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Water pouring over the stepped stone spillway of the New Croton Dam, with the reservoir behind it.

More from every commitment.

Predictable capital calls. More productive reserves. Liquidity when you need it.

Croton gives private market investors a more predictable way to fund their commitments, so more of your capital can stay at work.

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The calls are unpredictable. Your payments don’t have to be.

Croton helps private market investors fund eligible commitments through regular contributions, with defined liquidity support when capital calls arrive ahead of schedule.

Illustrative. $1,000,000 of covered commitments over four years, with hypothetical call timing. Payments shown before fees and any financing charges.

The cost of uncertain capital calls

Investors know how much they have committed, but not when the manager will call it. So most keep enough cash for a bad quarter, and much of that cash sits idle for years.

What an investor with $10 million of commitments might be asked for each quarter, against the cash they hold to be ready
Over sixteen quarters, hypothetical calls range from $0.2 million to $1.6 million and average about $0.5 million. The investor keeps $2.0 million in cash throughout, so in most quarters most of that cash is not called.Cash held for a bad quarter: $2.0 million, every quarter$0$0.5M$1.0M$1.5M$2.0MYear 1Year 2Year 3Year 4Largest call: $1.6 millionNot called, but heldin cash all the same
Capital called that quarter (average $0.5 million)Cash held in reserve

Illustrative; not data from any fund.

The stone arches of High Bridge, which carried the Old Croton Aqueduct across the Harlem River, in autumn light.

One schedule across your commitments

You choose the commitments. Croton turns their calls into fixed payments, holds those payments in an account in your name until they are needed, and covers calls that arrive early.

  1. Normalize

    Pay a fixed amount each month or quarter for the commitments you choose, instead of meeting each call as it comes.

  2. Reserve

    Your payments wait in a separate account in your name at an independent custodian, and are used only for your own calls.

  3. Backstop

    When calls arrive before your payments have caught up, Croton covers the difference, up to a limit you set. Your later payments repay it.

You keep your fund interests and remain responsible to each fund for your commitments.

See how it works

Less capital waiting, more capital working

An investor who cannot predict calls tends to hold enough to survive a bad quarter. An investor who pays a known amount on known dates, with defined support when calls run ahead, may be able to hold less.

Whether that is worthwhile depends on what the released capital would earn, on Croton’s fees and on any financing charges while advances are outstanding. The example opposite sets out the arithmetic; it is not a forecast.

Liquidity held against $100 million of enrolled commitmentsIllustrative

Without Croton

$20.0M

Held in cash or short-term securities for a severe quarter

With Croton

$7.5M

Held to meet scheduled contributions

$12.5M potentially available to invest, if the investor chooses

Illustrative normalization fee
$400K a year
0.40% of enrolled commitments
Plus, when advances are outstanding
Financing charge
Croton’s funding cost plus a spread

Illustrative arithmetic, not a projection or an offer. Assumes $100 million of enrolled commitments; $20 million held against a severe quarter without Croton and $7.5 million held to meet scheduled contributions with it; and an illustrative 0.40% annual normalization fee. Excludes financing charges on advances, taxes and transaction costs. Reserve needs differ between investors, released capital carries the risks of whatever it is invested in, and no return, reserve reduction or saving is assured.

Built to work across private markets

Most investors hold commitments to several managers, made in different years and pursuing different strategies. Croton enrolls eligible commitments across them and funds their combined calls from one schedule.

Eligibility is assessed fund by fund, and not every commitment will qualify.

Five fund call schedules combined into one contribution scheduleFive hypothetical funds call capital in different quarters and amounts over four years. Their combined calls remain irregular. Below them, the investor's contributions are the same in every quarter.Buyout · 2023 vintageGrowth equity · 2024Private credit · 2022Infrastructure · 2024Venture · 2025Combined callsCroton coordinates payment from your account, advancing within your limit when calls run aheadYour contributionsYear 1Year 2Year 3Year 4
Illustrative. Hypothetical funds and call amounts; circle size indicates the amount called.
The New Croton Dam under a storm sky: the steel arch bridge over the spillway, water falling down the stepped stone face.

For investors and the people who advise them

  • Private market investors

    Plan around a schedule instead of a standing reserve.

  • Family offices

    One approach to liquidity across every manager and vintage.

  • Wealth advisors and multifamily offices

    A consistent liquidity plan for each client, with a clear record of every call.

Get in touch
The Ashokan Reservoir at dusk, the hills dark against a fading sky and the water still.

Make more of your commitments.

We’re speaking with private market investors, family offices and advisors interested in a more predictable approach to capital calls.

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