A distribution notice is the formal communication by which a private equity, venture capital, real estate or private credit fund tells its investors that money is being paid out to them. It is the counterpart of the capital call notice, which asks investors to pay money in. The general partner or the fund administrator issues it shortly before the payment date, after the fund has sold an investment, received income or refinanced an asset.
The notice states the total amount, the investor's share and the payment date, and breaks the amount down by source and character: return of capital, realised gain, income, and any carried interest paid to the general partner under the distribution waterfall. It also shows amounts withheld for tax or reserves, whether any part can be recalled for reinvestment, and the investor's remaining unfunded commitment. Industry bodies publish standard templates, and the work forms part of private equity fund administration.