Link for the 99-cent version is in this email
How co-GPs split carried interest
A quick dive into American distribution waterfalls
How to structure the capital partner's capital commitment
A brief overview of 15 key deal terms between operators and capital providers
With Summary of 50 State Exemptions
Charts showing how GP capital often *does not* run through the waterfall
The Investment Advisers Act of 1940
The Investment Company Act of 1940
The Securities Act of 1933
Preferred returns, carry structures, and catch-up terms.
How GPs are structuring additional fees in 2025
