---
title: "Re-Up | Altss Glossary"
description: "A re-up is when an existing LP commits to a manager’s next fund (a subsequent vintage)."
canonical: "https://altss.com/glossary/re-up"
---

Fundraising & Allocation

# Re-Up

Publisher: Altss LLCPublished 2025-12-29Content modified 2026-01-06

A re-up is when an existing LP commits to a manager’s next fund (a subsequent vintage).

**Allocator relevance:** **A major capital flow driver—re-ups reflect trust, satisfaction with reporting/governance, and commitment pacing strategy.**

### Expanded Definition

Re-ups are often the manager’s most reliable fundraising base. For allocators, re-up decisions are typically based on realized outcomes (DPI), portfolio quality, team stability, adherence to thesis, and operational experience (reporting timeliness, transparency). Re-ups also relate to pacing: allocators maintain exposure to preferred managers across vintages to smooth the J-curve and diversify timing.

A manager may prioritize re-up LPs in oversubscribed funds.

### How It Works in Practice

As a fund matures, LPs run a review (performance, attribution, ODD updates) and decide whether to commit to the next vehicle. Some LPs negotiate improved terms through side letters or MFN processes.

### Decision Authority and Governance

Governance frameworks set re-up review processes and thresholds. Decision-making often considers both fund performance and the quality of the GP relationship and operations.

### Common Misconceptions

- Re-ups are automatic if the fund is “good.”

- Re-up decisions are purely return-driven.

- Skipping one vintage permanently harms access (sometimes, but not always).

### Key Takeaways

- Re-ups are trust + performance + operational experience.

- Pacing models often depend on disciplined re-ups.

- Team stability and governance matter heavily.

## Related terms

[DPI (Distributed to Paid-In)](https://altss.com/glossary/dpi)[Manager Selection](https://altss.com/glossary/manager-selection)[Vintage Year](https://altss.com/glossary/vintage-year)[Track Record](https://altss.com/glossary/track-record)

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## Canonical URL

https://altss.com/glossary/re-up