Glossary
Definitions for the terms that matter in private fund administration.
AIFMD and capital calls
Amortisation schedule in private credit fund administration
APP fraud (authorised push payment fraud)
AUA (Assets Under Administration)
AUM (Assets Under Management)
Business email compromise (BEC) in capital calls
Capital Account
Capital Call
Carried Interest
Clawback
Commitment
Confirmation of Payee
Delayed draw term loan (in a private credit fund context)
Distribution
Distribution in specie
Distribution Waterfall
Drawdown
ELTIF / ELTIF 2.0
Equalisation in the capital call context
Golden copy / ABOR (accounting book of record)
GP Catch-Up
Hurdle Rate
IBAN verification in private fund payments
ICAV (Ireland)
ILPA Capital Call and Distribution Template (2025 version)
IRR (Internal Rate of Return)
J-Curve
LPA (Limited Partnership Agreement)
Maker-checker in fund administration
Management Fee
Margin call (private credit fund context)
MOIC (Multiple of Invested Capital)
NAV (Net Asset Value)
NAV facility / net asset value lending
PIK interest / PIK accrual
Preferred Return
QIAIF (Ireland)
RAIF (Luxembourg)
Recall / recallable distribution
Recallable Distribution
Return of Capital
Revolving credit facility (private credit fund context)
SCSp (Luxembourg)
Separately managed account (SMA) in private credit
SICAR (Luxembourg)
Side Letter
SIF (Luxembourg)
Straight-through processing (STP) in fund payments
Subscription Agreement
Subscription line / capital call facility
Transfer agency in fund administration
TVPI, DPI and RVPI
Unitranche
Vintage Year