Capital Call

A capital call is a fund's request that its limited partners fund some portion of their previously committed but undrawn capital, typically timed to match the fund's actual deployment schedule as new positions are originated. Capital call planning in legal-asset funds benefits directly from duration-aware underwriting, because a fund that reports its expected capital velocity, how quickly deployed capital returns and becomes available for redeployment into new positions, based on a single assumed duration rather than a genuine distribution with a disclosed tail, is planning its capital calls against a fiction its limited partners have no way to see through. Capital velocity is a direct function of a portfolio's duration profile, not of its outcome probability, and two funds with identical win rates can have very different capital call cadences depending on how far their positions sit on the duration distribution's tail. A fund that discloses its duration distributions, not only its outcome probabilities, gives limited partners a genuinely useful basis for anticipating capital call timing rather than a planning assumption dressed up as a forecast, and gives the fund itself an honest basis for its own liquidity planning between calls, rather than a schedule built on an assumption the fund's own data would not actually support.