A capital call notice tells each LP how much to wire and where to send it. This capital call review checklist comes from one notice that leaves both in doubt, and from the first-pass review FundAdmin Skills drafted of it.
The notice is synthetic. It's Capital Call Notice #1 for Obrelund Capital Partners Fund III, LP, a fictional fund from the FundAdmin Skills sample set. Dated 15 January 2026, it calls $200,000,000 with payment due by 29 January 2026. Every page is marked as synthetic sample data, and every name and figure in it is fictional.
The notice has 2 planted problems. The review found both, among 10 risk flags in all. You can run the same checks on a real notice.
Check that the schedule adds up to the call
Page 1 says $200,000,000. The purpose lines on page 2 agree: $155,000,000 for an initial equity investment, a $2,875,000 quarterly management fee, $20,000,000 of organisational and formation expenses and a $22,125,000 general fund reserve. They sum to $200,000,000 exactly.
Then the per-LP schedule in §3 adds up to $115,000,000.
The note under that table says each amount is the LP's pro rata share of the $200,000,000 call. So the review tested it. Split $200,000,000 by commitment and LP-001 should owe $52,173,913.04. The schedule asks it for $30,000,000. All 5 LPs fail the same way, and $85,000,000 is unreconciled.
The diagnostic is the useful bit. Allocating $115,000,000 by commitment reproduces every reported amount exactly: each LP is being asked for 20.00% of its commitment, against total commitments of $575,000,000. The notice never says where the other $85,000,000 comes from.
The report leaves that question open: it marks the amount each LP owes as unknown and asks for a corrected notice before anyone funds.
So the first check is 2 additions. Do the purpose lines sum to the headline? Does the LP schedule? Then recompute one LP's share by hand.
The management fee arithmetic passed on the notice's own basis, for what it's worth. 2.0% of $575,000,000 is $11,500,000 a year, and a quarter of that is $2,875,000.
Treat a new bank account as a hold
Section 5 of the notice says the account below differs from the one in Schedule B of your Subscription Agreement. Then it tells you to wire this call to the new one.
The new account is at a different bank, and its routing and account numbers both differ from the ones the notice quotes for Schedule B. The only contact it gives is an email address on the same page, and that's offered to confirm receipt. The SWIFT code's bank segment doesn't visibly match the named bank either.
The review rated the account change and the email-only confirmation as high risk, and put the wire on HOLD. Its instruction is plain: before any payment, an authorised reviewer calls the fund administrator on a pre-established, independently sourced number. The contacts printed on the notice can't verify the notice.
There's a subtlety I like here. The review compared the new account with the Schedule B details as the notice quotes them, because it had no verified baseline of its own. So it tells the LP to compare against their own executed Schedule B. If a notice quotes your old bank details back to you, check them against your copy.
One honest gap. The sample's routing numbers are built to fail the ABA checksum, so they can't be real routing numbers. The review left that check undone: it listed ABA and BIC validation as not performed and handed both to the reviewer, so a person still has to run them.
Ask what each line is for, and who signed it
2 purpose lines carry no cited basis. The $20,000,000 of organisational and formation expenses is 3.48% of commitments. The $22,125,000 reserve is 3.85%, and the notice gives it no purpose beyond its label. That's $42,125,000 of the call with no cited contractual support.
The report asserts no breach here. No LPA was supplied, so the organisational-expense cap and the reserve's permitted purpose are unknown. It asks for those provisions, and for the LPA compliance check to be rerun once they're in.
A few more things a reviewer would want answered:
- The signature line is blank, so the GP's authority isn't evidenced.
- There's no cumulative capital section, so you can't reconcile what each LP has left unfunded after this call.
- The full Q1 management fee runs from 1 January, on a first drawdown dated 15 January. Whether that's allowed depends on the LPA's fee commencement terms.
- The deadline is 14 calendar days after the notice. That's 10 weekdays, or 9 if the third Monday of January isn't a business day under the governing definition.
That last one is a question for you. How does your LPA count the notice period, and whose holiday calendar does it use?
Put together, here's the checklist.
FundAdmin AI · Field notes
What to check before you fund a capital call
Drawn from one synthetic notice. The review blocked it, and payment was not approved.
Does the money add up?
- The schedule sums to the callHere the LP schedule totals $115,000,000 against a stated $200,000,000 call.
- Each share is pro rataRecompute one LP. LP-001 should owe $52,173,913.04 on the stated call and is asked for $30,000,000.
- Every line has a basis$20,000,000 of organisational expenses and a $22,125,000 reserve cite no LPA provision.
- The fee starts when it shouldA full Q1 fee from 1 January on a 15 January first drawdown needs the LPA's commencement terms.
Is it going to the right place?
- The account matches your own Schedule BCompare with your executed copy. Here the account moved to a different bank.
- A change inside the notice means holdCall back on a number you already hold. This notice offers only its own email address.
- The codes belong to the bankValidate the ABA and BIC. Here the SWIFT bank segment doesn't visibly match the named bank.
- Someone signed itA blank signature line means the GP's authority isn't evidenced.
Questions about checking a capital call
What should I check first on a capital call notice?
Add up the LP schedule and compare it with the headline call. In the synthetic example the purpose lines summed to $200,000,000 and the schedule summed to $115,000,000, so the amount each LP owed was unknown.
What should I do if the wire instructions have changed?
Hold the payment. Call the fund administrator on a number you already hold from an independent source, and compare the details with your own executed Schedule B. Leave the notice's own contact details out of it.
Can AI approve a capital call for payment?
FundAdmin Skills stops at the draft: a first-pass review with each finding linked to its place in the source, for a qualified person to decide on. In the example, the report states that payment approval is not granted by the review.
Are the documents in the example real?
They're synthetic. The fund and every LP in it are fictional, and every page is marked as synthetic sample data.
See the worked example
The notice and the full 15-page report are in the capital call worked example on the homepage. The sample had 2 planted problems: the pro rata error and the wire change. The review found both. Its health score is unavailable, because no LPA was supplied, and its status is blocked, with payment not approved.
That status is the point. FundAdmin Skills drafts a first-pass review for a qualified person to check. It never approves a payment or moves money. The callback and the decision to pay stay with your team.
It's free and MIT-licensed. Claude Code is the supported route, and the other hosts are experimental. If you want to run it on your own notices, start at fundadmin.dev.