-capital-call-distribution-template/
Terms used in this article
- Capital call A capital call, also called a drawdown, is a notice from the general partner requiring each limited partner to wire a portion of their committed capital to the fund by a due date, usually ten business days, to fund investments, fees or expenses.