Performance
Use Fund Operations → Subscriptions → Performance to review each subscription's capital, distributions, remaining value and returns through a selected date. This is the subscription-only counterpart to Fund Overview → Performance; investments and cash accounts are not rows in this table.
Choose the population and cutoff
Use Entity and Share Class for the receiving fund/class, and As of Date for the activity and valuation cutoff. Investor narrows by the investor relationship; Subscriber narrows by the subscribing holder. A subscriber can belong to more than one investor, but its subscription is still one record.
As of Date defaults to the current date. Set an explicit cutoff before reproducing an example or comparing screens. Clear unused filters when a record is missing. Empty optional selections include the available population. This tab has no Subscription selector or Date Range filter: it calculates inception-to-As-of-Date performance, not a return for an activity-date interval.
As of Date limits effective dates, activities and valuations. Commitment and subscription status come from the current subscription master; choosing an earlier date does not reconstruct their historical versions. Canceled/deleted and future-effective subscriptions are excluded; a missing effective date does not by itself exclude a subscription.
Read one subscription at a time
Performance separates capital supplied, value returned and value still held. Total Contributions forms the funding base. Distributions measure eligible returned amounts. Fair Value supplies the remaining interest at the cutoff. Notice-only requests are excluded because a request for funding or distribution is not another contribution or realized return.
Unfunded concerns the commitment still available to call; it is a different question from the value of the interest or cash currently in the bank. This tab’s formula includes NIC in Total Contributions, so the detailed NIC caveat below matters whenever outside-commitment funding is present.
Fictional Core example at 2026-09-30: one USD subscription, Commitment and Total Contributions of $100,000. Capital, Contributions and Returns start collapsed; the left-hand columns identify the holder and subscription.
Each row is one subscription. Subscriber identifies the subscribing holder; Subscription identifies the participation record. The reference fields provide the Cmd/Ctrl-click instruction for opening their source records. These links lead to different records even when their numeric IDs happen to match. Effective Date is the subscription's effective date.
Keep Currency in view. Amounts are shown under the subscription's commitment currency; the calculation does not convert currencies. Before interpreting footer sums, use the table's native Currency filter to limit the rows to one currency; a common dollar symbol does not make different currencies additive.
The column groups reveal secondary detail without changing the records:
- Capital: Commitment is initially visible; expand for Unfunded.
- Contributions: Total Contributions is initially visible; expand for Contributions and Contributions NIC.
- Returns: IRR and TVPI are initially visible; expand for DPI and RVPI.
Total Contributions combines contributions, purchases and contributions outside commitment (NIC). Distributions includes the configured return-of-capital/income distribution categories and redemptions. Capital calls and distribution notices do not count as contributions or returns.
Unfunded is current Commitment minus Total Contributions plus Recallable Distributions. This tab's calculation therefore subtracts NIC as part of Total Contributions, even though NIC identifies contributions outside the commitment. When NIC is present, reconcile the displayed Unfunded amount with the contributions that consume the commitment before using it as the remaining commitment balance. It can also differ from another report that uses historical commitment activities or a different cutoff.
Understand Fair Value and Value Date
A valuation activity supplies a dated assessment of the remaining interest. Subsequent capital movements can change that remaining interest before the selected cutoff, so the displayed value incorporates the configured later adjustments. Where no FMV exists, the capital-based fallback is a calculation convention rather than evidence of an independent valuation.
Fair Value uses the latest recorded fair-market-value activity through the cutoff, adjusted for later contributions and distributions and recorded valuation discounts. Without an FMV activity, the current convention uses contributed capital less distributions and valuation discounts, floored at zero. Current Closed or Transferred status forces Fair Value to zero.
Value Date is the date of the latest recorded FMV, not the selected As of Date. It can be earlier than the cutoff or blank when the capital-based fallback is used. A nonzero Fair Value with a blank Value Date does not prove a recent independent valuation.
Interpret the returns
The multiples divide different forms of value by the funding base: DPI measures amounts already distributed, RVPI measures value still held, and TVPI combines both. IRR adds timing, so equal contributed and returned amounts can produce different annualized returns depending on their dates. A fallback carrying value equal to funding can produce a 1.00x TVPI without demonstrating an independent valuation or realized gain.
The same fictional subscription after expanding Returns and scrolling right: Fair Value $100,000, Distributions $0, blank Value Date, IRR 0.00%, TVPI 1.00x, DPI 0.00x and RVPI 1.00x.
IRR (internal rate of return) expresses the annualized return implied by the recorded amounts and their dates. This tab uses eligible activity dates and amounts, plus remaining Fair Value as a positive terminal amount on As of Date. It does not use cash-match dates or automatically adopt another report's timing convention.
TVPI = (Fair Value + Distributions) ÷ Total Contributions. DPI = Distributions ÷ Total Contributions. RVPI = Fair Value ÷ Total Contributions. Multiples are blank when Total Contributions is zero; IRR can be blank when the recorded flows do not support a solution.
This is a flat subscription list. The footer counts filtered subscription rows through the Subscriber column, not distinct subscribers, and sums the configured monetary columns. Search and native filters change these counts and sums. It does not provide a portfolio IRR or aggregate multiples by default. Do not average row IRRs or add row multiples.
Worked example
- Select Cedarbridge Example Fund LP #1 in Entity and set As of Date to 2026-09-30. Leave Investor, Subscriber and Share Class unselected.
- Find Cedarbridge Core Subscription #1, held by Cedarbridge Example Holdings Ltd #1. The effective date is 2026-07-01 and Currency is USD.
- Commitment and Total Contributions are each $100,000. Expand Capital to see Unfunded $0; expand Contributions to see Contributions $100,000 and Contributions NIC $0.
- Scroll right. Fair Value is $100,000, Distributions are $0, and Value Date is blank. The fictional dated contribution is recorded on 2026-07-05; there is no FMV activity, so this example uses the capital-based fallback.
- Expand Returns. IRR is 0.00%, TVPI 1.00x, DPI 0.00x and RVPI 1.00x. These results describe the recorded activity and fallback value; they do not establish that a new valuation or cash/accounting workflow was performed.
Use search, native filters, sort and Hide fields to investigate the rows; use the global filters to change the underlying performance scope. Compare dates and currency before comparing the result with another screen.
Investigate a difference
Open the Subscription link to confirm the master record, then use Activity to inspect the dated contributions, distributions and valuations. Use Record Explorer to trace actual cash settlement and accounting links.
Performance is read-only. Recorded contribution/distribution activities and calculated returns do not independently confirm cash settlement, journal posting, reconciliation or close. Make an evidenced source correction in the owning app; do not change activity values simply to force a target return.