LP Reporting — Troubleshooting & FAQs

"Cannot delete a fund with N LP(s) still assigned to it"

You're trying to delete a fund that still has LPs linked to it. Reassign those LPs to a different fund, or remove them, before deleting the fund.

"Cannot delete an LP with existing capital calls, distributions, or management fees"

You're trying to delete an LP that already has financial activity recorded against it. Those capital call, distribution, and management fee records must be removed first.

"LP does not belong to the specified fund"

You tried to generate a Capital Account Statement for an LP using a fund they're not actually assigned to. Double-check you're generating the statement from the correct LP and fund combination.

Why does Net IRR say "Not yet calculable"?

Net IRR requires at least two cash flow events (a capital call and a distribution, for example) to calculate. Until your fund has enough recorded activity, this figure shows as not yet calculable rather than a misleading number.

Why does Dry Powder show "Fully deployed"?

This appears when a fund's dry powder reaches $0 — meaning all committed capital has been called.

Does everyone on my team have the same access to LP Reporting?

No. What each member can change depends on their role:

Action	Who can do it
Add and edit LPs	Admin, Partner
Send capital calls and distributions	Admin, Partner
Generate LP reports and statements	Admin, Partner
Invite people to an LP's portal, and revoke access	Admin, Partner (Manage LPs)
Share documents with LP portals	Admin, Partner (Generate LP reports)
Add and edit funds	Admin
View funds and LP records	Everyone, including Viewers

Admins can also limit a member to specific funds. That member then only sees those funds and their LPs, capital calls, distributions, management fees, notices, and statements. See Settings — Overview & Concepts for the full roles table.

"The draft stated figures that aren't in this letter"

Cairn Intelligence wrote a number that doesn't match the letter's fixed figures, so the draft wasn't saved. Click Draft again; drafts vary, and the next one usually passes. You can also write the section yourself.

Why is Approve greyed out?

Either you have unsaved changes (click Save changes first), or the Overview is empty. The overview is required before approving.

How do I fix a letter that's already approved?

Open it and click Create new version. The new version is a draft with the figures as they are now; edit it and approve it. The approved letter stays on record.

A portfolio company is missing from the letter

Letters include the companies linked to the fund. Link the company to the fund on its page (Company info › Funds), then create a new letter.

Called capital in the letter differs from the fund page

The letter counts only capital calls issued on or before the quarter end. Draft calls, cancelled calls, and calls dated after the quarter end are left out.

My LP didn't get the portal invitation

• Check the address on the LP's LP portal tab, and ask them to look in spam for an email from Cairn. Click Resend to send it again.
• If the row says Already has a Cairn sign-in, no email was sent. Tell them to sign in at Cairn; the portal is there when they do.

My LP can't see the Q3 statement

It probably isn't shared. On the LP's LP portal tab, check that the statement shows Shared, and click Share if not. Also check they signed in with the email you invited: a different address doesn't see the portal.

Why doesn't my LP see value or TVPI?

They need the fund's NAV, which only an approved quarterly letter fixes. Share the letter for the same quarter as the LP's latest shared statement, and value and TVPI appear. See How the LP portal works.

Why can't I share this letter?

Only approved letters can be shared. Open the letter, finish it, and approve it first.

Can LPs upload documents, or get an email when something is shared?

Not yet. LPs can only view and download what you share, and Cairn doesn't email them when you share something new.

I added an LP but it isn't in the list

The list shows one fund's LPs at a time. Check the fund selector: the LP may be in a different fund. An LP that isn't in any fund appears in a notice above the table, N LPs aren't in any fund, where you can choose its fund. See Place an LP that isn't in a fund.

"Capital call #N isn't split"

The call was recorded without saying what it paid for, so the ILPA report counts all of it as investments. Split it from the report's Points to check (see Split a call recorded before the split).

Why is Approve greyed out on an ILPA report?

Either you have unsaved changes in Your figures (click Save and work out again), or there's no NAV at the quarter end. The NAV is required before approving.

"There's no beginning NAV"

The report has no NAV for the start of the quarter or year, so it can't work out the gain or loss for that period. Enter it under Your figures. It fills in by itself once you've approved the previous quarter's report.

"LPs' figures don't add up to the fund's"

The allocations of a call, distribution, fee, or expense don't add up to its total, usually because an allocation was edited or an LP joined the fund after it was recorded. Check that record's allocations.

A company has no fair value

It has no ownership % or no valuation at the quarter end. Add them on the company's page; the cost still shows in the schedule of investments.

Why doesn't Cairn calculate carry?

Carried interest depends on your fund's waterfall (hurdle, catch-up, and how distributions are ordered), which Cairn doesn't hold yet. Enter the figures your fund administrator or finance team works out.

How do I correct an approved ILPA report?

Open it and click Create new version, change it, and approve it. Sharing the new version takes back the old one from LPs.

Can an LP see other LPs' figures in an ILPA report?

No. Each LP's copy has the fund's figures and only their own. Your points to check are left out too.

Does an ILPA report use AI credits?

No. Its figures come from your records and the figures you enter.