A Hard Circle is a commitment made by an allocator to invest in a fund. Unlike a Soft Circle, which only reflects an interest in investing, a Hard Circle is binding and legally obligates the allocator to contribute capital to the fund at a later stage. Hard Circle commitments are critical for fund managers as they provide more clarity about the actual amount of capital available for deployment. In many cases, hard circles help managers finalize the fundraise and move forward with the investment strategy.