Committed capital is the aggregate amount that LPs have contractually pledged to a fund. It is not immediately transferred — capital is drawn down progressively via capital calls as the GP identifies and executes investments. The committed capital figure is distinct from invested capital (the amount actually deployed) and NAV (the current fair value of the portfolio).
A fund's committed capital, often referred to informally as 'fund size', determines the maximum scale of the investment programme. In Southeast Asia and Australia, mid-market private equity funds typically range from US$100 million to US$1 billion in committed capital, while the region's largest buyout funds may exceed US$3 billion.