GP · Fund · Per later close
Catch-up call for a late LP
A new LP at a later close is onboarded, called for what earlier LPs already paid and charged equalization, and the earlier LPs are made whole.
PlanCatch-up call for a late LP
Onboard the new LP
HeldRuns the investor onboarding playbook: invitation, KYC, compliance, signing, countersignature and admission.
PlanWork out the equalization
HeldOperator works out the catch-up the LP still owes, interest at the LPA’s rate from each earlier due date, and what each earlier LP gets back, citing the clause.
OperatorWaits until the LP is admittedCheck the figures
HeldAn accountant checks the catch-up, the interest and the rebalancing before any call is drafted.
PersonAccountant approvesSend the catch-up call
HeldDrafts a call for this LP alone, covering the earlier rounds their admission call didn’t, and sends it against its exact preview.
API actionGP confirmsRequest the equalization interest
HeldAsks the LP for the equalization interest, separately from the capital they committed.
API actionGP confirmsBook the interest and rebalancing
HeldPosts the equalization interest and the rebalancing owed to earlier LPs to the fund’s ledger.
API actionWaits until the due dateAccountant confirmsPay back the earlier LPs
HeldYou send each earlier LP their rebalancing from the fund’s bank account.
PersonGP approvesRecord it as recallable
HeldRecords the rebalancing as a recallable distribution, so it can be called again later.
API actionGP confirms
The plan as it runs: each step waits for the one before it, and stops at its gate until the owner approves.
At a glance
Who runs it, and when
- Who runs it
- GP
- What starts it
- A new LP joins at a later close, after earlier calls have gone out.
- How often
- Per later close
- Vehicle
- Fund
Ask Operator
Start it in a sentence
Ask Operator in chat. It drafts the plan for your fund, and nothing runs until you release it.
- You
Admit the LP from the second close and send their catch-up call.
- You
Onboard this investor and level them with the first-close LPs.
- You
Work out the equalization for the new LP.
The outcome
The new LP is admitted and paid in on the same terms as everyone else, equalization is booked, and the earlier LPs have their rebalancing back.
What it proves
- Runs the investor onboarding playbook as its first step, and waits for the LP to be admitted.
- Works out catch-up, interest and rebalancing from the calls already paid, citing the LPA.
- Drafts no call until an accountant has checked the figures.
- Sends the catch-up notice against the exact preview you approved.
- Waits for the due date before anything is booked.