Review the capital ledger

By the end of this guide you'll be able to open the Capital Ledger for a holding, choose the quarter and the investor you want to look at, read the capital account statement and the headline performance figures, trace any figure back to the contributions, distributions, transfers and capital calls behind it, review the holding's valuation history, and download the statement or the events to CSV.

Open the Capital Ledger and choose what to look at

1. In the sidebar, open Accounting and select Capital Ledger. It's the first item in the Accounting section, above Fund Administration and Tax Center.
2. The page opens on one holding at a time — the holding you worked on most recently. To look at a different holding, pick it in the holding switcher above the summary.
3. To see one investor's capital account, choose the investing entity in the entity picker. Each investing entity appears once, however many positions it holds in the holding. Entities whose positions are all closed are still listed and marked as exited, so you can review their history. Leave the picker empty to see the whole holding.
4. Choose the period with the period picker: pick a quarter and a year, or use the ◀ and ▶ arrows to move one quarter at a time. Select Current quarter to return to the quarter that contains today.
5. Read the headline summary, then use the Statement, Ledger detail and Valuation tabs below it, as described in the sections that follow.

Read the headline summary

The strip above the tabs shows the figures for the holding, or for the selected investing entity, as of the end of the chosen period, in the holding's currency:

• Ending NAV — the net asset value at the end of the period.
• PIC (paid-in capital) — the capital contributed to date.
• DPI — distributions to investors divided by paid-in capital.
• RVPI — the ending NAV divided by paid-in capital.
• TVPI — distributions plus the ending NAV, divided by paid-in capital (DPI plus RVPI).
• IRR — the money-weighted return of the investors' contributions and distributions, using the ending NAV as the value still held.

A ratio that can't be calculated shows a not-applicable placeholder instead of a misleading number. DPI, RVPI, TVPI and IRR show the placeholder when paid-in capital is zero or negative; RVPI, TVPI and IRR also show it when a unitized share class has no price per unit for the period. A holding that no longer holds anything still shows figures: RVPI is zero and TVPI equals DPI. Committed, called and contributed amounts, distributions, preferred return, units and tax withheld appear in the statement rather than in the strip.

Read the statement

The Statement tab opens by default and shows the capital account statement for the holding or for the selected investing entity. It's captioned "As of" the end of the period and has a NAV Reconciliation block, a Commitment Reconciliation block and a memo section, each with quarter-to-date, year-to-date and inception-to-date columns. This is the same statement your investors can receive with an investor report.

1. Read down the NAV Reconciliation block from the beginning NAV, through the period's contributions, distributions and other movements, to the ending NAV.
2. Read the Commitment Reconciliation block to see how much of the commitment has been called and how much remains unfunded.
3. Where a group of lines has a collapse control, select it to hide the lines and show only the group's total; select it again to expand. Collapsing changes only what's visible, not any figure, and groups return to their default state when you reload the page.
4. When an investing entity is selected, the statement covers every position that entity holds in the holding — across share classes, and including closed positions and positions it received by transfer — as one capital account. If the entity sold part of its interest, the transfer line shows only the amount that left the entity. Below the statement, a breakdown shows the same figures by share class and then by position.
5. To download the statement, use the Statement's CSV export. The file has one row per statement line with the quarter-to-date, year-to-date and inception-to-date figures exactly as shown on screen, and its name and contents identify the holding, the investing entity (when one is selected) and the as-of date.

Trace figures in Ledger detail

The Ledger detail tab lists every economic event in the holding through the end of the chosen period. It always covers the whole holding, even when an investing entity is selected, and says so.

1. Scan the events table. Each row is one event — a capital call, a contribution, a distribution or a transfer — with its effective date and the date it was entered, the event type and its name (for example the capital call's or distribution's name, or "Standalone contribution"), the share class, the investors involved, and its source. A capital call is one row even when it covers several positions or share classes, and a transfer shows the seller and the receiving investors.
2. Narrow the list with the filters for event type, account, party (investing entity) and share class, or search and sort the table. Filtering, searching and paging don't reload the page.
3. Expand a row to see the amounts the event moved, grouped by account and then by position. Money amounts are in the holding's currency, with decreases shown as negatives; unit amounts show a quantity with no currency.
4. Open the source of any amount to see where it came from in your records.
5. To download the events, use the export on this tab. You get one line per amount with its dates, event, share class, position, account and amount, limited to the filters you've applied; the file states that it covers the whole holding.

Review the valuation history

The Valuation tab shows how the holding's value has moved over time, from its first event up to the end of the chosen period. Like Ledger detail, it always covers the whole holding rather than the selected investing entity, and says so.

1. Read the table from the top: the newest date is first, and each row's starting point is the row beneath it. A row appears for every date on which a price per unit changed or units moved, so a revaluation and an issue of new units show up as separate rows.
2. For each share class, read its price per unit (PPU), the units held and their value, then the holding's total value at the end of the row. Values are full figures, so you can check that PPU × units equals value.
3. Look beneath a figure for its change from the previous row. Price and value changes are shown as a percentage, coloured for an increase or a decrease; unit changes are shown as a plain number of units.
4. Read each row's summary for the reason recorded for a price change and any unit movement on the same date, named by share class when there's more than one.

Check what you're looking at

Each tab states the date its figures run to, and the Statement says which investing entity it covers. If the page shows a different quarter from the one you asked for — for example, because you switched to a holding that didn't exist yet in that quarter — it switches to the current quarter and tells you why. If you switch holdings while an investing entity is selected and that entity has no position in the new holding, the selection is cleared and the whole holding is shown. If you have no holdings yet, the page shows an empty state instead of the switcher. If a figure looks wrong, use Ledger detail to find the event it comes from and correct that record. If you're still stuck, contact Covercy support.