Performance
Use Fund Operations → Fund Overview → Performance for an operational view of paid-in capital, distributions, derived value and return measures. The sections show Subscriptions, Investments and Accounts from different perspectives. They do not form an additive fund NAV statement.
Set a comparable scope
Select Entity, one Share Class and As of Date before comparing the section totals. Detail rows are class-specific, while the visible tree groups only by section. With several classes in scope, repeated underlying records and section aggregates can be misleading; review each class separately.
The date limits relevant activities, valuations and effective investment allocations. Subscription commitment and master status come from current master records, so this is not an immutable historical snapshot. Always match date, class and currency before comparing another screen.
Investment performance applies the allocation effective on As of Date to its historical flows and derived value. Activity instead uses each event's effective allocation. The tabs can therefore differ when ownership changes; compare their attribution conventions before treating a difference as an error.
Read capital and value
Commitment is the agreed funding basis; funded contributions measure capital provided; distributions measure amounts returned; Fair Value is the remaining derived position value. A capital-call notice is an expectation and is excluded from funded totals. Contributions NIC means Not Included in Commitment: funding outside the commitment, even though Total Contributions includes it.
The native example shows why these measures must be read separately.
Native tab with fictional Cedarbridge Example Fund LP, Class A and August 31, 2026 selected. The expanded sections show one subscription, one investment and two accounts. Scroll right for the remaining columns shown next.
- Subscriptions: Cedarbridge Example Holdings Ltd has commitment USD100,000, Total Contributions USD100,000, Fair Value USD100,000 and Distributions USD0.
- Investments: Harbor Example Software has Total Contributions USD40,000, Fair Value USD40,000 and Distributions USD0, allocated 100% to Class A. Commitment is blank because no investment commitment activity was recorded; a capital-call notice does not supply it.
- Accounts: Operating USD shows attributed cash USD58,800; Reserve USD shows USD0. Performance includes the eligible zero-balance account even though Structure omits it.
A section row summarizes its detail rows; do not count both. Do not add the subscription's USD100,000 to investments and cash as fund value.
Expand the Capital column group to see Unfunded. For subscriptions it uses current commitment minus Total Contributions plus recallable distributions. Investment commitment comes from commitment activities, with amounts scaled to the class. Expand Contributions to see Contributions and Contributions NIC (Not Included in Commitment) separately. NIC identifies contributions outside the commitment; Total Contributions combines both. Notices are excluded from funded totals.
The current Unfunded calculation on this tab subtracts Total Contributions, including NIC. When NIC is present, reconcile the displayed Unfunded amount with the contributions that consume the commitment before using it as the remaining commitment balance.
Read returns and valuation dates
Returns compare dated capital flows with what has been distributed and what remains. TVPI is (Fair Value + Distributions) ÷ Total Contributions; DPI is Distributions ÷ Total Contributions; RVPI is Fair Value ÷ Total Contributions. A missing denominator or value can leave a ratio blank. IRR annualizes the return using flow timing, so it differs from a holding-period percentage gain.
The quality and date of the remaining value matter to every return measure. A fallback based on recorded flows can produce an apparently unchanged value without an independent valuation. Read the native example with that distinction in mind.
Same rows and scope after horizontal scrolling. IRR and TVPI are visible; names are partly offscreen. Use the first image to identify the corresponding rows.
Both funded sections show IRR 0.00% and TVPI 1.00x in this example. Neither has a recorded FMV activity: their Fair Value is a fallback derived from funded contributions, distributions and valuation discounts. This is not an independent valuation or proof of a validated zero return. Their blank Value Date signals that no FMV date is recorded. The account's Value Date is its latest recorded transaction date, August 31; it is not a security valuation date.
When an FMV activity exists, its value is adjusted for relevant later contributions, distributions and valuation discounts. Current closed/transferred subscription and closed/exited investment statuses can force value to zero. Check those inputs before treating a displayed amount as an approved valuation.
Expand Returns for the DPI and RVPI columns. This tab calculates IRR (internal rate of return) from qualifying source activity dates and a terminal positive derived value on As of Date. It does not substitute bank settlement dates or the first-subscription-effective-date convention used by another report. Section IRR is calculated from its combined dated flows, not an average of row IRRs. Confirm timing and valuation conventions before comparing Reports → Summary Equity Schedule. These operational returns are not a substitute for final accounting investor returns.
Understand class cash
For Accounts, Fair Value means cash attributed through splits assigned to the selected class, excluding unapplied splits from class attribution. It does not mean the whole bank balance. Entity-owned or unresolved cash is not automatically allocated to a class.
Use Hide fields for the available Cash Owner and Unattributed Cash (Entity) context when investigating ownership. A blank or partial class value needs investigation; this view does not prove full split coverage, bank reconciliation or posting. The account's return fields are blank because accounts are not modeled as investment return series.
Follow a discrepancy to its source
Open Details for the underlying subscription, investment or account. Review source events in Activity, effective ownership in Allocations, and settlement/journal links in Activity Explorer. For an unsplit bank transaction, start with Cash → Data; for a known split, use Cash → Transaction Explorer. Use the recon apps to test coverage and amounts.
This tab does not separately deduct operating expenses or calculate final fees and capital allocations. In the example, the paid USD1,200 expense reduces Operating USD cash but does not create a subscription FMV activity. Do not replace the subscription's value with cash plus investments to force agreement. Use the controlled accounting workflow and Reports for reported NAV and investor capital.
Verify source currencies before comparing totals; no FX normalization is established here. Correct evidenced source errors through a permitted editor or approved process and refresh the same scope.