What is an LP capital account statement (PCAP)?
A capital account statement — commonly called a PCAP (Partners' Capital Account) statement — is the quarterly document a fund sends each limited partner showing the LP's individual share of the fund: capital contributed, distributions received, allocated gains and losses, management fees, carried interest, and ending capital balance. It is the single document an LP's own accounting team books against, and the one their auditors sample.
Since the ILPA reporting template became the de facto standard, most institutional LPs expect the PCAP in ILPA format: beginning balance → contributions → distributions (with recallable amounts broken out) → net operating income/expense → realized and unrealized gains → fees and carry (gross and net) → ending balance.
Where PCAP statements actually come from
At most emerging and mid-size funds, the numbers on the PCAP are computed in the fund's Excel model — the waterfall, the capital-account roll-forward, the fee and carry schedules shaped by the fund's specific LPA. The statement itself is then produced by hand: values keyed or pasted into a template, PDF'd, uploaded to a portal or emailed.
That handoff is where the trouble lives:
- Reconciliation is the workflow. Fund administrators and platforms describe capital-account data as something that "must reconcile to the fund financials" — an admission that the statement and the model are two systems that can disagree.
- A formula error cascades quietly. One wrong cell in the allocation tab flows into every LP's ending balance. Nobody notices until an LP's auditor does.
- "How was this number calculated?" has no good answer. The LP sees a PDF. The calculation lives three workbook versions back on an analyst's laptop.
The alternative: a statement that IS the calculation
Formualizer runs the fund's actual Excel model — same formulas, same LPA-specific tier logic — and renders each LP's capital account statement directly from the live formula graph. There is nothing to reconcile, because the statement and the model cannot disagree: they are the same computation.
Every figure on the statement is click-traceable. An LP (or your own team, or your auditor) selects the carry accrual and walks the calculation through the waterfall tiers to the source cells — with a plain-English explanation grounded in the formula trace.
- $312,400Carry AccrualWaterfall!K22= 20% of profit above pref
- $1,562,000Profit above PrefWaterfall!K18
- $208,300GP Catch-UpWaterfall!K14
- $980,400Preferred Return (8%)Waterfall!K10
- $4,200,000Contributed CapitalCapAccts!D9
›Carry accrual of $312,400 = 20% of profit above the 8% preferred return, on a hypothetical liquidation of the fund (Waterfall!K22).
ILPA format without the migration
The statement renders in the ILPA template LPs already ask for. Your model stays the system of record; we map its outputs to the ILPA line items once, in the 48-hour concierge setup. New quarter: upload the data, statements republish, LPs see what changed and why.
FAQ
What does PCAP stand for?
PCAP is short for Partners' Capital Account. The PCAP statement — formally the partners' capital account statement — is the quarterly record of each LP's capital in the fund; ILPA's reporting template standardizes its line items.
What's on an ILPA-format capital account statement?
Beginning capital balance, contributions, distributions (recallable broken out), net operating income or expense, realized and unrealized gains/losses, management fees and partnership expenses, carried interest (gross and net of), and ending capital balance — for the period, year-to-date, and inception-to-date.
How often are capital account statements issued?
Quarterly is standard, within 45–90 days of quarter end depending on the LPA. Formualizer republishes statements the day your model has final numbers.
Can we produce PCAP statements from our own Excel model?
Yes — that's exactly what Formualizer does. Your waterfall and capital-account roll-forward run as-is; each LP gets a permissioned statement where every figure traces to the cells that produced it. No platform migration, no rebuild of your LPA terms in someone else's configuration language.
48 hours from workbook to live statements.
Concierge pilot: send a sanitized workbook, we map it and stand up your counterparty portal in 48 hours. Pilots are paid — $2–3k setup, then a monthly fee per recipient. If the pilot doesn't earn the subscription, walk away.