Fund Economics

Distribution Waterfall

The full European (whole-fund) waterfall — return of capital, preferred return, GP catch-up, then the carried split — tier by tier, with the LP's net multiple and the GP's true share of profit.

Contributed capital (LP)

Total exit proceeds

Preferred / yr

Holding period

yrs

Carry

Catch-up rate

LP net distribution

$260.00M

2.60× on capital

GP carried interest

$40.00M

20.0% of profit

LP 87%GP 13%

Return of capitalPreferred returnGP catch-upCarried split 20/80

TierTo LPTo GP

1 · Return of capital$100,000,000—

2 · Preferred return$58,687,432—

3 · GP catch-up$0$14,671,858

4 · Carried split 20/80$101,312,568$25,328,142

Total$260,000,000$40,000,000

For modeling and illustration only — not investment, legal, or tax advice. Conventions vary by fund; verify against your governing documents.