Subscriptions & Capital Activity

A subscriber may commit capital today, receive a call later and pay it on another date. The subscription identifies that subscriber's participation in a particular share class. Its Subscription Activities record what happens to that participation over time.

Follow a commitment into funding

A commitment establishes the subscriber's agreed funding obligation. A call requests part or all of that commitment; it can exist before payment. A contribution records funding, and its cash link supplies evidence of the amount received. The contribution's reference to the call identifies what it settles. Several contributions can explain partial funding over time; the original call remains the expectation being settled.

In the fictional Learning Sandbox, Cedarbridge Example Holdings Ltd participates in Class A through Cedarbridge Core Subscription #1. Its contractual Commitment Amount is USD100,000. The subscription also has a commitment activity, a capital-call activity dated July 1, 2026 and contribution activity #3 dated July 5.

The call records USD100,000 due; contribution #3 records that amount funded and references the call. Cash Split #1 links the bank receipt to the contribution. The saved records therefore show the separate expectation, funding and cash support described above; they are not three cash receipts.

The bank receipt displays +USD100,000 and the contribution displays −USD100,000 under its category's source convention. Interpret the sign with the activity category and cash link.

Read categories as events

These labels identify activity categories, not separate tables:

• Commitment and Commitment Adjustment establish or change the commitment history. The subscription's contractual Commitment Amount is also a master field; compare the relevant guide's basis before using either as a running balance.
• Capital Call and Distribution Notice record expected funding or an announced payment.
• Contribution records funding within the commitment. Contribution - NIC means Not Included in Commitment: funding outside that commitment.
• Distribution categories distinguish Return of Capital from Income, with Recallable and Non-Recallable variants. A payment may require more than one component.
• Purchase and Redemption record entry into, or withdrawal from, a participation under the relevant transaction. A redemption is not automatically an income distribution.
• Fair Market Value and Valuation Discount record valuation events. They do not by themselves prove cash movement.

Use the native category values and the supporting notice, agreement or valuation evidence. An event's category determines which totals include it.

Check what is still unfunded

A commitment is the agreed funding obligation. Funded contributions and recallable distributions affect the remaining commitment according to the applicable convention. NIC funding is outside the commitment.

Some operational views currently subtract Total Contributions, including NIC, in their displayed Unfunded calculation. When NIC exists, reconcile that display with the amounts that consume the commitment before treating it as the contractual balance. The Performance guide explains that limitation.

For a hypothetical USD100,000 call paid in two receipts of USD60,000 and USD40,000, follow the contributions and applied cash amounts back to the call. After the first receipt, USD40,000 remains to be explained. Do not replace the call with the amount received.

Continue from the subscription

Use Subscriptions for source records, activities and Record Explorer. Check Cash & Fund Operations Reconciliation for settlement and completeness exceptions.

This is the investor-to-fund side. The fund's payments to its own investments are separate events, explained in Investments & Assets. Neither an activity nor a cash match establishes posted investor capital accounting.