Waterfalls

Class A Units IRRⓘ

44.7%

annualized, this class

Class A Units Multipleⓘ

6.35×

$635K

LP Takeⓘ

93.1%

of gross, fund-level

GP Takeⓘ

6.9%

incl. fees, fund-level

Fee Dragⓘ

6.9%

$60K

Dollar split

Where your dollar goes

Every dollar of gross proceeds traced through the waterfall at the current exit.

Total gross proceeds$875,000

LP · 93.1%$815K

Fees · 6.9%

Limited PartnersFees to ManagerGP Promote

Cascade · Distributions

Where each dollar goes

$875K

LP $815K · Fees $60K · GP $93

Gross proceeds at exit

$875K

FFees to Manager

$60,000 · 6.9% of gross

taken before the waterfall→ GP $60K

T1Class A Preferred Return (8%) · Operating distributions: first, distribution of accrued, unpaid Class A Preferred Return to Class A Members (8% non-compounding cumulative on Invested Capital)

$40,000 · 4.6% of gross

uncapped — takes what remains→ A $40K

T2Tier 1 Residual - Class A share (80%) · On Class A portion of Invested Capital, before Class A reaches 14% IRR

$592,000 · 67.7% of gross

uncapped — takes what remains→ A $592K

T3Tier 2 Residual after 14% IRR - Class A share (60%) · Upon Class A Member receiving 14% IRR on relevant investment, splits adjust to 60% Class A / 30% Legacy / 10% Class M

$3,275 · 0.4% of gross

uncapped — takes what remains→ A $3K

T4Tier 3 Residual after 17% IRR - Class A share (50%) · Upon Class A Member receiving 17% IRR, splits adjust to 50% Class A / 30% Legacy / 20% Class M

$59 · 0.0% of gross

uncapped — takes what remains→ A $59

Where it lands · of gross proceeds

LP $815K (93.1%)Fees $60K (6.9%)GP $93 (0.0%)

LPFeesGPhover a tier for the formula · click to pin

Tier-by-tier trace

Same numbers, tabular. Click to expand.

▾

Distributions

Class A Preferred Return (8%) · Operating distributions: first, distribution of accrued, unpaid Class A Preferred Return to Class A Members (8% non-compounding cumulative on Invested Capital)

Class A Units

$40K

Tier 1 Residual - Class A share (80%) · On Class A portion of Invested Capital, before Class A reaches 14% IRR

Class A Units

$592K

Tier 2 Residual after 14% IRR - Class A share (60%) · Upon Class A Member receiving 14% IRR on relevant investment, splits adjust to 60% Class A / 30% Legacy / 10% Class M

Class A Units

$3K

Tier 3 Residual after 17% IRR - Class A share (50%) · Upon Class A Member receiving 17% IRR, splits adjust to 50% Class A / 30% Legacy / 20% Class M

Class A Units

$59

Compare