Disposition Fee (0.75%) is taken above the waterfall
MediumA performance- or transaction-linked fee paid above the waterfall reaches the GP before the LP's distribution priorities run, eroding the pool the pref + return-of-capital draw from. Routine asset-management fees above the line are normal; a disposition/promote-flavored fee there is a leak worth pricing.
“Disposition Fee in an amount up to 0.75% of the sales price of the Projects”