Before you start
Use Private Investments and Private Credit for illiquid positions whose value usually comes from manager statements, issuer updates, agreements, capital account reports or conservative estimates. These records need more context than public markets because current value, invested amount, commitment, called capital and liquidity can all mean different things.
Detailed steps
Start in Assets > Investments
Open Investments and check Private Investments and Private Credit before adding anything. Search by fund, SPV, borrower, company, platform or manager name. Update an existing row when the position is already present.
Choose the correct Private Markets workflow
Use Add Private Investment for funds, startups, SPVs, angel investments and private equity. Use Private Credit Asset when repayment is owed to you. Use Import Capital Statement when the source document contains structured rows that should be reviewed before saving.
Review commitment, called capital and unfunded amount
Private investment rows should explain committed capital, called capital and unfunded commitment where relevant. Unfunded commitment is a future funding obligation, not current value and not available liquidity.
Open Value and verify the mark
Open the Value tab and check current value, amount invested, liquidity, valuation date and valuation method. Label the value honestly: manager statement, issuer update, appraisal, cost, impairment review or owner estimate are different quality levels.
Use Private Credit only when money is owed to you
Choose Private Credit Asset for notes, receivables, bridge loans or private debt investments you own. Do not place money you owe in Assets; use Debts for mortgages, loans and credit cards.
Review collectability and liquidity for private credit
For private credit, current value should reflect what you can defend from the latest agreement, borrower update, manager statement or payment evidence. If collectability is uncertain, use a conservative value and explain the reason.
Field guide
The amount counted in Assets and Net Worth.
Use the latest credible mark, not commitment by default.Paid-in capital or cost basis.
Do not overwrite it with current value.Total amount agreed for the investment.
Use when the source supports capital-call language.Capital already requested or paid.
Compare it with capital call notices or reports.Remaining commitment not yet called.
Treat it as a future cash need.Evidence type behind current value.
Use manager statement, issuer update, appraisal, cost or estimate honestly.How realistically the position can become cash.
Keep private positions locked unless a real redemption or sale path exists.Decision rules
What it adds
- Makes illiquid investments visible in net worth and allocation.
- Separates current value, invested capital and remaining commitment.
- Improves cash planning by surfacing unfunded obligations.
What it does not do
- Capitelist does not verify GP marks or private company valuations.
- Private marks can lag reality and may not be immediately realizable.
- Tax, legal and liquidity terms need separate professional review.
Common mistakes
What to check
- Record whether values are manager-reported, appraised, estimated or cost-based.
- Review valuation dates during each capital review cycle.
- Do not count unfunded commitments as available liquidity.
Using commitment as current value.
Counting unfunded commitment as available cash.
Putting a debt you owe into Private Credit Asset.
Treating a manager mark as a guaranteed sale price.
Leaving valuation date and method vague.
Marking private investments as liquid without a redemption path.
Creating duplicate rows after importing a capital statement.
After you save
- Open the saved row and review commitment, called capital and unfunded amount.
- Open Value and confirm date, method, amount invested and liquidity.
- Open Capital Review when the position is material, stale, illiquid or concentrated.
- Keep manager reports, agreements and capital statements available for review.
- Update values after capital calls, distributions, statements, financing rounds or impairment events.
- Use notes for uncertainty, restrictions and next review dates.