Capital call notice periods in public fund documents

The data

What each column means

Fund

The fund's name as the document writes it.

Manager

The adviser, manager, general partner or sponsor as the document names it. Blank where the document extract read did not name one.

Fund type

BDC (private) where the document describes the fund as a business development company, whatever it invests in. Employee or co-investment vehicle where the investors are the sponsor's own partners, staff or affiliates. Otherwise real estate, private equity or fund of funds where the document or its filing describes the fund so, and other where it does not say.

Document

The kind of document the notice wording comes from, for example a subscription agreement, a limited partnership agreement or a prospectus. A form is marked as one.

Document date

The date the document gives for itself, as YYYY-MM-DD or YYYY. Blank where the document is an undated form, draft or registration statement.

Notice wording

The notice wording, quoted from the document and shortened to under 25 words.

Notice period

The number of days the wording gives, as a number.

Day basis

Whether the document counts business days or calendar days. Blank where it says only "days".

Cure period wording

The default cure or grace period wording from the same document, quoted. "Not captured" means the extract read did not show one; it does not mean the document has none.

Default interest wording

The wording on interest charged on an unpaid call, quoted. Blank where the document does not state it or the extract read did not show it.

How the data was collected

Every row comes from the SEC’s EDGAR filing system, because funds that register under the Exchange Act or the Investment Company Act, and listed companies that sponsor funds, file fund documents in public. The first search used EDGAR full-text search for phrases such as “drawdown notice”, “capital call notice” and “business days”, limited to Form 10 registrations (10-12G and 10-12G/A) and Form N-2 filings by registered funds. A second search, aimed at funds other than credit funds, screened about 1,650 documents for a capital call or drawdown word near a day count. It found partnership agreements filed as exhibits to listed sponsors’ annual, quarterly and current reports (Forms 10-K, 10-Q and 8-K), two private equity partnership agreements attached in full to Schedule 13D ownership filings, and the notice terms set out in registered funds’ prospectuses and registration statements. A separate route looked for the Institutional Limited Partners Association (ILPA) Model LPA and for law-firm and fund-administrator pages that quote a market range.

A document became a row when it named a fund, was readable as a web page, and stated a number of days of notice before a capital contribution is due. The number was copied from the document and nothing was inferred. Where the document gave no business-day or calendar-day basis, the basis column is blank. Fund type follows the document’s own description of the fund. A document that describes the fund as a BDC is marked BDC even when the fund’s name points to real estate or infrastructure, and a document that gives no description is marked “other”.

Each row was then sorted into one of two groups. Funds offered to outside investors make up the headline figures. Employee or co-investment vehicles are those whose investors are the sponsor’s own partners, staff or affiliates: Marsh & McLennan’s professionals funds and employees’ securities companies, Putnam’s employees’ securities company, Greenhill’s employee funds and GSAV (Associates), whose agreement defines its Greenhill limited partners as managing directors or employees of Greenhill. The Marsh & McLennan Affiliated Fund is in this group because it invests alongside Trident II and pays no management fee or carried interest; its document does not list its investors. These 12 rows stay in the file with the fund type “employee or co-investment vehicle” and are reported separately below.

Several kinds of document were left out. Credit facilities were excluded because the notice in them runs from a fund to its lender, not to its investors. Registered funds of private funds were excluded where the only capital calls mentioned are those the fund receives from the funds it invests in. Evergreen funds that sell shares for cash on subscription were excluded because they have no drawdown notice. For the same reason, G-X Private Markets and G-X Private Equity were left out: each registration statement calls all of each investor’s commitment once, at the initial closing, and then sells shares monthly, so its single drawdown notice is a subscription payment rather than a series of capital calls. Joint ventures, single-property partnerships and operating companies were left out because they are not funds. One declaration of trust, for Franklin BSP Real Estate Credit BDC, was excluded because its notice sentence is garbled in the filing. Where a document names a shorter period for the first closing or for special calls only, the general rule is the one recorded. Industry guides, glossaries and ILPA’s own Model LPA PDF were not used as rows. The ILPA Model LPA page on ilpa.org links to a PDF and shows no clause text on the page, so there is no ILPA row. Public pension and endowment board materials were looked for, but no page was found that shows fund agreement text without a PDF download.

The file has 59 rows: 47 for funds offered to outside investors and 12 employee or co-investment vehicles. By fund type: 30 BDC (private), 12 employee or co-investment vehicle, 6 real estate, 5 other, 4 fund of funds and 2 private equity. By day basis: 38 business days, 9 calendar days and 12 unstated. Fund names, documents and wording are as the filings give them, and every row links to the exact filing document. Document dates run from 1999 to 2024, and the filings were made between 2001 and 2026. Many subscription agreements and all the prospectus rows have no date of their own, so their document date is blank and their filing date is in the source columns.

What the data shows

For the 47 funds offered to outside investors, the notice period runs from 5 to 15 days and the median is 10. The values are seven 5s, three 7s, four 8s, thirty-two 10s and one 15. With 47 values the median is the 24th when sorted, which is 10. Thirty-two of 47 rows sit at exactly 10, which is 68% (Unmatched Capital’s calculation, rounded). Only one document gives more than 10: TIAA-CREF U.S. Real Estate Fund I, L.P., whose prospectus says capital is called “generally upon not less than 15 days prior written notice”.

Four pairs of rows come from the same sponsor and give the same figure: the two Goldman Sachs private BDCs (five business days), the two SLR funds that use the same limited liability company agreement (ten business days), the two Caduceus private equity funds managed by OrbiMed (ten business days) and the two Parkway Properties office funds (five business days). Counting each pair once leaves 43 rows, five 5s, three 7s, four 8s, thirty 10s and one 15, with the same range of 5 to 15 and the same median of 10 (the 22nd value). Thirty of 43 sit at exactly 10, which is 70% (Unmatched Capital’s calculation, rounded). The two NB Crossroads funds share a sponsor but give different figures, so both count.

Business days and calendar days give the same median but not the same spread:

Within the business-day rows, 23 of 36 say ten business days (64%, Unmatched Capital’s calculation), and 13 give less: five business days in seven documents, seven in two and eight in four. The five-day documents include Goldman Sachs Private Middle Market Credit II LLC, Redwood Enhanced Income Corp., Franklin BSP Real Estate Debt BDC, AB Commercial Real Estate Private Debt Fund, LLC and both Parkway Properties office funds. Every calendar-day row says ten calendar days, which is shorter in elapsed time than ten business days.

By fund type:

The groups outside BDCs are small, so their medians describe the rows and say little about the type. Real estate has the widest spread: three documents give five business days, two give ten business days and the TIAA-CREF prospectus gives 15 days. Each Parkway fund has a single outside investor, a public pension fund, beside the sponsor. The four funds of funds and the TIAA-CREF fund are the five prospectus rows, and each says “generally”. Where the same wording appears in several documents, the count of rows overstates the number of independent sources. Owl Rock Technology Finance Corp., Nuveen Churchill BDC Inc., Commonwealth Credit Partners BDC I, Inc., MSD Investment Corp. and AFC BDC Inc. use the same sentence, “The Company shall deliver each Drawdown Notice to the Investor at least” a stated number of Business Days “prior to the Drawdown Date” (Nuveen Churchill’s says “Subscriber” where the others say “Investor”), and four of the five state ten.

The 12 employee or co-investment vehicles run from 3 to 30 days, with a median of 7.5: five 3s, one 5, four 10s and two 30s, so the 6th and 7th values are 5 and 10, and (5 + 10) / 2 = 7.5. All five 3-day rows are Marsh & McLennan professionals funds on one template, where notice goes to the employer partner and to partners paying in cash. The two 30-day rows, MMC C&I Employees’ Securities Company, L.P. and Trident III ESC, L.P., also have Marsh & McLennan general partners. Two of the 12 count business days, two count calendar days and eight do not say. These terms are set for a sponsor’s own people, so they are not evidence of what an outside investor would be offered.

Not every figure is a firm floor. Monroe Capital Asset-Backed Finance Company, LP will “use our best efforts” to give ten business days. TCW Steel City Senior Lending BDC and Franklin BSP Real Estate Debt BDC let the adviser set a shorter period, and KKR FS Income Trust lets the investor waive the notice period in writing. The five prospectus rows say “generally”, and two of them allow a shorter call in stated cases: five business days for a call tied to a closing (AIP Private Equity Opportunities Fund I A LP) or for certain calls (TIAA-CREF).

The data cannot test the longer periods that law-firm commentary reports for buyout and venture funds, because it holds no partnership agreement from a recent buyout or venture fund. Cure period wording is present in 32 of the 47 outside-investor rows and default interest wording in 10. A blank cell does not mean the document is silent: a check found cure wording in at least three documents whose cure cell is blank. Many subscription agreements define a default rate elsewhere in the offering documents, which these exhibits do not show.

Market practice statements

Four third-party pages state a market range. They are quoted here as statements and are not part of the measured sample.

• Ogier, a law firm, 3 August 2020: “a fund’s LPA will often allow limited partners’ 10 to 15 business days to make payment after a capital call has been made.” The source writes the range with a dash. This describes the time to pay after a call, which the sample records as the notice period. Source.
• Hedge Fund Law Report, by Kara Bingham, 1 March 2018: uncalled capital may be reachable only after “a notice period of 10 business days or more”. Source.
• private.law, a private wealth law firm, updated 18 October 2026: “Timing is regulated by the LPA, typically 10 to 20 business days.” The source writes the range with a dash. Source.
• Altss, a data provider, glossary entry published 6 January 2026: the ILPA Model LPA “requires each drawdown notice to be delivered at least ten business days before the due date.” This is a secondary report of the ILPA text, which was not read directly. Source.