Waterfalls
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Running the numbers on
MHC America Fund, LLC· MHC America, LLC
Back to fund
Class A IRRⓘ
14.3%
annualized, this class
Class A Multipleⓘ
1.95×
$488K
LP Takeⓘ
84.9%
of gross, fund-level
GP Takeⓘ
15.1%
incl. fees, fund-level
Fee Dragⓘ
6.3%
$55K
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 · 84.9%$743K
Fees · 6.3%
GP · 8.9%
Limited PartnersFees to ManagerGP Promote
Cascade · Distributions

Where each dollar goes

$875K
LP $743K · Fees $55K · GP $78K
Gross proceeds at exit
$875K
FFees to Manager
$55,000 · 6.3% of gross
taken before the waterfall→ GP $55K
T1Class A Preferred Return (NOCF) · Pref rate escalates by year of investment: 8% Yr1, 9% Yr2, 10% Yr3+; pro rata with Class B based on relative Membership Interest until each Member's Preferred Return is paid (from Net Operating Cash Flow)
$100,000 · 11.4% of gross
uncapped — takes what remains→ A $100K
T250% Residual Split — LP share (NOCF) · Class A and Class B as a group receive 50% pro rata based on relative Membership Interest, after Preferred Returns are paid (Net Operating Cash Flow)
$310,000 · 35.4% of gross
uncapped — takes what remains→ A $310K
T3Unpaid Preferred Return (Capital Event) · Net Capital Event Proceeds: first to A&B pro rata based on each Member's unpaid Preferred Return until paid
$77,500 · 8.9% of gross
uncapped — takes what remains→ A $78K
Where it lands · of gross proceeds
LP $743K (84.9%)Fees $55K (6.3%)GP $78K (8.9%)
LPFeesGPhover a tier for the formula · click to pin
Tier-by-tier trace
Same numbers, tabular. Click to expand.
▾
Distributions
T1
Class A Preferred Return (NOCF) · Pref rate escalates by year of investment: 8% Yr1, 9% Yr2, 10% Yr3+; pro rata with Class B based on relative Membership Interest until each Member's Preferred Return is paid (from Net Operating Cash Flow)
Class A
$100K
T2
50% Residual Split — LP share (NOCF) · Class A and Class B as a group receive 50% pro rata based on relative Membership Interest, after Preferred Returns are paid (Net Operating Cash Flow)
Class A
$310K
T3
Unpaid Preferred Return (Capital Event) · Net Capital Event Proceeds: first to A&B pro rata based on each Member's unpaid Preferred Return until paid
Class A
$78K
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