However, as a practical matter, PE fund of funds are presented with three issues when attempting to borrow on a long term basis: It's my opinion that, just as the use of leverage is limited in the '40 Act on the basis of fund assets (i.e., a fund must have assets of at least 300% of all amounts borrowed), the SEC should limit the use of unfunded commitments on the basis of a fund's liquid assets that are available to satisfy the commitments. Consolidated Capital means the sum (without duplication) of (i) Consolidated Debt of the Borrower (without giving effect to the proviso in the definition of Consolidated Debt) and (ii) consolidated equity of all classes (whether common, preferred, mandatorily convertible preferred or preference) of the Borrower. When a fund borrows to create leverage, it provides the lender with assets as collateral against the loan. By this measure, three of the funds identified in Fig. Equity share Application and Allotment A/c Dr 1,50,000. Investments in private placements are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest. Registered PE funds need a structural solution to eliminate cash drag without over-commitment and the SEC may soon put that solution within reach. 2.1 Browse more Topics under Accounting For Share Capital. Capital calls allow firms to limit the capital under their management to that which is actively being invested, and to attract new investors with relatively low initial buy-ins. The penalties for defaulting are typically spelled out in the limited partnership agreement (LPA) signed by the LP at the time of their initial investment, and can include loss of equity in the fund, interest fees, sale of debt to third-parties, and legal compensation for resulting damages. Thus, like a long term weather forecast, there are limits to the predictive value of any capital call and return model. 6). Paid Up Capital: It is part of called up share capital that is received by the shareholders . There are two primary situations where recallable distributions come into play: A GP will receive a distribution from a portfolio . Institutional PE investors have harvested massive amounts of data regarding the historical use and associated timing of capital called and returned by many private equity general partners, including the most prominent and many smaller players. Share Capital Alteration Way # 1. I have no business relationship with any company whose stock is mentioned in this article. However, if it is desired, it will be as follows: 2. 2 Issue of Shares. When issue price is payable in one installment or lump sum, then the entry should be passed through share . For the purposes of this definition, the term common equity tier 1 capital shall have the meaning assigned to such term in CRD IV (as the same may be amended or replaced from time to time) as interpreted and applied in accordance with the Capital Regulations then applicable to the Group. b. calls-in-advance. Continuing our example of the DesTek Fund, there is another round of financing and so a subsequent closing. The success of this approach depends on the ability of the PE fund of funds to align the capital use cycles of the underlying vintage funds in which they invest, so that the peak capital use of some vintage funds corresponds to the lowest capital use of other vintage funds. 3.1 On Application Money Received. 4264 0 obj <>stream They would be paying cash at this Drawdown B but proportionally less than the new investors. Uncalled up capital: It is that part of a subscribed capital that is not yet called up, but can be called up as per requirement. Source: Created by the Author's model using the data in Figs. It also refers to securities inventory carried by a market maker . A capital call is a tool used by private fund managers (commonly referred to as "general partners" or GPs) to collect capital from investors (referred to as "limited partners" or LPs) when the fund needs it most. Share Capital Share capital is. Dr Bank. In a quiescent market, the Scenario 1 capital calls would be funded with available liquid assets corresponding to approximately 18-20% of then currently unfunded commitments. A company sort of organisation is that the third stage within the evolution of sorts of organisation. Capital call facilities, also known as subscription finance facilities, are a fund finance solution that has become a mainstream tool for private capital sponsors across strategies including buyouts, private credit, venture, real estate and infrastructure. Related to Uncalled Capital Commitments. 5 Represents the sum of the interest accrued in the statement period plus the interest paid in the statement period. 90 days after the capital call, notice is given to the investors. v;2(K[4(uB )1{(vq-_eP(zmY|$AN#q(K4,;,%d> The Investor receives an interest in the Fund at the time it makes the Capital Commitment. Review native language verification applications submitted by your peers. This amount typically forms a part of the non-distributable reserves of the firm. VC funds also commonly offer their LPs preferred returns, allowing them to realize profit from the overall activity of the fund before the need arises to use the entirety of their committed capital. Learn more. In these circumstances (when called upon by administrator or company) shareholders become debtors of the company for their unpaid part of share capital. Authorized, issued, subscribed, unissued, called-up, paid-up capital, and so on are examples of . Anita Forrest is a Chartered Accountant, spreadsheet geek and money nerd helping financial DIY-ers organise their money so they can hit their goals quicker. E.g., the shares are of face value Rs. In this model, the PE fund of funds allocates $1M in unfunded commitments spread over 15 vintage years and, when a vintage year ages off, it's replaced with a same size commitment to a new vintage. A basic premise in the treatment of subsequent closings is that subsequent investors should be treated as if they had invested at the beginning. Salesforce shares jump 13% on better-than-expected forecast. 4433 - Tangible capital assets held by not-for-profit organizations ; 4441 - Collections held by not-for-profit organizations ; 4449 - Combinations by not-for-profit organizations . endstream endobj 4231 0 obj <>>>/Filter/Standard/Length 128/O(q 1,[Xx"`re)/P -1324/R 4/StmF/StdCF/StrF/StdCF/U(H*q\\s )/V 4>> endobj 4232 0 obj <>>>/Lang(weVPY68%OP@RY $6h)/MarkInfo<>/Metadata 204 0 R/Names 4250 0 R/OpenAction 4233 0 R/Outlines 274 0 R/PageLabels 4216 0 R/PageLayout/SinglePage/Pages 4219 0 R/StructTreeRoot 275 0 R/Type/Catalog/ViewerPreferences<>>> endobj 4233 0 obj <> endobj 4234 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/StructParents 4/Tabs/S/Thumb 154 0 R/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 4235 0 obj <>stream 7 Investors should carefully consider the investment objectives, risks, charges and expenses of the Yieldstreet Prism Fund before investing. In 2015, the SEC attempted to address and limit use of the embedded leverage associated with derivatives through proposed Rule 18f-4. When the GP decides that additional funds are needed, they will make a capital call to the LP requesting a transfer of the additional $75K (or a portion of that amount) into the fund. ADVERTISEMENTS: (c) Paying off . Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. :E"eOE9RR`A @h6=w6-+UlhK7[jNDWK7b?baq7$l8^Ct7kxE rDFt *ZN<31,h07J^sOEVk6}l|p]8 $fdzW)E@ZhM =M#.A3\lOv=k@lY9 ',`\/Sj}!fJM$E|p $82OOk`Zl/A.f)Xsx{*&|WC= : $eb&^s5)"\VrD%!`?9/bkKV8 \9_Vgv)(7(Qy%r?~$u#LLIvNli wd Usually the amount taken to Profit & Loss. September 8, 2020. Further, the alternative investment portion of your portfolio should include a balanced portfolio of different alternative investments. In reality, it is likely that, in addition to attracting these new investors, the GP issues a Capital Call Notice to all investors for a drawdown at this 2nd closing on 30th June. Based on 1 documents Thomas Meyer 1. is managing director of Amiet s..r.l. This means, for example, LPs 6,7 and 8 are charged a management fee for the period beginning at the first closing even though they didnt get into the fund until the second closing. uncalled capital is collateral and, similar to other asset-backed lending structures, provides the lender with "over-collateralization." Exclusion Events: Upon the occurrence of certain negative events, Eligible Investors will automatically be excluded from the borrowing base and become Excluded Investors. All securities involve risk and may result in significant losses, including the loss of principal invested. I'm preparing a set of accounts where the share capital (1 share at 1) was issued but unpaid. Yieldstreet provides access to alternative investments previously reserved only for institutions and the ultra-wealthy. 'Uncalled capital' means the outstanding amount on shares on which the call money is not yet called. The amount of any uncalled capital commitments to a private fund RAUM represents all of the assets managed by a single manager, including assets of separate This is also known as "drawn capital" or "paid-in capital." Uncalled Capital = total amount of capital that is available to be called by the GP. The issue price of a share may be payable either in lump sum along with the application or in installments. 3 "Annual interest," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. In case of private placement of shares and company does not invite the general public for subscription of shares in that case, company instead of issuing prospectus : (A) Prepares the statement in lieu of prospectus. So there is actually no cash payout to the original investors as a result of the re-balancing. Royalty Accounts. 4249 0 obj <>/Encrypt 4231 0 R/Filter/FlateDecode/ID[<9F20151167DB604CB02CC53BA0AD77E3>]/Index[4230 35]/Info 4229 0 R/Length 94/Prev 353976/Root 4232 0 R/Size 4265/Type/XRef/W[1 2 1]>>stream Company - Accounting for Share Capital. Adjusted Capital and Reserves means the aggregate of: Retired Capital Stock shall have the meaning provided in Section 10.5(b)(2). Generally, an LP is notified that the fund will be making a capital call in advance, at which point they will prepare to transfer the requested amount into the fund. Within that proposed rule, the SEC also addressed what they referred to as "Financial Commitment Transactions", aka unfunded commitments. Companies do not like waiting, however. 3 Shares Issued at Par - Share Capital Account. It is a solution that is generally in place for 30-90 days. What is called and uncalled capital? Contracts for Difference (CFDs) from a fund accounting perspective, Private Equity Fund Accounting Equalisation Interest, Private Equity Fund Accounting - Subsequent Closings & Equalisation, Private Equity Fund Accounting - Drawdowns, Private Equity Fund Accounting - Commitments & Closings, Central Bank of Ireland and AML Training In The Funds Industry, Private Equity Fund Accounting Essentials, FATCA for Hedge Funds: Eight Common Pitfalls, Irish Funds Industry, Knowledge, Tech et Als. The SEC ultimately accepted these explanations and, primarily due to the on-going debate around the method by which derivative exposure should be measured, Rule 18f-4 (as proposed in December 2015) was not enacted by the SEC. Finally, Scenario 3, the scenario with the most concentrated unfunded commitments and greatest expected aggregate call amount, might require available liquid assets of as much as 60% of the currently unfunded commitments (i.e. Accounting for Unpaid Share capital - Mazars - Thailand On 15 June 2018, a new company ("the Company") was set up, having registered share capital of THB 20 million consisting of 200,000 ordinary shares at a par value of THB 100. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Components of the which include: a private markets master fund with an indefinite investment horizon, engineered to minimize liquid assets on hand, investor selectable approaches for managing liquid assets, eliminating both cash drag and the need to over-commit, and expanded liquidation opportunities for both institutional and individual investors. uncalled capital meaning: capital that a company has in the form of shares that have not been completely paid for by. 5. When an investing PE fund of funds defaults on a capital commitment to an underlying fund, the underlying fund may claim the fund of funds' partnership interest in the underlying fund (like a bank foreclosing on a homeowner who's defaulted on their mortgage, but without requiring the involvement of the courts). Nothing on this website is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction. PB8.S&z}R.{Mi 't>e%P5L3. Private placement investments are NOT bank deposits (and thus NOT insured by the FDIC or by any other federal governmental agency), are NOT guaranteed by Yieldstreet or any other party, and MAY lose value. Therefore, a portion of the Funds distribution may be a return of the money you originally invested and represent a return of capital to you for tax purposes. Stated differently, unfunded commitments corresponding to 500% - 550% of the available liquid assets could be supported. So there is unique share capital account and accounting treatment for the issue of shares. Unlisted Companies -Shares may be allotted as the Directors decide. Cancel any Paid-up Share Capital Another way of reducing the share capital is to cancel the shares which are unrepresented by available assets or are lost. y.91 ir*7Q z'`F.1y$kK8]8D:q'?Hl)U+"SME`LYPKbm# TT It invites public to subscribe to its shares. Created out of: Capital profits: Authorized capital: Disclosure: On the equity & liabilities side of the balance sheet under the head Reserve and Surplus. Effectively, the original investors are credited as compensation for having their % holding diluted. (B) Prepares the Report. This website provides preliminary and general information about the Securities and is intended for initial reference purposes only. For instance, a share of Rs 10 on which Rs 6 has been paid up, now being reduced to a fully paid share of Rs 6 and no entry is needed. Although less common, capital calls can be made unexpectedly due to unforeseen complications related to an investment. Capital calls are how the GPs convert uncalled capital into paid-in capital. Reference ID: 0.a6861402.1677983766.185913ed. the distribution of unfunded commitments across vintage years. Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party. 0>_4v_WE CGs2\Fi|@x7ooeKNKW]yvll[$+kDUz7EK^{i{z6@ncm|\CQ[("5^eUaqNV9,57@ |I1SezSXm )tT Vh>E#JX(| hx?|:(6JFu2W/0m(eZ%>~:Dzze#('e+_aW-H,/!zb %)K|`10>>v{x\ljCkEh6d8GO!fe\m)vZgD#Qp-o>y\qh4.cc0b9bJzZ6_6+rllRgh"p3abl One such term that will almost always be of critical importance is capital call. In a quiescent market, the Scenario 1 capital calls would be funded with available liquid assets corresponding to approximately 18-20% of then currently unfunded commitments. Banking services are provided by Evolve Bank & Trust, Member FDIC. The outcome should be that, having re-balanced contributed capital, the amount of uncalled capital for each partner is consistent with the % ownership of each partner after this, the 2nd, closing. Please disable your ad-blocker and refresh. Fully Diluted Capitalization means the aggregate number, as of immediately prior to the First Equity Financing, of issued and outstanding shares of Capital Stock, assuming full conversion or exercise of all convertible and exercisable securities then outstanding, including shares of convertible Preferred Stock and all outstanding vested or unvested options or warrants to purchase Capital Stock, but excluding (i) the issuance of all shares of Capital Stock reserved and available for future issuance under any of the Companys existing equity incentive plans, (ii) convertible promissory notes issued by the Company, (iii) any SAFEs, and (iv) any equity securities that are issuable upon conversion of any outstanding convertible promissory notes or SAFEs. The amount of share capital shareholders owe, but have not paid, is referred to as called-up capital. Tax Guide for Self Employed Dentists. For more information, please see the SECs Web Site Privacy and Security Policy. Working Capital Commitment means, with respect to any Working Capital Lender at any time, the . Called up share capital is shares issued to investors under the understanding that the shares will be paid for at a later date or in installments. To order reprints of this article, please contact David Rowe at d.rowe{at}pageantmedia.com or 646-891-2157. You can request verification for native languages by completing a simple application that takes only a couple of minutes. We then use another company to send special offers through the mail on our behalf. 4 Reflects the annualized distribution rate that is calculated by taking the most recent quarterly distribution approved by the Fund's Board of Directors and dividing it by prior quarter-end NAV and annualizing it. These funds include: the CPG Carlyle Master Fund, which invests in underlying private equity funds sponsored by Carlyle Group (CG); the Altegris KKR Master Fund, which invests in underlying funds sponsored by KKR (KKR); the Pomona Investment Fund, operated by a subsidiary of Voya Financial (VOYA); and the AMG Pantheon Master Fund, operated by a subsidiary of Affiliated Managers Group (AMG). For the third post, Drawdowns, click here. This document sets out the Basel III leverage ratio framework, along with the public disclosure . Answer. Thank you for your interest in the U.S. Securities and Exchange Commission. Unpaid Call A/c (Allotment, First Call etc) - credited with the portion of the amount called up but unpaid. Such uncalled amount is called 'Reserve Capital' of the company. Learn more. Articles or information from third-party media outside of this domain may discuss Yieldstreet or relate to information contained herein, but Yieldstreet does not approve and is not responsible for such content. uncalled capital is [share] capital not yet issued or subscribed to, whereas unpaid capital is shares issued but not yet or paid for-----Note added at 11 mins (2006-05-26 11:28:30 GMT)-----both can be considered as reserve capital, but uncalled capital is essentially formally issued as part of a share issue but not yet subscribed to by any . % So LP1 should receive $1,795,735 for re-balancing and pay $5,656,566 for the drawdown. << 6 As discussed in greater detail below, a commitment to invest in a private fund simply does not create leverage, which Section 18 was designed to address. Partially Adjusted Capital Account means, with respect to any Member for any taxable year or other period of the Company, the Capital Account balance of such Member at the beginning of such year or period, adjusted for all contributions and distributions made or deemed made to or by such Member during such year or period and all special allocations to such Member pursuant to Section 6.2 with respect to such year or period, but before giving effect to any allocations of Net Profit or Net Loss to such Member pursuant to Section 6.1 with respect to such year or period. Shares may be allotted as the Directors decide. Capital commitment is future capital expenditures that a company has committed to spend on long-term assets over a period of time. 5 Section 18 was designed to limit the extent to which RICs could have leveraged capital structures. Yieldstreet is not registered as a broker-dealer. The new investors make the following payments to the fund: This true-up, has the effect of putting all investors on an equal footing and its called equalisation. The content of a capital call notice will vary from fund to fund, but it will typically inform the LP of the amount they owe related to the call, provide a formal due date for submission of the capital owed, and disclose banking details on where the capital should be transferred. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. Shares may be allotted as the Directors decide. Answer. Doing so had the effect of both reducing the relative size of their liquid asset balances (Fig. The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. However, the company may call this amount at any time but that must be subject to the terms of issue of shares. The pace at which capital is called from unfunded commitments can be modeled, but is highly variable and dependent on market conditions. No application for reduction of share capital shall be sanctioned by the Tribunal unless the accounting treatment proposed by the company is in conformity with the accounting standards specified in section 133 or any other provision of this Act and a certificate to that effect by the company's auditor has been filed with the Tribunal. 1. Last year, Warren Buffett criticized corners of the . Our site uses a third party service to match browser cookies to your mailing address. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. Accounting for Share Capital 5 Reserve Capital: A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. %PDF-1.7 % So he is required to pay 8.08% of something, but of what? The amount of money raised by a company's stockholders is referred to as share capital. Sample 1 Based on 1 documents Uncalled Capital means any balance per share remaining uncalled upon the shares issued from time to time by any Chargor. (b) Cancelling any paid-up share capital which is lost or unrepresented by available assets together with or without extinguishing or reducing liability on shares. Unfunded commitments are a staple of private equity; for many registered PE funds this means cash drag and/or over-commitment. Uncalled capital should always appear boldly, on the balance sheet as a " Memo" item and explained in the "Notes to the Accounts". I have no business relationship with any company whose stock is mentioned in this article. Entries for the purpose will be the same as in the case of original issue of shares. The SEC's proposal states: "First, the proposed rule would require a fund to take into account its reasonable expectations with respect to other obligations (including any obligation with respect to senior securities or redemptions), Second, the proposed rule would provide that a fund may not take into account cash that may become available from the sale or disposition of any investment at a price that deviates significantly from the market value of those investments, Finally, the proposed rule would provide that a fund may not consider cash that may become available from issuing additional equity.". unfunded commitments corresponding to 165% of available liquid assets could be supported). Accounting for Share Capital means a company usually raises its capital in the form of shares (called share capital) and debentures (debt capital.) Financial Accounting. The Funds distribution may exceed its earnings. Given the long-term nature of PE investment, and the absolute necessity that adequate liquid assets be available in support of that investment, it would be ideal for PE evergreen fund investors to be able to select and revise their chosen liquid asset investment strategy periodically, as their individual outlooks and market conditions change. No offer or sale of any Securities will occur without the delivery of confidential offering materials and related documents. In Scenarios 2 and 3, concentrations of unfunded commitments and a more condensed call schedule create peaks and troughs of expected capital calls. "ZT}d[Sg,2 ZkpXu&x8l9[hNKXNh-ANL/=^q=!WX[f'/+%5u\q-'|D5y3=9 #@7y@9cf9Mh ^W~*nOS#kX7[v`*$Vtc+X~N~=zn,^p1VLF a|8q ,XWp8z"ae#3;8Y8!^ 6 The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments, excluding our Short Term Notes program, weighted by the investment size of each individual investment, made by private investment vehicles managed by YieldStreet Management, LLC from July 1, 2015 through and including July 18th, 2022, after deduction of management fees and all other expenses charged to investments. So the following adjustments are made for forfeiture of shares. It just should not be included in the total of the available and issued capital, because the equivalent cash is not included as a contra entry, among the current assets. All securities involve risk and may result in significant losses. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. 1001 and 1030). For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. Rate of dividend on Preference shares is fixed. Additional disclosure: I have an equity interest in a parent of the sponsor of the Altegris KKR Commitments Master Fund. In effect, he receives a capital call notice requesting that he pay the difference, $3,860,831. Capital contributions receivable (1) 900,000 Other assets 118,000 Total assets 790,515,000 Liabilities Management fee payable 2,080,000 Capital distributions payable 1,050,000 Notes payable 100,000 Accrued expenses and other liabilities 45,000 Total liabilities 3,275,000 Partners' capital(2) $ 787,240,000 You alone assume the sole responsibility of evaluating the merits and risks associated with the use of this information before making any decisions based on such information. It is a fundamental rule of English company law that a limited company having a share capital must maintain that capital. Required Capital Amount means, as of any date of determination, an amount equal to the greater of (a) 3% of the Aggregate Commitment under the Credit and Security Agreement, and (b) the product of (i) 1.5 times the product of the Default Ratio times the Default Horizon Ratio, each as determined from the most recent Monthly Report received from the Servicer under the Credit and Security Agreement, and (ii) the Outstanding Balance of all Receivables as of such date, as determined from the most recent Monthly Report received from the Servicer under the Credit and Security Agreement. Analyses of private market performance tend to focus on how the GP generates returnsand understandably so. 1. Unlisted Companies -Shares may be allotted as the Directors decide. This is an agreeable arrangement for many LPs, who are often allowed to hold their uncalled capital in low-risk investment accounts to earn modest returns until the capital call is made. Explanation: I've already developed and filed a pending patent on fund administration processes and technology which, when coupled with the flexibility of proposed Rule 12d1-4, will provide PE evergreen fund investors with a range of liquid investment strategies to be employed at their discretion, on their behalf. Share Forfeiture A/c - credited with the amount already paid by the defaulter. Apart from specific uses, the share premium account should be treated as if it were part of the paid-up share capital of the company. wow I have just learnt something important many thanks!!! On average over the 15 year life span of a typical vintage fund, given the peaks and troughs of its capital use, only 30% - 50% of the committed capital is deployed. A physical concept of capital should be used if the users of the financial statements are mostly concerned with the operating capacity of the entity, and current value accounting. GPs typically dont want to be asking their investors for additional funds on a regular basis, therefore capital calls are usually reserved for critical points in an investment deal, i.e., right when a deal is about to close. Accounting Treatment of Issue of Shares Issue of Shares at Par: When shares are issued for an amount equal to the face value of a share, they are said to be issued at par. However, they only pay $ 200,000 on the signing date the remaining balance will be paid later. July 10 (BusinessDesk) - Southern Response Earthquake Services, the Crown entity established to house AMI Insurance's earthquake liabilities, will get $500 million of uncalled capital from the . Our spreadsheet showed one amount of $50 million. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. 71 of 2008 in relation to share premium? Unreturned Capital Contributions means, with respect to each Class A Member, at any time of determination, the aggregate amount of such Class A Members Capital Contributions less the amount of distributions received by such Class A Member (or its predecessors in interest) under Section 5.2(a). 8 This tool is for informational purposes only. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. When an LP buys into a PE fund, they will often agree to pay a portion of their investment up front, and to have the remaining balance held to be used at a later date. For example, a fund should have liquid assets corresponding to at least 40% - 50% of its unfunded commitments, which corresponds to unfunded commitments of no more that 200% - 250% of available liquid assets.

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