Funds – Private Equity, Hedge and All Core Structures : [PDF Download]

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“Limited partnership funds will generally operate on a drawdown/distribution basis. This means that when they are admitted as investors, limited partners make a commitment to contribute up to a certain amount when they are required to do so.

They do not pay the total amount of their investment to the fund at that time. Instead the manager is entitled to send investors notices (called drawdown notices) from time to time requiring them to pay a portion of their commitment in order to fund the acquisition of investments or other costs or liabilities associated with the operation of the fund.

Drawdown notices typically set out the purpose for which the amount is being drawn down (subject to confidentiality restrictions) and investors have a period of time (generally 10 business days) in which to pay the relevant amount to the fund.

Any proceeds from investments’ exits are then distributed back to investors once the fund receives them. Therefore, amounts committed by investors are used or invested only once and cannot be re-used (subject to certain agreed recycling items – see below).

This is in contrast to other types of funds (for example, listed funds or open-ended funds like hedge funds) where once an investment is sold or has generated income, those proceeds can then often be re-invested by the fund.”

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