A capitalization table (cap table) is the definitive record of ownership in an investment vehicle — whether a fund, SPV, or corporate entity. For private funds and SPVs, the cap table tracks each investor's committed capital, contributed capital, ownership percentage, distribution entitlements, and any special terms (such as side letter provisions or preferential rights).
Cap Table for Funds vs SPVs
Fund cap table: Tracks commitments, drawdowns, and unfunded obligations across the fund's life. Ownership percentages may shift as capital is called and recycled. Multiple share classes or series may exist with different fee or carry terms. SPV cap table: Typically simpler — a single capital call at formation, fixed ownership percentages, and a single liquidation event at exit. However, managers running multiple SPVs need to track separate cap tables per vehicle while maintaining visibility across the portfolio.
Cap Table Management
Accurate cap table maintenance is foundational to every downstream calculation — waterfall distributions, K-1 allocations, investor voting rights, and transfer processing. Errors in cap table data propagate into incorrect distributions and tax reporting. For managers running both funds and SPVs, platforms that maintain per-vehicle cap tables with portfolio-level aggregation eliminate the reconciliation overhead of managing ownership records across multiple spreadsheets.