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Capital Call Percentage Calculator
Capital calls surface when a deal needs more cash mid-hold — overrun, tax bill, refinance gap. LPs must participate pro-rata or accept a dilution penalty. This calculator sizes the call, splits LP vs GP share, and shows how much ownership an LP loses by passing.
Call as % of original equity
10.00%
LP share of capital call
$360,000
GP share of capital call
$40,000
LP equity penalty if pass (at dilution %)
$200,000
LP ownership after passing
85.50%
How the math works
Capital calls happen when a partnership needs more equity mid-deal — cost overruns, surprise tax bill, refinance triggered cash-in. LP participation is usually required; passing triggers dilution at a penalty rate (often 2:1 dilution), reducing the LP's ownership sharply.
Penalty dilution protects participating LPs — they fund the entire call but take extra equity from the non-participating side as compensation for the added risk.
How to Use
- Enter original equity raised and capital call amount.
- Enter LP commitment percent.
- Enter dilution penalty percent for non-participation.
- Enter current LP ownership.
- Read call as percent of equity, LP share, and dilution.
Frequently Asked Questions
Why dilution penalties?
Protects participating partners. LPs who step up to fund an unexpected call take extra equity from non-participants as compensation for the added risk — typically 1.5-2x multiplier on the unfunded portion.
Typical call sizes?
5-15% of original equity is common. 20%+ is a red flag — usually signals serious underwriting miss or project failure. LPs should scrutinize the explanation carefully.
Can LPs refuse?
Yes. Most LPA documents explicitly describe the dilution formula for non-participation. LP cannot be forced to fund, but accepting significant dilution is usually worse than funding the call.
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