LP Capital Account Statement

The LP Capital Account Statement is the periodic report — usually quarterly — a fund sends each Limited Partner showing the movement in their capital account: opening balance, capital drawn down during the period, distributions received, allocated management fees and expenses, unrealised gain/loss from NAV movement on the LP's proportional interest, and the closing balance. It's the fund-administration equivalent of a bank statement for the LP's stake.

What a complete statement covers:

• Committed capital, drawn-down to date, and undrawn commitment remaining
• Distributions to date, split by return of capital vs profit (the split matters — it changes where the LP sits in the waterfall and how the distribution is taxed)
• Current NAV of the LP's interest
• LP-specific IRR, MOIC, DPI, and TVPI to date — which can differ slightly from fund-level metrics if the fund had multiple closes and this LP's drawdown timing differs from the fund average

Indian AIF context: SEBI's AIF Regulations mandate periodic disclosure to investors — quarterly for most categories — and SEBI has progressively standardised the required reporting format through circulars. The fund's PPM (Private Placement Memorandum) typically commits to a reporting cadence and content set that can exceed the regulatory minimum, so the actual obligation to check is contractual, not just SEBI's floor. Tax character carried through in Form 64C distributions (LTCG, STCG, dividend, interest) should reconcile against what the capital account statement shows as 'profit' distributions.

Common pitfall: building this per-LP, per-quarter in spreadsheets — a process that breaks down fast once a fund has multiple closes, tiered fee structures, or LPs with different commitment dates, because the waterfall tier attribution can genuinely differ per LP tranche. Kapitalyze's Fund OS generates LP capital account statements directly from the same ledger that drives capital calls and distributions, so the numbers can't drift apart.