What it is
The partners’ capital note and the statement of changes in net assets both come from the same rollforward: opening capital, contributions, distributions, the share of net income and the performance allocation. If one partner’s percentage is wrong, the total still ties and the error stays hidden.
This workbook carries 30 partner rows through the rollforward, tests that percentages total 100%, that the performance allocation nets to zero and agrees to the carry calculation, and that closing capital equals net assets. A by-class tab sums the result.
When to use it
- At each quarter end and year end, for the fund’s capital statements.
- During the fund audit, to support the allocation of income to each investor.
- When a waterfall or a side letter changes how income is shared.
What’s inside
- Capital accounts tab with 30 partners, allocation percentage and performance allocation column
- Five tie-outs: percentage, income, net zero, carry and net assets
- By class tab for limited partners, general partner and affiliates
- Share of closing capital for each partner
Standard cited
This template follows ASC 946. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
How is a waterfall handled?
Compute each partner’s share outside the sheet and enter it as an allocation percentage so the total reaches 100%. The percentage is the input, so any allocation method fits.
What sign do I use for the performance allocation?
A negative amount for the charge to a limited partner and a positive amount for the credit to the general partner. The column must net to zero.
What if closing capital does not equal net assets?
Look for unallocated income, an unrecorded capital transaction, or a timing difference in the period of the activity.
Related templates
- Audit Program: Private Investment Fund
- Fund Management Fee and Carried Interest Recalculation
- Partners’ Capital Rollforward Template
- Equity Rollforward Template (Corporation and LLC)
Last updated 11/05/2026. All free templates.