Subscribers or partners commit to paying capital in a private equity fund, but not all of it is needed immediately. So it is called up or "drawndown" in private equity jargon as it is needed.


http://www.investopedia.com/articles/stocks/09/abcs-of-priva...
Investopedia explains:
Committed Capital, Drawdown, Vintage Year and Paid-In Capital
In the private equity world, money that is committed by limited partners to a private equity fund, also called committed capital, is usually not invested immediately. It is "drawn down" and invested over time as investments are identified.

Drawdowns, or capital calls, are issued to limited partners when the general partner has identified a new investment and a portion of the limited partner's committed capital is required to pay for that investment.


By the way, please post proper context i.e. plenty of the surrounding Italian text. Some people post a whole page!