# Portfolio Position

A **portfolio position** (or **portfolio company**) is a single investment made by a fund into an underlying company or asset. Each position is the unit of account for tracking cost, value, and return at the deal level.

## What a Position Tracks

| Field                                      | Description                                                                                                                      |
| ------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------- |
| **Cost basis**                             | Total capital deployed into this investment — initial investment plus all follow-on calls                                        |
| **Current fair value**                     | Latest mark per [IPEV methodology](/reporting-and-metrics/ipev.md), updated each reporting period                                |
| **Realized proceeds**                      | Cash and [in-kind distributions](/waterfall-and-distributions/distribution-in-kind.md) received from exits, recaps, or dividends |
| [**MOIC**](/reporting-and-metrics/moic.md) | (Realized proceeds + Current fair value) / Cost basis                                                                            |
| [**IRR**](/reporting-and-metrics/irr.md)   | Annualized return on this specific position's cash flows                                                                         |
| **Status**                                 | Active, Partially exited, Fully realized, Written off                                                                            |

## Position Status Lifecycle

```
New investment → Active → Partially exited → Fully realized
                                          ↘ Written off (if value goes to zero)
```

**Active**: held in full; no exit proceeds received yet. **Partially exited**: some proceeds received (e.g., a secondary partial sale or dividend recap) but position still held. **Fully realized**: exit complete; all proceeds received. **Written off**: position marked to zero; no recovery expected.

## Fair Value Marking

Each reporting period (at minimum quarterly), GPs update the position's [fair value](/reporting-and-metrics/fair-value.md) using the appropriate [IPEV technique](/reporting-and-metrics/ipev.md). The fair value mark:

* Updates the position's contribution to fund [NAV](/reporting-and-metrics/nav.md).
* Changes the [RVPI](/reporting-and-metrics/rvpi.md) and [TVPI](/reporting-and-metrics/tvpi.md) metrics for all LPs.
* Is stored with technique, inputs, and signoff — auditors can reconstruct any historical mark.

## Position MOIC vs Fund TVPI

Position-level [MOIC](/reporting-and-metrics/moic.md) and fund-level [TVPI](/reporting-and-metrics/tvpi.md) are computed the same way but at different scopes:

```
Position MOIC = (Realized proceeds from this company + Fair value of remaining position)
                / Capital invested in this company

Fund TVPI = (All LP distributions + Fund NAV) / Total LP paid-in capital
```

The fund's TVPI is the capital-weighted blend of all position MOICs, adjusted for fees, carry, and fund-level expenses.

## LP Visibility

Disclosure of individual position names and values depends on the fund's LPA and each LP's side-letter rights. Gildi supports three disclosure levels:

| Level          | What LPs see                                                     |
| -------------- | ---------------------------------------------------------------- |
| **Aggregated** | Fund NAV and total metrics only — no individual position details |
| **Names only** | Portfolio company names and status, no financials                |
| **Full**       | Names, fair values, cost basis, MOIC per position                |

GPs configure the disclosure level per fund, and overrides per LP are possible via side-letter enhanced-reporting rights.

## How Gildi Manages Positions

Each portfolio position in Gildi is a record linked to the fund. Capital calls draw from LP commitments and increase the position's cost basis. Exit proceeds are entered against the position and flow through the [distribution waterfall](/waterfall-and-distributions/waterfall.md). Fair value marks are entered quarterly and trigger updates to NAV, DPI, RVPI, and TVPI.


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.gildi.io/reporting-and-metrics/portfolio-position.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.