Summary Equity Schedule
An investor's commitment is the funding promise represented by subscription history. Called and uncalled amounts describe how much of that commitment has been drawn under this report's conventions. Capital value answers a different question: what contributions, distributions, allocated earnings and fees have produced in the investor accounting records. Funding the full commitment does not make that capital value equal to the commitment once earnings or charges change it.
Open Accounting → Reports → Summary Equity Schedule to read those measures alongside the configured since-inception return metrics. Establish the subscription, capital accounts and ending value before interpreting performance.
Choose the reporting scope
Select Entity, its Accounting Period, and optionally Share Class. Confirm dates before interpreting values. The population requires a subscription with a matching capital account opened by report end; it is not every subscription or one row per investor.
The screenshots use Cedarbridge Reporting Example LP, July–September 2026, with fictional USD accounting records. The period is Open. These examples explain report calculations; they do not demonstrate execution of payment, posting, fee/allocation runs, valuation approval or close.
One capital account, one subscription and one subscriber in Class R. The beginning balance is zero for this prepared reporting example.
Read commitments and capital separately
Follow two histories. Commitment activity reconstructs the promise and its adjustments; capital records explain beginning balance plus signed capital changes and net income to ending balance. Cash settlement supports particular flows but does not supply the whole capital value. Allocated earnings and fees already inside net income must not be added or deducted again. The report's current omitted transaction types, described below, are therefore important when reconciling its displayed bridge to the full ledger.
Read Capital Account, Subscription, Subscriber and Class before comparing amounts. Commitment history comes from Subscription Activities, rather than the current contractual commitment field. Called capital uses recorded capital-ledger contributions and recallable distribution history; uncalled is commitment minus called.
Beginning capital, income/fees, capital changes and ending balance use accounting capital records. Bank cash and live investment FMV are different evidence. Net Income already includes the relevant recorded allocation and fee effects; do not deduct visible fee components a second time.
The current presentation does not group subscription totals by currency. Multiple matching capital accounts can repeat subscription-level totals. The subscription's ending value can also be used as the terminal value in each capital account's IRR. Reconcile identities, account-level balances and currency before aggregating or relying on performance.
In the prepared example, net income of USD300 plus USD10,000 of capital changes gives Ending Balance of USD10,300. Scroll horizontally within the same row to follow the bridge.
The same row, scrolled horizontally: net income USD300 plus capital changes USD10,000 gives Ending Balance USD10,300.
Understand the IRR convention
IRR asks what annualized rate is consistent with the investor's dated outflows, returns and remaining value. Timing matters: the same amounts at different dates can produce a different rate. The terminal value represents the interest still held at reporting end, not another cash distribution. Validate that remaining value and every included flow together so that value already returned is not also retained in terminal capital.
MOIC, discussed below, asks how the recorded value and returns compare with gross paid-in capital without annualizing time. Its distinct balance inputs mean it need not validate the same history as IRR.
Since-Inception Net IRR uses dated investor returns:
- The first qualifying positive cash contribution uses the subscription effective date.
- Subsequent qualifying contributions and distributions use their source activity event dates.
- Eligible in-kind distributions/redemptions use their recorded capital-transaction amount and activity event date.
- The displayed ending balance is added once as terminal value at reporting end.
An in-kind settlement method does not validate fair value or the date ownership transferred. Confirm both against documented evidence. Cash activity dates also require review against actual settlement evidence; the calculation does not retrieve bank dates independently.
Missing or inconsistent source, date, currency or effective-date inputs can make IRR unavailable. IRR Note, hidden by default, explains input issues or an absent solution. Blank/unavailable IRR is not a zero return.
Reconcile the ending value before using performance
The current ending-balance presentation includes period contributions/distributions and allocation/fee income but does not include every capital transaction type: current-period redemption and transfer movements are omitted. IRR can nevertheless include redemption flows. Do not assume the report automatically removes all distributed value from terminal NAV or prevents double-counting for every case.
For redemptions, transfers, in-kind events or multiple capital accounts, compare the displayed ending balance with the complete capital ledger and supporting holdings before relying on IRR. Escalate an unexplained presentation difference; do not alter valid economic records to force agreement.
MOIC is a separate multiple based on recorded capital, returns/refunds and gross paid-in capital. It uses actual account-level ledger totals rather than the reconstructed displayed ending balance. It is not annualized and does not establish the same input/timing checks as IRR. Do not assume IRR and MOIC have identical balance inputs.
Use Accounting Operations → Capital Accounts and Fees & Capital Allocations to inspect source and recipient effects, then repeat this schedule after an approved correction. Never average investor IRRs to calculate a fund return.
The example has one capital account for one USD10,000 subscription. Ending Commitment and Ending Called Capital are both USD10,000; Ending Uncalled is zero. Its prepared USD10,300 terminal balance gives MOIC of 1.03x and displayed annualized IRR of 12.59%. The 3% increase in value is a period return, not that annualized rate.
The same prepared USD subscription: commitment and called capital USD10,000, uncalled zero, annualized IRR 12.59% and MOIC 1.03x. No fee or allocation run was executed.
Zero management-fee/carry amounts here reflect the prepared input population; they do not establish that no contractual fee is due. No fee or allocation run was executed for this example.