---
title: "Paid-In Capital (PIC) / Contributed Capital | Altss Glossary"
description: "Paid-In Capital (PIC) is the total capital actually funded by LPs to date."
canonical: "https://altss.com/glossary/paid-in-capital-pic-contributed-capital"
---

Fund Cashflows & Commitments

# Paid-In Capital (PIC) / Contributed Capital

Publisher: Altss LLCPublished 2026-01-12Content modified 2026-01-12

Paid-In Capital (PIC) is the total capital actually funded by LPs to date.

**Allocator relevance:** High — the denominator behind DPI/TVPI/RVPI and the foundation for cashflow reconciliation and fee-impact analysis.

**Expanded Definition**
PIC aggregates all funded capital calls by an LP, typically including amounts used for investments, fees, and fund expenses. PIC is not the same as “invested capital” (which often refers to deployed cost basis excluding certain fees/expenses).
PIC is distinct from commitment (promised amount) and unfunded commitment (remaining callable amount). Because performance multiples use PIC as a base, allocators ensure the manager’s PIC definition is consistent across quarters and aligned with industry reporting norms.

**Decision Authority & Governance**
Allocators validate PIC using audited financials, capital account statements, ILPA reporting templates (if provided), and admin records. Governance issues arise when fee/expense treatment is unclear, recycling/recall mechanics are inconsistently reflected, or capital account reconciliation cannot be cleanly mapped to reported performance.

**Common Misconceptions**

- PIC equals invested capital.

- PIC equals total commitment.

- PIC definitions are always standardized across managers.

**Key Takeaways**

- PIC is what was funded, not what was invested.

- PIC consistency is a reporting trust signal.

- Always reconcile PIC to capital account statements

## Related terms

[DPI (Distributed to Paid-In)](https://altss.com/glossary/dpi)[Management Fee](https://altss.com/glossary/management-fee)[Capital Account Statement](https://altss.com/glossary/capital-account-statement)

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