A schedule of investments (SOI) is the part of a fund’s financial statements that lists what the fund owns. Each line typically shows an investment’s name, type, industry, country, shares or principal amount, cost, and fair value, usually with its percentage of the fund’s net assets. For a limited partner, it is the standard record of what sits behind the fund’s NAV, audited once a year.
This guide explains what a schedule of investments contains, how full and condensed schedules differ under US GAAP, how to read one line by line, and how LPs combine SOIs from several GPs into look-through exposure. It includes an annotated example and the calculation for your share of each holding.
Key takeaways
- The SOI is a fund-level list of holdings. It shows the whole fund’s positions at fair value and ties to the investments line on the balance sheet. Your share is a separate calculation.
- Private funds may present a condensed schedule. Under ASC 946, only positions above 5% of net assets have to be named. Smaller ones can be grouped by type, country, and industry.
- Read it against the prior quarter. New positions, exits, and marks that moved against cost tell you more than a single snapshot.
- Expect a lag. ILPA guidance targets quarterly reports within 45 to 60 days of quarter end, and the SEC custody rule allows up to 120 days for audited annual statements (180 for funds of funds).
- Look-through needs data, not PDFs. Combining SOIs across GPs means extracting each line, mapping industries and countries to one taxonomy, and scaling positions to your ownership.
What is a schedule of investments?
A schedule of investments is a statement within an investment fund’s financial statements that itemizes the fund’s investments at the reporting date. Investment companies report under ASC 946, the US GAAP topic for investment companies, and carry their investments at fair value. The SOI is the detail behind one number on the statement of assets and liabilities: total investments at fair value.
Private equity, venture capital, private credit, and hedge funds that report as investment companies all produce one, and the format follows the strategy. A buyout fund lists a concentrated set of portfolio companies with the equity and debt securities it holds in each. A private credit fund lists loans by borrower, often with interest rates and maturity dates. A fund of funds lists its interests in underlying funds.
LPs usually see the SOI twice: in the quarterly reporting package, often unaudited, and in the annual audited financial statements. ILPA’s quarterly reporting standards place it right after the balance sheet in the core financial package, valued every quarter and audited once a year. For how the fund’s NAV itself is built, see how NAV is calculated in private equity funds.
What a schedule of investments shows
Layouts vary by administrator and auditor, but most SOIs carry the same four groups of information.
Identity
- Investment or issuer name. Some GPs use a code name, kept the same from quarter to quarter.
- Security description: the share class or financing round, or a loan’s rate and maturity.
- Number of shares, or principal amount for debt.
Classification
- Industry.
- Country or geographic region.
- Investment type, such as equity, debt, or interests in other funds.
Value
- Cost.
- Fair value at the reporting date.
- Percentage of net assets, for each line and each category.
Context, often in notes or supplemental schedules
- Initial investment date and the fund’s ownership percentage.
- Valuation technique and fair value hierarchy level. Private company holdings usually fall in Level 3.
- Realized proceeds and investment multiples.
ILPA’s best-practice schedule also lists, for each unrealized investment, the amount committed, total invested, current cost, reported value, and realized proceeds, with debt and equity positions shown separately. Its supplemental schedule adds the period change in value, a movement summary that names the main driver of the change, and the investment multiple for the current and prior quarter.
Full vs condensed schedule of investments
US GAAP sets two levels of disclosure in ASC 946-210-50. Which one applies depends on whether the fund is a private investment partnership.
Full schedule (ASC 946-210-50-1)
- Who uses it
- Investment companies other than private (nonregistered) investment partnerships, where no regulator sets a different format
- What gets named
- Each investment above 1% of net assets, every issuer whose positions together exceed 1%, and at least the 50 largest investments
- The rest
- Grouped by type and by industry, country, or region, with the percentage of net assets and total value of each group
Condensed schedule (ASC 946-210-50-6)
- Who uses it
- Investment partnerships exempt from SEC registration under the Investment Company Act of 1940, such as hedge funds and private equity and venture funds
- What gets named
- Each investment above 5% of net assets, and every issuer whose positions together exceed 5%, with name, shares or principal, fair value, and type
- The rest
- Grouped by type, country or region, and industry, with the percentage of net assets, and fair value and cost for each type and region
- Funds of funds
- Any underlying holding whose proportional share exceeds 5% of the fund’s net assets must be named, in the schedule or in a note
In practice, a concentrated private equity fund names most of its holdings anyway. A fund with 12 equal positions holds each at roughly 8% of net assets, above the 5% line. The condensed format matters more for diversified portfolios: venture funds with dozens of companies, private credit funds with hundreds of loans, and funds of funds.
ILPA’s best practices ask GPs for full detail on every unrealized investment, without grouping, and many GPs provide it. Check which version you have before you rely on it for look-through. A grouped line such as “other investments, software, United States” can hide companies you already hold through another manager.
Sources: ASC 946-210-50-1, 50-6, 50-9, and 50-10; ILPA Quarterly Reporting Standards (2011).
Example: an annotated schedule of investments
The schedule below is illustrative. Sample Fund III, L.P. is a fictional buyout fund with net assets of $260.0 million at June 30, 2026. It presents a condensed schedule, so positions at or below 5% of net assets ($13.0 million) appear only in grouped lines. Audited statements usually nest the rows under headings (type, then country, then industry). Here they sit in columns so you can scan them. Cost and fair value are in thousands of US dollars.
| Investment | Type | Industry and country | Shares or principal | Cost | Fair value | % of net assets |
|---|---|---|---|---|---|---|
| Portfolio Company A | Common stock | Healthcare services, United States | 8,400,000 shares | 38,000 | 52,000 | 20.0% |
| Portfolio Company B | Series C preferred stock | Software, United States | 3,150,000 shares | 31,500 | 44,200 | 17.0% |
| Portfolio Company C | Common stock | Industrial machinery, Germany | 1,250,000 shares | 37,500 | 33,020 | 12.7% |
| Portfolio Company D | Common stock | Consumer products, United Kingdom | 5,000,000 shares | 22,000 | 26,520 | 10.2% |
| Portfolio Company E | Senior secured term loan | Business services, United States | $24,000,000 principal | 23,640 | 23,660 | 9.1% |
| Other investments (3 positions) | Equity | Software, United States | Various | 30,000 | 36,920 | 14.2% |
| Other investments (2 positions) | Equity | Healthcare services, United States | Various | 18,000 | 17,160 | 6.6% |
| Other investments (1 position) | Equity | Consumer products, France | Various | 9,000 | 10,660 | 4.1% |
| Total investments | 209,640 | 244,140 | 93.9% | |||
| Other assets less liabilities | 15,860 | 6.1% | ||||
| Net assets | 260,000 | 100.0% |
Illustrative example. Sample Fund III, L.P. and its portfolio companies are fictional. Cost and fair value in thousands of US dollars.
Reading the columns
- Type. Company B is a Series C preferred stake, not common equity. You can hold the same company through different share classes in different funds, with different rights and values per share.
- Industry and country. These are the GP’s labels. Another GP may tag a similar company with a different industry name, so map both to one taxonomy before you add them up.
- Cost and fair value. Company C is held at $33.0 million against $37.5 million of cost, an unrealized loss of $4.5 million, or 11.9% below cost. Across the portfolio, investments sit $34.5 million above cost.
- Percentage of net assets. The five named positions make up 69.0% of net assets. Company A alone is a fifth of the fund.
- Grouped lines. “Other investments, software, United States” holds three companies worth $36.9 million that the schedule does not name. If you hold software companies through other managers, you cannot test for overlap until the GP gives you the names.
- Net assets. Total investments of $244.1 million plus $15.9 million of other assets less liabilities equal net assets of $260.0 million. That figure should match the statement of assets and liabilities and the sum of all partners’ capital accounts.
How to calculate your share of each holding
The SOI reports the whole fund. ILPA’s standards ask GPs to show detail for the legal entity, not for each LP’s share, so the scaling is up to you. The simplest method uses your capital account:
| Step | Calculation | Result |
|---|---|---|
| 1. Your ending capital | From your capital account statement | $7,800,000 |
| 2. Your share of net assets | $7.8 million ÷ $260.0 million | 3.0% |
| 3. Exposure to Company A | 3.0% × $52.0 million | $1,560,000 |
| 4. Exposure to Company B | 3.0% × $44.2 million | $1,326,000 |
| 5. Share of the grouped software line | 3.0% × $36.9 million | $1,107,600 |
Treat the result as an estimate. Your economic share of a single position can differ from your share of net assets when the fund accrues carried interest, when investors opted out of specific deals, or when parallel vehicles hold a position in different proportions. ILPA’s supplemental schedule includes an LP ownership column for this reason, so use it when your GP provides it.
Repeat the calculation for every fund, add the results by company, industry, and country, and you have look-through exposure across your private markets portfolio. If the same company appears in two funds, or in a fund and a co-investment, the lines add up to your total exposure to it, even when they are different share classes.
Turn GP schedules of investments into look-through data
FundCount AI Document Intelligence extracts the holdings in your GPs’ financial statements and lines them up by industry, country, and share class, quarter after quarter.
How LPs read a schedule of investments: 7 checks
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Is this the period and the vehicle you think it is?
Check the date, whether the schedule is audited, and whether it covers the vehicle you invested in or a combined view of parallel funds. ILPA recommends statements for your own vehicle plus a consolidated view.
-
Does the total tie out?
Total investments at fair value should match the statement of assets and liabilities. Total investments plus other assets less liabilities should equal net assets.
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Is it full or condensed?
Look for grouped lines such as “other investments.” If they are material, ask the GP for the names, especially in industries where other funds already give you exposure.
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Where is fair value below cost?
Positions marked under cost are the first ones to discuss with the GP. A position still carried at cost after several quarters may simply not have been revalued.
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What changed since last quarter?
Compare with the prior SOI: new positions, exits, follow-on investments, and changes in fair value. ILPA’s supplemental schedule asks GPs to name the main driver of each movement, such as a new financing round, a change in public market value, or weaker performance.
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How was each position valued?
Read the fair value note: the valuation technique, the significant unobservable inputs, and the fair value hierarchy level. Level 3 means the mark rests on the GP’s own assumptions. Our guide to valuation methods for private equity explains the main techniques.
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What is your share?
Scale each line to your ownership, then add it to the same company, industry, or country from your other funds.
When LPs receive schedules of investments
SOIs arrive on each GP’s reporting calendar, and that calendar decides how current your look-through can be.
| Report | Typical deadline | Basis |
|---|---|---|
| Quarterly reporting package | 60 days after quarter end, with 45 days as the target | ILPA Quarterly Reporting Standards |
| Quarterly package from a fund of funds | 90 days after quarter end, with 75 days as the target | ILPA Quarterly Reporting Standards |
| Annual audited financial statements | 120 days after fiscal year end | SEC custody rule, Rule 206(4)-2(b)(4) |
| Annual audited statements of a fund of funds | 180 days after fiscal year end | SEC custody rule, Rule 206(4)-2(b)(4) |
ILPA’s standards add 30 days to the quarterly deadlines when the period end is audited.
Combine 20 managers and your look-through is a mosaic of dates. A June 30 SOI may reach you in mid-August, while a fund of funds may report the same quarter in late September. Record the as-of date of every line so that June and September marks never mix unnoticed. Our technical guide to alternative funds reporting covers versioning and as-of dates in more detail.
The ILPA templates do not change this yet. The updated Reporting Template, recommended from Q1 2026, standardizes fees, expenses, and carried interest, and the new Performance Template standardizes how funds calculate and present performance. ILPA’s refreshed Portfolio Company Metrics Template, which covers holdings and company-level data, is due in early 2027. Until then, the SOI remains the most consistent holdings source most LPs receive.
Schedule of investments vs capital account statement
The SOI is one of several documents in a quarterly package. This is how it compares with the others.
| Document | Covers | What it shows | Frequency | Audited |
|---|---|---|---|---|
| Schedule of investments | The whole fund | Each holding, or named and grouped holdings, at cost and fair value | Quarterly, and annually in the financial statements | Yes, annually, as part of the financial statements |
| Capital account statement | Your investment | Contributions, distributions, fees, gains and losses, ending capital, unfunded commitment | Quarterly | Usually not; year-end capital should reconcile to the audited statements |
| Supplemental schedule of investments | The whole fund | Valuation drivers, period changes, movement summary, LP ownership | Quarterly | No |
| Portfolio company update | One company | Business description, financial results, capitalization, valuation bridge | Quarterly | No |
| ILPA Reporting Template | The fund and your investment | Fees, expenses, offsets, and carried interest | Quarterly | Usually not |
Rows for the supplemental schedule and the portfolio company update follow ILPA’s Quarterly Reporting Standards, which describe both as unaudited management reports.
What LPs do with schedule of investments data
Exposure by industry and country
- Add up every fund’s holdings to see private markets exposure by sector and region.
- Compare it with your public portfolio and your allocation targets.
Concentration across managers
- Find companies you hold through more than one fund, or through a fund and a co-investment.
- Size your total exposure to a single name.
Valuation monitoring
- Track marks against cost and against the prior quarter.
- Compare the marks when two GPs hold the same company.
Due diligence and re-ups
- Check that a manager’s holdings match its stated strategy.
- Review how marks moved through past cycles before you commit to the next fund.
Restricted-list screening
- Screen underlying holdings against sanctions and internal exclusion lists.
- Answer board questions about indirect exposure.
Total portfolio reporting
- Show private holdings with the same industry and country labels as public ones.
- Feed consolidated reports for family members, boards, or clients.
Look-through is part of LP-side portfolio monitoring. Our comparison of private equity portfolio monitoring software covers the platforms that support it, and family offices often run it inside their consolidated reporting.
Common pitfalls when you combine SOIs from several GPs
- Different taxonomies. One GP uses GICS, another its own sector names. Map both to one list before you add them up.
- Holding companies and code names. SOIs often list an acquisition vehicle or a code name instead of the operating company. Keep a mapping table so the same business is recognized across funds.
- Share classes and rounds. Common stock in one fund and Series A preferred in another are different securities in the same company. Keep them separate for valuation and together for exposure.
- Currencies. A European fund reports in euros. Convert at the reporting date before you add its positions to dollar funds.
- Mixed as-of dates. Add quarters only when the dates match, or label the mix.
- Grouped lines and second layers. Condensed schedules and fund of funds holdings hide names. A fund of funds only has to name underlying holdings above 5% of its own net assets.
- Rekeying errors. Copying SOIs from PDFs into spreadsheets every quarter invites transposed digits and broken formulas. Extract the data once and keep each figure linked to its source document.
How FundCount turns schedules of investments into look-through data
FundCount AI Document Intelligence collects statements from your investor portals and email, converts them into accounting-ready data, and posts them to your books, with the source document one click from each posted figure. It now also extracts the schedule of investments from GP financial statements.
- Reads asset-level SOI data: security name, industry, country, round or share class, shares, cost, and fair value.
- Tracks quarter-over-quarter movements in cost and fair value for each holding.
- Groups exposure by industry, country, and share class, with filters by year, quarter, fund, and holding company.
- Shows where the same security appears across different GPs, so overlap is visible without a spreadsheet.
- Values co-investments from their own schedules of investments, so direct and fund holdings sit side by side.
The extracted data sits in the same platform that runs FundCount’s portfolio accounting, partnership accounting, and reporting, used by family offices and by the fund administrators that report to LPs.
Watch-outs
- FundCount extracts what each GP discloses. Grouped lines in a condensed schedule stay grouped until the GP provides the names.
- SOI data covers holdings, cost, and value. Portfolio company KPIs such as revenue and EBITDA come from the GP’s portfolio company updates instead.
See schedules of investments from several GPs in one view
In a guided walkthrough on real-world scenarios, we extract a schedule of investments from a GP financial statement, map it by industry and country, and show one company held through two managers.
FAQs
What is a schedule of investments?
A schedule within a fund’s financial statements that lists the fund’s investments at the reporting date, with type, industry, country, shares or principal, cost, fair value, and percentage of net assets. Its total equals the investments line on the statement of assets and liabilities.
Is a schedule of investments required?
For investment companies that report under US GAAP, yes. ASC 946 requires one. Private funds that are nonregistered investment partnerships may present a condensed version that names only the positions above 5% of net assets.
What is a condensed schedule of investments?
A shorter schedule that ASC 946-210-50-6 allows for private investment partnerships. It names each investment above 5% of net assets and groups the rest by type, country or region, and industry, with the percentage of net assets for each group.
What is the difference between a schedule of investments and a capital account statement?
The schedule of investments describes the whole fund’s holdings. The capital account statement describes your investment in the fund: contributions, distributions, fees, gains and losses, and ending capital. You need both to calculate your share of each holding.
Is the schedule of investments audited?
The annual one is, as part of the fund’s audited financial statements. Quarterly schedules are usually unaudited. ILPA’s reporting standards describe the schedule as provided quarterly and audited annually.
How often do LPs receive a schedule of investments?
Usually every quarter in the reporting package and once a year in the audited financial statements. ILPA’s guidance expects quarterly reports within 60 days of quarter end, and the SEC custody rule sets 120 days for audited annual statements, or 180 days for funds of funds.
What is look-through analysis?
Looking through your fund interests to the companies, industries, and countries underneath them. LPs build it by extracting each fund’s schedule of investments, scaling the positions to their ownership, and adding them up across funds.
How do funds of funds report their underlying investments?
ASC 946 treats the underlying funds as the fund of funds’ investments, but it must also name any underlying holding whose proportional share exceeds 5% of its own net assets, in the schedule or in a note. If that information is not available, the fund must say so.
Sources and methodology
Sources: FASB ASC 946-210-50, paragraphs 50-1, 50-6, 50-9, and 50-10, as quoted in SEC staff correspondence; ILPA Quarterly Reporting Standards, Best Practices, version 1.0 (October 2011); ILPA’s 2025 Reporting Template and Performance Template releases and its notice on the Portfolio Company Metrics Template refresh; SEC Advisers Act Rule 206(4)-2(b)(4), as cited in SEC enforcement orders. FundCount capabilities come from FundCount’s product documentation and client announcements, reviewed in October 2026.
Example: Sample Fund III, L.P. is fictional. Its figures were built to reconcile: the lines add up to the totals shown, and the percentages add up to 100%.
Scope: this guide follows US GAAP. It is general information, not accounting or legal advice. Check the requirements that apply to your funds with your auditor.
Published: October 2026.
