team discussing around a meeting table

01 Jun 2022

Making the call: How often do private funds request investor capital?

In our new report, we analyse the use of capital calls by private funds using 10 years of data.

Subscription credit facilities, which came into sporadic use more than two decades ago, have become almost ubiquitous across private capital funds, particularly in private equity.

One of the key benefits for private equity funds of a subscription credit facility, which is secured against the undrawn commitments of investors, is to bridge the time between when an investment is made and the capital is received from investors. The more a fund needs to call on its investors for capital, the better it is to use a credit facility, as a larger bridge can be created and onerous capital calls avoided.

So in this research we set out to learn: how often do general partners (GPs) typically call on limited partners (LPs)?

Looking back through the 10 years’ worth of data we have collected from GPs across the private equity, infrastructure and real estate sectors, through fund reporting and financial statements, we have identified a stark drop in the average number of capital calls made per fund since 2015.


  • 45 private captial funds
  • From €150m to €3.75bn in size
  • 29 GPs, from middle market managers
  • 73% private equity; 13.3% secondary; 6.7% real estate; 6% other
  • 51% European; 47% UK; 2% US
  • 2008-2021 fund vintages
  • Not all funds had a subscription facility

Read the full report to learn

  • The industry trends that we believe are driving the decline in capital calls
  • How the use of subscription credit facilities has evolved over the past two decades
  • Our predictions for the future of capital calls and subscription credit facilities
  • How Investec’s MFA solution allow borrowers and GPs to minimise the number of capital calls they make during a year


Making the call

If you would like to find out more, contact - Oli Bartholomew, Helen Griffths or Michael Slane

If you would like to find out more, contact - Oli Bartholomew, Helen Griffths or Michael Slane

Oliver Bartholomew

Fund Finance

Helen Griffiths

Head of Structuring

Michael Slane

Fund Solutions