{"id":12600,"date":"2026-05-15T05:42:55","date_gmt":"2026-05-15T05:42:55","guid":{"rendered":"https:\/\/virconlegal.com\/term\/sermaye-cagrisi\/"},"modified":"2026-05-15T06:04:35","modified_gmt":"2026-05-15T06:04:35","slug":"sermaye-cagrisi","status":"publish","type":"term","link":"https:\/\/virconlegal.com\/tr\/term\/sermaye-cagrisi\/","title":{"rendered":"Sermaye \u00c7a\u011fr\u0131s\u0131 (Capital Call)"},"content":{"rendered":"

TLDR:<\/h3>\n

Sermaye \u00e7a\u011fr\u0131s\u0131, bir fonun GP<\/a>’sinin yat\u0131r\u0131mlar\u0131, \u00fccretleri ve giderleri finanse etmek i\u00e7in Limited Ortaklardan (LP’ler)<\/a> taahh\u00fct edilmi\u015f ancak \u00e7a\u011fr\u0131lmam\u0131\u015f sermayeyi \u00e7ekti\u011fi mekanizmad\u0131r. Yat\u0131r\u0131mc\u0131lar\u0131n \u00f6nceden \u00f6dedi\u011fi geleneksel menkul k\u0131ymet yat\u0131r\u0131mlar\u0131ndan farkl\u0131 olarak, fon LP’leri toplam bir tutar taahh\u00fct eder ve GP yat\u0131r\u0131mlar yapt\u0131k\u00e7a zaman i\u00e7inde porsiyonlar katk\u0131da bulunur\u2014tipik olarak fonun yat\u0131r\u0131m d\u00f6nemi boyunca 3-7 y\u0131l.<\/p>\n

Sermaye \u00c7a\u011fr\u0131s\u0131 Mekanikleri<\/h3>\n

LPA<\/a> \u00e7a\u011fr\u0131 mekaniklerini belirtir: bildirim s\u00fcresi (tipik olarak 10-15 i\u015f g\u00fcn\u00fc), bildirim i\u00e7eri\u011fi (tutar, ama\u00e7, son tarihler) ve orant\u0131l\u0131<\/a> hesaplama (taahh\u00fct y\u00fczdesine g\u00f6re t\u00fcm LP’lerden orant\u0131l\u0131 \u00e7ekilen \u00e7a\u011fr\u0131lar). \u00c7a\u011fr\u0131lar \u015funlar\u0131 finanse eder: yat\u0131r\u0131mlar (birincil kullan\u0131m), y\u00f6netim \u00fccretleri (taahh\u00fctler veya yat\u0131r\u0131lan sermayeye g\u00f6re periyodik olarak hesaplan\u0131r), ortakl\u0131k giderleri (hukuki, denetim, profesyonel \u00fccretler) ve takip yat\u0131r\u0131mlar\u0131 i\u00e7in rezervler. LP’ler bir bildirim al\u0131r ve son tarihe kadar fonlar\u0131 havale etmek zorundad\u0131r (tipik olarak banka havalesi yoluyla).<\/p>\n

Temerr\u00fct Sonu\u00e7lar\u0131<\/h3>\n

LP’nin bir sermaye \u00e7a\u011fr\u0131s\u0131n\u0131 finanse edememesi en ciddi LP taraf\u0131 ba\u015far\u0131s\u0131zl\u0131klar\u0131ndan biridir, LPA<\/a>’da \u015fiddetli sonu\u00e7lar\u0131 vard\u0131r: \u00f6denmemi\u015f tutarlarda faiz tahakkuku (genellikle LIBOR\/SOFR + \u00f6nemli spread’de), LP’nin pay\u0131n\u0131n bir k\u0131sm\u0131n\u0131n kayb\u0131 (\u00f6rn. taahh\u00fct edilen sermayenin %25-50’si), LP \u00e7\u0131kar\u0131n\u0131n di\u011fer LP’lere veya \u00fc\u00e7\u00fcnc\u00fc taraflara indirimle zorla sat\u0131\u015f\u0131 ve oy haklar\u0131n\u0131n kayb\u0131. Sonu\u00e7lar kas\u0131tl\u0131 olarak \u015fiddetlidir \u00e7\u00fcnk\u00fc GP’nin yat\u0131r\u0131mlar\u0131 finanse etme yetene\u011fi tamamen LP’lerin taahh\u00fctlerini onurland\u0131rmas\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n

Kat\u0131l\u0131m Kredi Hatlar\u0131<\/h3>\n

Modern fonlar kat\u0131l\u0131m kredi hatlar\u0131n\u0131 yayg\u0131n olarak kullan\u0131r (sermaye \u00e7a\u011fr\u0131 hatlar\u0131 olarak da adland\u0131r\u0131l\u0131r): LP’lerin \u00e7a\u011fr\u0131lmam\u0131\u015f taahh\u00fctleriyle g\u00fcvence alt\u0131na al\u0131nm\u0131\u015f banka kredi tesisleri. Bunlar GP’nin 2 haftal\u0131k sermaye \u00e7a\u011fr\u0131 d\u00f6ng\u00fcs\u00fcn\u00fc beklemeden an\u0131nda yat\u0131r\u0131mlar\u0131 finanse etmesine ve ard\u0131ndan hatt\u0131 geri \u00f6demek i\u00e7in daha sonra (genellikle \u00fc\u00e7 ayda bir) sermaye \u00e7a\u011f\u0131rmas\u0131na izin verir. Kat\u0131l\u0131m hatlar\u0131 muazzam \u00f6l\u00e7\u00fcde b\u00fcy\u00fcd\u00fc (2000’de nadirden 2020’ye kadar standart uygulamaya) ancak tart\u0131\u015fma yaratm\u0131\u015ft\u0131r\u2014nakit ak\u0131\u015flar\u0131n\u0131 d\u00fczg\u00fcnle\u015ftirir ancak ayn\u0131 zamanda raporlanan IRR’leri \u015fi\u015firir.<\/p>\n","protected":false},"excerpt":{"rendered":"

TLDR: Sermaye \u00e7a\u011fr\u0131s\u0131, bir fonun GP’sinin yat\u0131r\u0131mlar\u0131, \u00fccretleri ve giderleri finanse etmek i\u00e7in Limited Ortaklardan (LP’ler) taahh\u00fct edilmi\u015f ancak \u00e7a\u011fr\u0131lmam\u0131\u015f sermayeyi \u00e7ekti\u011fi mekanizmad\u0131r. Yat\u0131r\u0131mc\u0131lar\u0131n \u00f6nceden \u00f6dedi\u011fi geleneksel menkul k\u0131ymet yat\u0131r\u0131mlar\u0131ndan farkl\u0131 olarak, fon LP’leri toplam bir tutar taahh\u00fct eder ve GP yat\u0131r\u0131mlar yapt\u0131k\u00e7a zaman i\u00e7inde porsiyonlar katk\u0131da bulunur\u2014tipik olarak fonun yat\u0131r\u0131m d\u00f6nemi boyunca 3-7 y\u0131l. […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12600","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12600"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12600\/revisions"}],"predecessor-version":[{"id":12899,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12600\/revisions\/12899"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}