--- title: "Comparing LP commitments in euros and dollars: the FX date changes the view | Altss Blog" description: "NYCRF's €40m MCP and $75m Awani commitments show how a stated FX date and rate direction create a comparable view while preserving original amounts." canonical: "https://altss.com/blog/lp-commitments-currency-conversion-reference-dates" --- [Altss Research](https://www.linkedin.com/company/altss) 4 min read Updated Oct 22, 2026 Share # Comparing LP commitments in euros and dollars: the FX date changes the view NYCRF's €40m MCP and $75m Awani commitments show how a stated FX date and rate direction create a comparable view while preserving original amounts. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=Comparing%20LP%20commitments%20in%20euros%20and%20dollars%3A%20the%20FX%20date%20changes%20the%20view) Copy link New York State Common Retirement Fund reported a €40 million investment in MCP Co-Investment Fund 2026 I and a $75 million investment in Awani Capital Fund in its [July 2026 transaction report](https://www.osc.ny.gov/files/common-retirement-fund/pdf/july-2026.pdf). At the European Central Bank's 31 July reference rate, the €40 million translates to $45.94 million. That provides a common-dollar view of the two amounts; it is an analyst's calculation rather than a dollar valuation supplied by the pension. The choice of rate date matters. Applying the reference rate for MCP's recorded 7 July closing date gives $45.732 million instead. The $208,000 difference between those two translations comes from the selected reference rates. The reported €40 million has not changed. ## Preserve the original amount beside the comparison The pension records MCP in euros and Awani in dollars. Retaining those original amounts makes it possible to reproduce a comparison, change its reference date or return to the source without reconstructing the original currency from a rounded translation. For a 31 July comparison in dollars, MCP is therefore €40 million reported, approximately $45.94 million translated; Awani remains $75 million reported. A table that replaces the original euro figure with the dollar estimate loses an important part of the investment record. The reporting-currency view belongs beside that record, with its rate and date. The existing [analysis of New York's July commitments](https://altss.com/blog/new-york-pension-july-2026-fund-commitments-co-investments-gp-stakes) distinguishes the vehicles and relationships involved. Currency conversion adds a size comparison to that work. It does not change what each vehicle finances. ## Choose the date for the question The report says MCP closed on 7 July and Awani on 9 July. Those are investment closing dates, distinct from the month covered by the report or the date an analyst reads it. A closing-day comparison uses the selected reference observation for each recorded closing date; a month-end comparison uses one declared date across both records. The [ECB's historical series](https://www.ecb.europa.eu/stats/eurofxref/eurofxref-hist.xml) gives 1.1433 US dollars per euro on 7 July and 1.1485 on 31 July. Multiplying €40 million by those respective rates produces $45.732 million and $45.94 million. Either can be a useful supplementary view when its purpose is stated. Mixing the first calculation for one investment with an unspecified later rate for another makes the comparison harder to interpret. For a month-end research report, selecting 31 July for both entries holds the reference date constant. For a historical closing-day illustration, retaining 7 July for MCP answers the narrower timing question. These are choices for this worked example, not evidence of the pension's own FX policy. Neither calculation establishes the dollars required to meet subsequent euro capital calls. ## Read the quote in the right direction The ECB [quotes its reference rates against the euro](https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html). At the selected 31 July observation, one euro equals 1.1485 US dollars. Converting the euro amount to dollars requires multiplication; converting Awani's $75 million to euros requires division by 1.1485. The latter calculation gives approximately €65.302569 million, displayed here as €65.30 million. Together with MCP's original €40 million, that supplies the same comparison in euros. Multiplying $75 million by the quoted rate would reverse the intended conversion. This guide displays translated amounts in millions to two decimal places, while showing the closing-day calculation more precisely where needed to explain the difference. Keep the full published rate through the calculation and round the result for display. Rounding the reciprocal first introduces another avoidable source of variation; the display convention should be explicit rather than mistaken for precision in the original commitment. ## Comparable units leave the investment distinctions intact MCP invests alongside Main Capital IX Feeder (A), primarily in Western Europe and the Nordic region. Awani targets North American business-services and industrial companies. The shared reporting unit helps compare ticket sizes, while their strategies and investment structures remain different. The ECB's [June 2026 framework](https://www.ecb.europa.eu/stats/pdf/exchange/Frameworkfortheeuroforeignexchangereferencerates.en.pdf) describes its rates as intended for information, rather than market transactions. Its rate page also discourages transaction use. These July calculations are research illustrations, not execution prices, funding costs or evidence of gains. Funding-cost analysis would require capital-call amounts and dates, actual conversions and any relevant hedging records. For commitment research, the useful output is the original amount plus a clearly dated supplementary value, each answering its own question. 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