LP Reporting — Advanced & Customization

How pro-rata allocation works

When you create a capital call, distribution, or management fee, the total amount is split across the fund's LPs using each LP's share of total commitment:

LP's allocation = total amount × (LP's commitment ÷ sum of all LPs' commitments)

This happens automatically — you enter the total amount once, and the product calculates each LP's share.

Partnership expenses are split the same way when they're recorded, and split again if their amount changes. Each share is rounded to the cent and any rounding difference goes to the largest share, so the shares always add up to the total.

Financial formulas reference

Metric	Formula	Meaning
TVPI	(NAV + Distributions) ÷ Called Capital	Total value relative to capital called
DPI	Distributed Capital ÷ Called Capital	Realized returns relative to capital called
RVPI	NAV ÷ Called Capital	Unrealized value relative to capital called
MOIC	(Realized + Unrealized) ÷ Invested	Multiple on invested capital
IRR	Date-weighted return over all cash flows	Annualized return, requires at least 2 cash flow events
Carry	Carry % × max(0, (Distributed + NAV) − Called)	Your firm's share of profit above return of capital

⚠️ [NEEDS REVIEW] Carry is calculated as simple carry with no preferred-return or hurdle-rate model — if your fund uses a hurdle rate, the carry figure calculated here won't reflect that. Confirm with your finance team before relying on this figure for LP-facing reporting.

Capital account statements are fixed records

Once generated, a Capital Account Statement isn't recalculated even if the underlying capital calls or distributions for that period change later. If the numbers were wrong, generate a new statement rather than expecting the old one to update — this keeps every statement an accurate record of what was reported to the LP at the time.

How LP letters work

Figures fixed at creation. When a letter is created, Cairn records:

• Called and distributed capital to the quarter end. Capital calls count once they're issued (issued, partly funded, or funded); distributions count once they're announced or paid. Draft and cancelled calls don't count. Calls and distributions dated after the quarter end are left out.
• This quarter's calls and distributions, so the letter can say what happened in the quarter. If the fund has no capital call or distribution records, the fund's recorded totals are used instead and this quarter's amounts are left blank.
• NAV, as you entered it for the quarter. Cairn doesn't calculate NAV; TVPI, DPI, and RVPI are worked out from it.
• Each portfolio company linked to the fund, with the same figures as a tear sheet as of the quarter end.

These figures never change, even if records are corrected later. To use corrected figures, delete the draft and create a new one, or create a new version of an approved letter.

AI drafts use only those figures. Cairn Intelligence writes from the letter's fixed figures and nothing else. Every number in a draft is checked against them, allowing for rounding and for formats like $24.0M, 33%, or 1.53x. If a draft states a number that isn't there, the whole draft is rejected and nothing is saved. Dates and small counts (such as "Q3" or "two companies") are allowed.

Approval locks the letter. Approving records who approved it and when, and stores the final PDF. Approved letters can't be edited or deleted; a correction becomes a new version, numbered from 2. The same person can create and approve a letter.

How the LP portal works

• LPs don't join your firm. People you invite sign in to Cairn but aren't members of your firm's organization, so they can't open anything else in Cairn. They see only the LPs they were invited to.
• Access follows the email address. A person sees an LP's portal when they sign in with the email you invited, and only once that email is verified. Someone signing in with a different address sees nothing until you invite that address.
• Nothing is visible until shared. Generating a statement or notice, or approving a letter, doesn't show it to LPs. Each document is shared on its own, and unsharing takes it back straight away.
• Letters: only approved letters can be shared, and only one version per fund and quarter. Sharing a newer version takes back the older one.
• The summary is as of the latest shared statement, so it always matches a document the LP has:
  • Called counts issued calls and distributed counts announced or paid distributions dated up to the statement's end date, the same basis as the quarterly letter.
  • Uncalled is commitment minus called. DPI is distributed ÷ called. Capital account is the statement's closing balance.
  • Value and TVPI need the fund's NAV, which only an approved letter fixes. They appear when the letter for the statement's quarter is shared: value = the letter's NAV × the LP's called ÷ the fund's called in the letter, and TVPI = (distributed + value) ÷ called.
• Revoking is immediate, and deleting an LP removes everyone's access to it.
• Recorded in the audit log (as LP portal): invitations, revocations, sharing, and every download, with the person's email.

The name on LP documents

Capital account statements, capital call notices, and distribution notices are headed with your firm's legal entity name from Settings › General, or its firm name if no legal entity name is set. Set the legal entity name before generating documents for LPs. Documents already generated keep the name they were made with.

How the ILPA report is worked out

• Cash basis. Contributions count when they're received, distributions when they're paid, management fees in the period their fee period ends, and partnership expenses on the date paid. Contributions or distributions marked received or paid without a date are left out, and the report says how many.
• You give the NAV and carry. Cairn doesn't calculate NAV or carried interest. NAVs are after accrued carry. Beginning figures carry over from your approved report for the previous quarter and the previous fiscal year end (set under Settings › General › Reporting defaults), and are 0 before the fund received its first contribution.
• Carried interest allocated in a period is the change in accrued carry plus what was paid in it.
• Net gain or loss is what's left of the change in NAV once every other line is counted, so each period adds up to the NAV you gave. Without a beginning NAV it can't be worked out, and the report says so.
• Each LP's share of NAV and carry is its share of paid-in capital at that date, so an LP that paid a call late has less until it pays. Contributions, distributions, fees, and expenses use each LP's actual allocations. The report checks that the LPs add up to the fund and lists any difference.
• Schedule of investments. The fund's share of each company linked to it: cost and proceeds from the fund's own investments and realizations, and fair value as the company's valuation at the quarter end × the ownership held, split between funds by what each put in. Gross MOIC and gross IRR come from these; net IRR comes from the fund's cash flows with LPs and the NAV.
• Quarter, year to date, and inception to date are shown side by side.

ILPA reports are fixed records

A draft's figures are worked out again whenever you save your figures or split a call. Approving works them out one last time and fixes them; the Excel workbook and PDF are saved and never change. To correct an approved report, create a new version: it starts as a draft with the figures as they are now, and the approved one stays on record. Each LP's portal copy is made from the same fixed figures.

How it relates to ILPA's template

The report follows the sections and terms of ILPA's Reporting Template, and the workbook keeps numbers as numbers so LPs can load them into their own systems. It isn't ILPA's own template file, and says so in its notes. Partnership expense categories are broader than in ILPA's 2025 template, which also separates items such as subscription line interest and internal chargebacks.