A capital call notice, or drawdown notice, is the document through which a private fund makes a capital call: it tells each investor how much of its commitment must be paid, and when. The notice is issued by the general partner or by the fund's administrator on its behalf, under the terms of the limited partnership agreement.
A notice normally sets out the total amount called from all investors, the individual investor's share and the percentage of its commitment this represents, the purpose of the call, the due date, and the bank account to be credited. It usually also shows the investor's cumulative contributions and its remaining unfunded commitment. Many managers follow the reporting templates published by the Institutional Limited Partners Association.
The notice period, often ten business days, is fixed by the fund documents. Because the notice carries payment instructions, investors verify changes to bank details independently to guard against fraud. The opposite document, used when the fund returns money, is the distribution notice. Issuing and tracking notices is part of private equity fund administration.