# Capital call: LPA Call And Waterfall Terms

> The LPA Call And Waterfall Terms carries 11 published figures read from 5 sources' own pages, from 8 to 100 percent, read 12 September 2026.

LPreportly · https://lpreportly.com/datasets/lpa-call-and-waterfall-terms/ · computed 2026-10-18

**Range of the published figures:** 8 to 100 % (range 8 to 100 %; 11 sources with a figure; 5 of 12 sources read publish one).

5 of the 12 named sources read in full publish a figure; 7 publish none, read 12 September 2026.

## By fund type and notice period and preferred return and waterfall type and catch-up

| Breakdown | Median | Range | Sources |
|---|---|---|---|
| fund type qualifying venture capital fund asset cap | 10,000,000 USD | 10,000,000 to 10,000,000 USD | 1 |
| notice period 10 to 20 days after the call notice | 20 day | 20 to 20 day | 1 |
| preferred return 8 percent | 8 % | 8 to 8 % | 3 |
| preferred return 10 percent, tiered second hurdle | 10 % | 10 to 10 % | 1 |
| waterfall type carried interest 20 percent | 20 % | 20 to 20 % | 2 |
| waterfall type remaining distributions, 90 percent to LPs | 90 % | 90 to 90 % | 1 |
| waterfall type tiered carry 25 percent | 25 % | 25 to 25 % | 1 |
| catch-up 100 percent | 100 % | 100 to 100 % | 2 |
| catch-up 80 percent | 80 % | 80 to 80 % | 1 |

## Every figure, with its source

One row per source: the figure the source's own page publishes, the page, and the day it was read.

| Source | Figure | Breakdown | Read |
|---|---|---|---|
| [15 U.S.C. 80a-3 - definition of investment company (Cornell LII)](https://www.law.cornell.edu/uscode/text/15/80a-3) | 10,000,000 USD | qualifying venture capital fund asset cap | 2026-09-12 |
| [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) | 100 % | 100 percent | 2026-09-12 |
| [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) | 100 % | 100 percent | 2026-09-12 |
| [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) | 90 % | remaining distributions, 90 percent to LPs | 2026-09-12 |
| [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) | 80 % | 80 percent | 2026-09-12 |
| [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) | 25 % | tiered carry 25 percent | 2026-09-12 |
| [AngelList - how do capital calls work](https://www.angellist.com/learn/capital-calls) | 20 day | 10 to 20 days after the call notice | 2026-09-12 |
| [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) | 20 % | carried interest 20 percent | 2026-09-12 |
| [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) | 20 % | carried interest 20 percent | 2026-09-12 |
| [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) | 10 % | 10 percent, tiered second hurdle | 2026-09-12 |
| [Allvue - American vs European waterfall](https://www.allvuesystems.com/resources/american-vs-european-waterfall/) | 8 % | 8 percent | 2026-09-12 |
| [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) | 8 % | 8 percent | 2026-09-12 |
| [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) | 8 % | 8 percent | 2026-09-12 |

## The sentence each figure was read from (13)

- [15 U.S.C. 80a-3 - definition of investment company (Cornell LII)](https://www.law.cornell.edu/uscode/text/15/80a-3), read 2026-09-12: "(i)The term “qualifying venture capital fund” means a venture capital fund that has not more than $10,000,000 in aggregate capital contributions and uncalled committed capital, with such dollar amount to be indexed for inflation once every 5 years by the Commission, beginning from a measurement made by the Commission on a date selected by the Commission, rounded to the nearest $1,000,000."
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/), read 2026-09-12: "For example, once the fund reaches its hurdle rate, 50–100% of the next distributions will be allocated to the GP until its return equals the prespecified share of profits."
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/), read 2026-09-12: "Are deal fees included in clawback? Does the catch‑up run at 50% or 100%?"
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/), read 2026-09-12: "After the manager is caught up and has received its prespecified share of profits for fund distributions made to investors, all remaining proceeds are then allocated between LPs and the GP at the specified rate (typically ranging from 80–90% to LPs and 10–20% to the GP, depending on the terms of the fund)."
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/), read 2026-09-12: "Example of a private markets fund with 20% carried interest and a catch-up rate of 80%."
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/), read 2026-09-12: "For instance, carry may increase to 25% or even 30% once certain return thresholds are crossed, such as a 2.5× or 3× multiple."
- [AngelList - how do capital calls work](https://www.angellist.com/learn/capital-calls), read 2026-09-12: "How quickly an LP must pay after receiving a capital call notice (typically 10-20 days)."
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/), read 2026-09-12: "A key driver of this alignment is carried interest, or the performance-based incentive fee that GPs collect, which typically represents 10–20% of profits generated by a fund after a preferred return is achieved."
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/), read 2026-09-12: "Once the LPs have received their capital back and the preferred return, most waterfalls include a catch‑up tranche. Here, the GP receives all or a majority of incremental proceeds until its share of total profits equals the agreed carry percentage (typically 20 %)."
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/), read 2026-09-12: "Some emerging managers layer tiered hurdles (e.g., 8% then 10 %) to attract commitments or to reward top‑quartile performance."
- [Allvue - American vs European waterfall](https://www.allvuesystems.com/resources/american-vs-european-waterfall/), read 2026-09-12: "Let’s assume the fund has a carried interest rate of 20% and a hurdle rate of 8% per annum."
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/), read 2026-09-12: "Most private market funds set their hurdle rate or preferred return at around 8%, though this may vary depending on the fund’s strategy."
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/), read 2026-09-12: "Preferred return (hurdle rate) A preferred return—most commonly an 8 % compound IRR—acts like a risk‑free floor for LPs."

## Read in full, publishes no figure

- [ILPA Capital Call & Distribution Template hub](https://ilpa.org/industry-guidance/templates-standards-model-documents/ilpa-templates-hub/ilpa-capital-call-distribution-template/), read 2026-09-12: read in full and no accepted figure on the page
- [ILPA 2011 Capital Call & Distribution Template](https://ilpa.org/resource/capital-call-distribution-template/), read 2026-09-12: read in full and no accepted figure on the page
- [ILPA Whole of Fund Model Limited Partnership Agreement](https://ilpa.org/resources-tools/resource-library/whole-of-fund-model-limited-partnership-agreement-pdf/), read 2026-09-12: read in full and no accepted figure on the page
- [17 CFR 275.204-2 - books and records of investment advisers (eCFR)](https://www.ecfr.gov/current/title-17/chapter-II/part-275/section-275.204-2), read 2026-10-12: every candidate on the page was refused
- [CSC - European vs American distribution waterfalls](https://blog.cscglobal.com/understanding-european-vs-american-distribution-waterfalls/), read 2026-09-12: read in full and no accepted figure on the page
- [ILPA - templates, standards and model documents](https://ilpa.org/industry-guidance/templates-standards-model-documents/), read 2026-09-12: read in full and no accepted figure on the page
- [ILPA resource library](https://ilpa.org/resources-tools/resource-library/), read 2026-09-12: read in full and no accepted figure on the page

## Methodology

Every row is a verbatim sentence read from the named source's own page through our fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 5 of the 12 named sources that could be read published a usable figure; 7 published none and are recorded as not published, never filled in; 0 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source for each breakdown it prices, in % (a source's median where its page yielded several accepted sentences for one breakdown), so a page that gives figures for several breakdowns gives one for each and N counts 11 figures, never sentences; 30 candidate sentence(s) were refused by a reviewer with the reason recorded. The fuller derivation this dataset is chartered to grow into (not yet what the figures above are; they are each source's own published figure as read): the distribution of waterfall type, preferred return, catch-up rate and call notice period across every fund document and model document read - the model's terms against what funds actually use - with the fields a call notice must carry taken from the standard-setter's own template rather than from a blog.

## Sources

- [ILPA Capital Call & Distribution Template hub](https://ilpa.org/industry-guidance/templates-standards-model-documents/ilpa-templates-hub/ilpa-capital-call-distribution-template/) (the publisher's own terms; quoted for reporting and comment)
- [ILPA 2011 Capital Call & Distribution Template](https://ilpa.org/resource/capital-call-distribution-template/) (the publisher's own terms; quoted for reporting and comment)
- [ILPA Whole of Fund Model Limited Partnership Agreement](https://ilpa.org/resources-tools/resource-library/whole-of-fund-model-limited-partnership-agreement-pdf/) (the publisher's own terms; quoted for reporting and comment)
- [15 U.S.C. 80a-3 - definition of investment company (Cornell LII)](https://www.law.cornell.edu/uscode/text/15/80a-3) (the publisher's own terms; quoted for reporting and comment)
- [17 CFR 275.204-2 - books and records of investment advisers (eCFR)](https://www.ecfr.gov/current/title-17/chapter-II/part-275/section-275.204-2) (the publisher's own terms; quoted for reporting and comment)
- [AngelList - how do capital calls work](https://www.angellist.com/learn/capital-calls) (the publisher's own terms; quoted for reporting and comment)
- [Allvue - American vs European waterfall](https://www.allvuesystems.com/resources/american-vs-european-waterfall/) (the publisher's own terms; quoted for reporting and comment)
- [iCapital - understanding private market fund distribution waterfalls](https://icapital.com/insights/private-equity/understanding-private-market-fund-distribution-waterfalls/) (the publisher's own terms; quoted for reporting and comment)
- [Alter Domus - how private equity waterfalls work](https://alterdomus.com/insight/private-equity-waterfall/) (the publisher's own terms; quoted for reporting and comment)
- [CSC - European vs American distribution waterfalls](https://blog.cscglobal.com/understanding-european-vs-american-distribution-waterfalls/) (the publisher's own terms; quoted for reporting and comment)
- [ILPA - templates, standards and model documents](https://ilpa.org/industry-guidance/templates-standards-model-documents/) (the publisher's own terms; quoted for reporting and comment)
- [ILPA resource library](https://ilpa.org/resources-tools/resource-library/) (the publisher's own terms; quoted for reporting and comment)

## Cite or embed

- The LPA Call And Waterfall Terms carries 11 published figures read from 5 sources' own pages, from 8 to 100 percent, read 12 September 2026.
- 5 of the 12 named sources read in full publish a figure; 7 publish none, read 12 September 2026.
- LPA Call And Waterfall Terms, fund type qualifying venture capital fund asset cap: median 10,000,000 USD across 1 source, read 12 September 2026.
- LPA Call And Waterfall Terms, notice period 10 to 20 days after the call notice: median 20 day across 1 source, read 12 September 2026.
- LPA Call And Waterfall Terms, preferred return 8 percent: median 8 percent across 3 sources, read 12 September 2026.
- LPA Call And Waterfall Terms, preferred return 10 percent, tiered second hurdle: median 10 percent across 1 source, read 12 September 2026.
- LPA Call And Waterfall Terms, waterfall type carried interest 20 percent: median 20 percent across 2 sources, read 12 September 2026.
- LPA Call And Waterfall Terms, waterfall type remaining distributions, 90 percent to LPs: median 90 percent across 1 source, read 12 September 2026.
- LPA Call And Waterfall Terms, waterfall type tiered carry 25 percent: median 25 percent across 1 source, read 12 September 2026.
- LPA Call And Waterfall Terms, catch-up 100 percent: median 100 percent across 2 sources, read 12 September 2026.
- LPA Call And Waterfall Terms, catch-up 80 percent: median 80 percent across 1 source, read 12 September 2026.

Cite as: "LPreportly LPA Call And Waterfall Terms", updated 2026-10-18, https://lpreportly.com/datasets/lpa-call-and-waterfall-terms/.

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