Correct a released private capital report without losing the original record

Classify the change before changing the published output

Identify whether the new information changes a source value, an effective date, a category, a calculation, or a presentation label. Record when the issue was discovered, which source version was originally used, and who is responsible for confirming the correction. A newer file is not automatically the approved replacement for a released record.

Fund finance and the relevant reporting owners should determine the affected audience, significance, required approvals, and communication. Contractual and regulatory obligations depend on the actual setting; this guide describes an original data and release workflow, not a universal notice deadline. Keep the operating decision visible rather than letting a scheduled refresh decide whether an investor pack is replaced.

Recalculate a synthetic NAV correction independently

A fictional June 30 fund pack was released with $10 million of cumulative paid-in capital, $2 million of distributions, and $9 million of closing NAV. Its simplified DPI is 0.20x, RVPI is 0.90x, and TVPI is 1.10x. A later approved valuation revision changes the same June 30 NAV to $9.4 million. It does not change the capital activity or reporting population in this example.

The corrected RVPI is $9.4m ÷ $10m = 0.94x. TVPI becomes ($2m + $9.4m) ÷ $10m = 1.14x; DPI remains 0.20x. The NAV change is $0.4 million and the TVPI change is 0.04x. Preserve sufficient precision to see those differences even if the pack's display rounds some measures. These are disclosed demonstration formulas; production measures require the fund's approved reporting basis and methodology.

Trace every dependent output and reconciliation

In the same synthetic quarter, opening NAV is $8 million, contributions during the quarter are $1 million, and distributions are $0.5 million. The original approved movement excluding capital activity was $0.5 million, giving $9 million closing NAV. The revised movement becomes $0.9 million: $8m + $1m − $0.5m + $0.9m = $9.4m. This bridge must change consistently with the closing NAV and performance table.

Create an impact list covering each dependent chart, table, download, narrative, and downstream data feed. A headline multiple can be corrected while a PDF chart or commentary still describes the original result. Recalculate only on the approved source set, then test both changed and unchanged outputs. In the example, distributions and DPI are deliberately unchanged and should be included in the comparison test.

Retain a correction package and separate approval

Store the original source and report, corrected source, reason for change, calculation version, difference report, reviewer decision, and the identifiers of affected releases. Give the corrected pack a new version. Make the original accessible to authorized reviewers and mark its relationship to the replacement so an older file cannot be mistaken for the latest approved output.

The preparation team can assemble the correction, while the designated reporting owner approves its use and distribution. If the issue changes methodology rather than a source amount, assess comparability and the need to revise other periods. ILPA's official Performance Template materials provide methodology-specific definitions and guidance; use the applicable official package with reporting owners instead of assuming every fund calculates the same gross and net measures.

Test replacement behavior before the next correction occurs

Exercise a corrected source for an already released period in a non-production environment. Confirm that refresh does not erase v1, that the new source is not added as a second transaction set, and that an incomplete revision cannot become the active approved output. Test a rollback or withdrawal according to the team's release policy. A current-view dashboard and an immutable released pack can coexist if their labels and source selection are explicit.

Keep missing inputs distinct from zeros. If a correction removes the only valid paid-in denominator, affected multiples should become unavailable with a visible reason until the reporting owner resolves the basis. Do not keep the old value merely because it appears more complete. Close the correction only when the revised evidence, approval, dependent outputs, and authorized distribution record agree.

• Retain the original approved source and output before preparing a revision.
• Record the correction reason and whether the cutoff, scope, or methodology changed.
• Reconcile the full impact, including unchanged measures and narrative statements.
• Use a new release version and preserve the link to the superseded record.
• Keep preparation, approval, and distribution decisions explicit.
• Test replay, duplicate prevention, incomplete revisions, and missing denominators.
• Archive the final correction package with its review and distribution record.

Primary sources

• ILPA: official Performance Template, methodologies, and guidance

Related services and experience

• Private capital reporting and analytics (Implementation service)
• Private equity analytics toolkit (Ungated methods and synthetic evidence)
• Private capital reporting pack (Synthetic evidence first published 2026-09-09)
• Investor reporting exception register (Impact, ownership, and release disposition template)
• Private equity portfolio analytics (Industry practice)