In terms of investments, once a fund has completed its fundraising, it can start to consider investment in companies to generate profitable returns.

In this example, the GPS raise a $120 million VC fund and have commitments from four LPs.

The gps have identified three new companies requiring an initial $5 million investment each and a 3 times gross-up. The capital call will be for $45 million. That's 3 times $5 million times 3 times, which equals $45 million. This will come in prorata amounts from each of the four LPs. The GP will transfer $5 million to each of the porticos at closing and will reserve the remaining $10 million for each of the companies for follow on financing.