Returned capital that has been distributed that can be recalled by the manager, being a portion of the capital that is recallable once it has been distributed. The existence of recallable capital increases investors' remaining capital commitments.

What makes a distribution recallable?

Total Recall

When funds invest and subsequently return distributions to investors, the GP will typically have discretion to earmark the distributions as amounts that replenish an investor's uncalled capital and are thus recallable as if never initially called.

What is recallable capital in private equity?

Recallable Capital means any Capital Contributions that either (i) have never been invested in an Underlying Fund; or (ii) have been contributed to an Underlying Fund and subsequently distributed by that Underlying Fund to the Partnership under any circumstances in which that Underlying Fund has the right to recall ...