FFRONTIERSPACEPrivate markets intelligenceLP forecasting tools

Single-fund liquidity planning

Capital-Call and Distribution Forecast

Estimate when one venture fund may call an LP's commitment, return distributions and reach cumulative cash-flow break-even.

The main question this forecast answers“If I commit $100 million to a venture capital fund, when will the capital be called, and when might distributions come back?”This models one fund commitment. Use the separate commitment-pacing calculator to plan an entire multi-vintage programme.

Projected cash-flow profile

Illustrative timing based on the selected strategy—not a promise of when a GP will call or return capital.

Projected total distributions — 2026–2035
$250m

From a $100m commitment at a 2.5x net multiple. Projected final net gain: $150m.

Peak remaining unfunded$80mHighest balance after the first modeled call
Peak cash exposure$65mDeepest cumulative call-minus-distribution gap
Cash-flow break-even2032First year cumulative net cash flow recovers to zero
Final net gain$150mDistributions + residual NAV − calls

Annual capital calls and distributions

Calls appear below zero, distributions above zero, and the navy line shows the net cash flow in each calendar year.

First distribution: 2029
Capital callsDistributionsNet cash flow

Cumulative net cash flow

This is the practical J-curve: how far cumulative cash flow falls before distributions recover the LP's paid-in capital.

Maximum exposure: $8.2m
Cumulative net cash flowMaximum exposureBreak-even

Where the commitment sits over time

Unfunded is capital still available to be called; NAV is the estimated remaining fund value; cumulative distributions are cash already returned. They overlap rather than stack because they are different measures.

Ending NAV: $0
Remaining unfundedEstimated NAVCumulative distributions

Annual forecast table

Exact figures underlying every chart. Totals may differ slightly when displayed because of rounding.

YearCapital calledDistributionsNet cash flowCumulative net cash flowEstimated NAVUnfunded

How the default forecast works

The selected strategy supplies an illustrative call pattern. The net multiple fixes total value at the end of the forecast, while Early, Typical and Delayed change only the timing of distributions. NAV is then reconciled mechanically to those calls, distributions and residual value. This is useful for liquidity planning, but it is not a probability-weighted forecast and the balancing NAV-growth assumption is not a predicted fund IRR.

Frequently asked questions

Is an unfunded commitment the same as NAV?

No. Unfunded is the contractual commitment not yet called. NAV is the estimated value of investments already held inside the fund.

What is peak cash exposure?

It is the deepest negative cumulative net cash-flow point—the largest amount the LP has paid in before distributions have paid it back.

Does a 2.5x net multiple mean $250m of distributions?

For a fully called $100m commitment with no residual NAV, yes. If residual NAV remains at the end, distributions plus that residual equal $250m.

Why can secondaries distribute earlier?

A secondary fund may acquire more mature assets, so the illustrative default begins distributions sooner than a primary early-stage venture fund.

What changes when distributions are delayed?

Total modeled value stays fixed, but peak cash exposure can deepen and cash-flow break-even can move later because less cash returns in earlier years.

How is this different from commitment pacing?

This forecast models one fund commitment. A commitment-pacing tool coordinates commitments across many overlapping fund vintages to manage an LP's programme-level allocation.

Illustrative educational model only. It is not investment, legal, accounting or tax advice and does not predict actual capital-call or distribution timing. Review a fund's governing documents and cash-flow notices before making liquidity decisions.