{"id":2469,"date":"2026-08-13T09:31:50","date_gmt":"2026-08-13T09:31:50","guid":{"rendered":"https:\/\/staging.tworivers.capital\/insight\/investing-in-private-equity-not-all-at-once\/"},"modified":"2026-11-06T16:22:47","modified_gmt":"2026-11-06T16:22:47","slug":"investing-in-private-equity-not-all-at-once","status":"publish","type":"insight","link":"https:\/\/staging.tworivers.capital\/en\/insight\/investing-in-private-equity-not-all-at-once\/","title":{"rendered":"Investing in private equity: not all at once"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2469\" class=\"elementor elementor-2469 elementor-2112\" data-elementor-post-type=\"insight\">\n\t\t\t\t<div class=\"elementor-element elementor-element-12bf35a e-con-full trc e-flex e-con e-parent\" data-id=\"12bf35a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8014c65 elementor-widget elementor-widget-html\" data-id=\"8014c65\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<main id=\"content\"><article class=\"page is-active\" data-page=\"inzicht-capital-calls\">\n  <section class=\"subhero subhero--compact subhero--art\">\n    <div class=\"wrap\">\n      <h1>Investing in private equity: not all at\u00a0once<\/h1>\n      <p class=\"lead\">You commit an amount, but pay it in stages, as and when the fund needs the money. Each of these requests for payment is called a capital\u00a0call.<\/p>\n      <div class=\"artmeta\"><img decoding=\"async\" src=\"\/wp-content\/plugins\/trc-website\/assets\/img\/trc-partner-denzell-melles-rond.webp\" alt=\"Denzell Melles\"><div class=\"artmeta__who\"><a href=\"https:\/\/www.linkedin.com\/in\/denzellmelles\/\" target=\"_blank\" rel=\"noopener\">Denzell\u00a0Melles<\/a><small>Managing\u00a0Partner<\/small><\/div><div class=\"artmeta__when\"><span><time datetime=\"2026-08-13\">13 August\u00a02026<\/time><\/span><span>\u00b7<\/span><span data-readtime>Reading time 4\u00a0min<\/span><\/div><\/div>\n    <\/div>\n  <\/section>\n  <section class=\"section\">\n    <div class=\"wrap\">\n      <div class=\"article\">\n        <p>In private equity, the amount invested is usually not transferred in one go. An investor agrees in advance how much capital to commit to a fund, and the fund then calls that amount in instalments during the fund term. Each of these requests for capital is known as a capital\u00a0call.<\/p>\n        <p>This system is characteristic of private equity and reflects the way private equity funds invest. A fund builds its portfolio gradually. New investments are made over several years, and existing portfolio companies may also need additional capital later\u00a0on.<\/p>\n        <p>But how exactly does it work? And what does it mean for you as an\u00a0investor?<\/p>\n        <h2>From commitment to\u00a0investment<\/h2>\n        <p>When you invest in a private equity fund, you agree in advance on the maximum amount of capital you will make available to the fund. This is called your\u00a0commitment.<\/p>\n        <figure class=\"afig\" data-ach=\"cc-stappen\"><ol class=\"asteps asteps--4\"><li><i>1<\/i><div><b>Commitment<\/b><span>You commit an amount to the\u00a0fund.<\/span><\/div><\/li><li><i>2<\/i><div><b>Capital\u00a0call<\/b><span>The fund calls part of your\u00a0commitment.<\/span><\/div><\/li><li><i>3<\/i><div><b>Payment<\/b><span>You pay your share before the\u00a0deadline.<\/span><\/div><\/li><li><i>4<\/i><div><b>Investment<\/b><span>The fund invests the capital\u00a0raised.<\/span><\/div><\/li><\/ol><figcaption>How a capital call works: from commitment to\u00a0investment.<\/figcaption><\/figure>\n        <p>Suppose you commit \u20ac1\u00a0million to a fund. You do not usually have to transfer that \u20ac1\u00a0million at the outset. Instead, the fund calls parts of your commitment during the fund term, when the capital is actually needed. That might happen, for example, when the fund acquires a company, makes a follow-on investment in an existing portfolio company or has to pay certain fund\u00a0expenses.<\/p>\n        <p>Until the capital is called, it stays with you, the\u00a0investor.<\/p>\n        <h2>What exactly is a capital\u00a0call?<\/h2>\n        <p>A capital call is the formal request from a fund to its investors to pay in part of the capital they committed\u00a0earlier.<\/p>\n        <p>If a fund wants to finance a new investment, for example, it determines how much capital it needs to call from its investors. Each investor then receives a call notice for their share. Among other things, the notice states how much must be paid in and the deadline for payment. Once they have received it, investors transfer their share, after which the fund can put the pooled capital to\u00a0work.<\/p>\n        <p>A capital call is therefore the link between the capital an investor has committed and the capital the fund actually\u00a0invests.<\/p>\n        <h2>Why is your capital called in\u00a0instalments?<\/h2>\n        <p>A private equity fund usually invests its capital over several years. If a fund called the full commitments of all its investors at the outset, a substantial part of that money could sit unused in the fund for a long time before a suitable use for it came along. Capital calls are therefore matched as closely as possible to the fund's actual capital\u00a0needs.<\/p>\n        <p>Most of the commitment is usually called during the investment period. This is the period in which the fund is actively adding new companies to its portfolio. Capital calls can still be made after that, however, for example for follow-on investments in existing portfolio companies, management fees or other fund expenses. The exact timing and size of capital calls therefore differ from fund to\u00a0fund.<\/p>\n        <h2>A simple\u00a0example<\/h2>\n        <p>Suppose you commit \u20ac1\u00a0million to a private equity fund. The fund does not need to receive the full amount straight away. In the first year, for example, it calls \u20ac150,000 for its first investments. A year later there is a capital call of \u20ac250,000, followed by another \u20ac200,000. After these 3 capital calls, you have paid in a total of\u00a0\u20ac600,000.<\/p>\n        <figure class=\"afig\" data-ach=\"cc-voorbeeld\"><svg class=\"achart\" viewBox=\"0 0 600 254\" role=\"img\" aria-label=\"Example with a commitment of \u20ac1,000,000: year 1 \u20ac150,000, year 2 \u20ac250,000, year 3 \u20ac200,000 called; \u20ac400,000 not yet called.\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><text x=\"0\" y=\"35\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\">Year 1<\/text><rect x=\"190\" y=\"18\" width=\"280\" height=\"24\" rx=\"5\" fill=\"#ffffff\" stroke=\"#cfd5e1\"\/><rect x=\"190.0\" y=\"18\" width=\"42.0\" height=\"24\" rx=\"4\" fill=\"#041049\"\/><text x=\"600\" y=\"35\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\" text-anchor=\"end\">\u20ac150,000<\/text><text x=\"0\" y=\"83\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\">Year 2<\/text><rect x=\"190\" y=\"66\" width=\"280\" height=\"24\" rx=\"5\" fill=\"#ffffff\" stroke=\"#cfd5e1\"\/><rect x=\"232.0\" y=\"66\" width=\"70.0\" height=\"24\" rx=\"4\" fill=\"#041049\"\/><text x=\"600\" y=\"83\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\" text-anchor=\"end\">\u20ac250,000<\/text><text x=\"0\" y=\"131\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\">Year 3<\/text><rect x=\"190\" y=\"114\" width=\"280\" height=\"24\" rx=\"5\" fill=\"#ffffff\" stroke=\"#cfd5e1\"\/><rect x=\"302.0\" y=\"114\" width=\"56.0\" height=\"24\" rx=\"4\" fill=\"#041049\"\/><text x=\"600\" y=\"131\" font-size=\"18\" font-weight=\"600\" fill=\"#041049\" text-anchor=\"end\">\u20ac200,000<\/text><text x=\"0\" y=\"179\" font-size=\"18\" fill=\"#2481a6\">Not yet called<\/text><rect x=\"190\" y=\"162\" width=\"280\" height=\"24\" rx=\"5\" fill=\"#ffffff\" stroke=\"#cfd5e1\"\/><rect x=\"359.0\" y=\"163\" width=\"110.0\" height=\"22\" rx=\"4\" fill=\"#e3f3f7\" stroke=\"#2481a6\" stroke-width=\"1.5\" stroke-dasharray=\"5 4\"\/><text x=\"600\" y=\"179\" font-size=\"18\" fill=\"#2481a6\" text-anchor=\"end\">\u20ac400,000<\/text><path d=\"M0 210H600\" stroke=\"#666b7e\" stroke-width=\"1.2\"\/><text x=\"0\" y=\"240\" font-size=\"18\" font-weight=\"700\" fill=\"#041049\">Total commitment<\/text><text x=\"600\" y=\"240\" font-size=\"18\" font-weight=\"700\" fill=\"#041049\" text-anchor=\"end\">\u20ac1,000,000<\/text><\/svg><figcaption>Example based on a commitment of\u00a0\u20ac1,000,000.<\/figcaption><\/figure>\n        <table><tr><td>Total\u00a0commitment<\/td><td style=\"text-align:right\">\u20ac1,000,000<\/td><\/tr><tr><td>Called to\u00a0date<\/td><td style=\"text-align:right\">\u20ac600,000<\/td><\/tr><tr><td>Not yet\u00a0called<\/td><td style=\"text-align:right\">\u20ac400,000<\/td><\/tr><\/table>\n        <p>The remaining \u20ac400,000 is known as the unfunded commitment. The money is still with you, but the fund can call it during the period in which calls are permitted. That last point is\u00a0important.<\/p>\n        <h2>Committed means\u00a0committed<\/h2>\n        <p>The fact that capital has not yet been called does not mean the investor is free to tie that amount up elsewhere for a long period. A commitment to a private equity fund is an\u00a0obligation.<\/p>\n        <p>When the fund issues a valid capital call, the investor must pay in their share within the agreed period. That period can be relatively short. Investors therefore need to plan for future capital calls and keep enough cash\u00a0available.<\/p>\n        <p>Failing to meet a capital call can have consequences. What these are depends on the terms of the fund concerned. In the most extreme case, an investor can even lose part of the interest they have already built\u00a0up.<\/p>\n        <h2>Why does private equity work this\u00a0way?<\/h2>\n        <p>The capital call model means that investors' capital is, as far as possible, called when it is actually needed. For the fund, this means it can draw down capital when investments or other expenses need to be financed. For the investor, it means that the part of the commitment not yet called remains at their own disposal for the time\u00a0being.<\/p>\n        <p>This makes it fundamentally different from, say, buying a listed share, where an investor usually pays the full purchase price straight away. In private equity, by contrast, there is a period between entering into the investment and actually paying in the full\u00a0amount.<\/p>\n        <p>Good cash flow planning is therefore essential: investors need to keep enough cash available for future capital calls, while the uncalled capital can earn a return elsewhere in the\u00a0meantime.<\/p>\n        <div class=\"artnav\"><a class=\"btn btn--navy\" href=\"\/en\/insights\/\">All\u00a0insights<\/a><a class=\"tlink tlink--back\" href=\"\/en\/insight\/what-is-private-equity\/\">Previous article: What is private\u00a0equity?<\/a><a class=\"tlink\" href=\"\/en\/insight\/what-is-the-j-curve\/\">Next article: What is the\u00a0J-curve?<\/a><\/div>\n      <\/div>\n    <\/div>\n  <\/section>\n  <section class=\"section cta-sec section--mist\" id=\"contact\">\n    <div class=\"wrap\">\n      <div class=\"rv cta-form\"><form class=\"form contact-anchor\" action=\"\/wp-admin\/admin-post.php\" method=\"post\" data-trc-form>\n  <div class=\"form__body\">\n    <h2 class=\"form__h\">Get the\u00a0brochure<\/h2>\n    <input type=\"hidden\" name=\"bron\" value=\"website\"><input type=\"hidden\" name=\"action\" value=\"trc_aanvraag\"><input type=\"hidden\" name=\"utm_source\" value=\"\"><input type=\"hidden\" name=\"utm_medium\" value=\"\"><input type=\"hidden\" name=\"utm_campaign\" value=\"\"><input type=\"hidden\" name=\"utm_content\" value=\"\"><input type=\"hidden\" name=\"ts\" value=\"\"><div class=\"trc-hp\" aria-hidden=\"true\" style=\"position:absolute;left:-10000px;top:auto;width:1px;height:1px;overflow:hidden\"><label>Leave this field empty <input type=\"text\" name=\"website_url\" tabindex=\"-1\" autocomplete=\"off\"><\/label><\/div><input type=\"hidden\" name=\"taal\" value=\"en\">\n    <input type=\"hidden\" name=\"wens\" value=\"brochure\">\n    <div class=\"f-row\">\n      <div class=\"f-field\"><label for=\"f-naam\">Name<\/label><input type=\"text\" id=\"f-naam\" name=\"naam\" required aria-describedby=\"f-err\" autocomplete=\"name\"><\/div>\n      <div class=\"f-field\"><label for=\"f-email\">Email\u00a0address<\/label><input type=\"email\" id=\"f-email\" name=\"email\" required aria-describedby=\"f-err\" autocomplete=\"email\"><\/div>\n    <\/div>\n    <div class=\"f-row\">\n      <div class=\"f-field\"><label for=\"f-tel\">Phone number\u00a0(optional)<\/label><input type=\"tel\" id=\"f-tel\" name=\"telefoon\" autocomplete=\"tel\"><\/div>\n      <div class=\"f-field\"><label for=\"f-bedrag\">Amount you are considering (optional)<\/label><select id=\"f-bedrag\" name=\"bedrag\"><option value=\"\">Please select<\/option><option>\u20ac500,000 to \u20ac1 million<\/option><option>\u20ac1 million to \u20ac2.5 million<\/option><option>\u20ac2.5 million or more<\/option><option>Not sure yet<\/option><\/select><\/div>\n    <\/div>\n    <label class=\"f-optin\"><input type=\"checkbox\" name=\"nieuwsbrief\" value=\"ja\"> <span>Keep me informed by email about Two Rivers and the\u00a0Clusterfunds.<\/span><\/label>\n    <button class=\"btn btn--primary\" type=\"submit\">Get the\u00a0brochure <svg viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"><path d=\"M5 12h14M13 6l6 6-6 6\"\/><\/svg><\/button><p class=\"trc-err\" id=\"f-err\" role=\"alert\" hidden style=\"margin:12px 0 0;font-size:.84rem;line-height:1.45;color:#b3261e\"><\/p>\n    <p class=\"f-privacy\">After your request, we will contact you personally. 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