Free private markets document template
Private Markets Liquidity & Cash-Flow Plan Template
Create a private markets liquidity and cash-flow plan from supplied forecasts, with editable funding actions and Word or PDF export.
01
Liquidity objective
Public Pension Investment Office's liquidity plan as of December 31, 2026 is designed to meet capital calls without forced sales while preserving flexibility for new commitments.
02
Current position
The $4.8bn portfolio includes $960m of private markets NAV and $1.65bn of available liquid assets.
03
Unfunded obligations
Unfunded commitments total $410m. The institution should distinguish near-term expected calls from longer-dated contractual obligations and update manager-level forecasts quarterly.
04
Capital-call coverage
Available liquid assets of $1.65bn provide the primary coverage pool. Coverage should be monitored against unfunded commitments, projected net calls and the institution's other spending needs.
05
Base-case cash flows
The next 12 months assume $145m of capital calls and $105m of distributions. The expected net funding need should be reserved before authorizing incremental commitments.
06
Stress scenario
The downside case assumes $210m over 12 months of calls and only $50m over 12 months of distributions. The liquidity plan must remain executable under this scenario.
07
Liquidity buffer
Maintain a minimum private markets liquidity buffer of $300m, separate from operating cash and near-term benefit or spending obligations.
08
Funding hierarchy
Use funding sources in the following order: cash, short-duration fixed income, public equity rebalancing and a committed credit facility. Avoid permanent leverage for routine capital calls.
09
Monitoring triggers
Escalate the plan when coverage below 2.0x, buffer below $300m or unfunded-to-liquid-assets above 30%. Report coverage, net calls, buffer and facility usage to the Investment Committee.
10
Contingency actions
slow new commitments, defer co-investments, sell liquid assets and use the credit facility only as a bridge