STAGE 1 OF 5
Fund Profile
Baseline structure. Most funds we model fall in $100M-$5B AUM range.
LP commitments to the fund.
$
%
%
%
European (whole-of-fund)
LP-preferred standard. Carry crystallizes at fund return-of-capital.
American (deal-by-deal)
GP-favorable. Carry per deal as realized; clawback at fund end.
STAGE 2 OF 5
Deployment Strategy
How is the fund deployed across the investment period?
Buyout (control)
Majority control of mid-market companies
Growth equity
Minority equity in growth-stage companies
Distressed
Special situations + turnaround
Roll-up / add-on
Multiple-arbitrage platform building
STAGE 3 OF 5
Operating Returns Assumption
Per-portco operating return assumption — your underwriting view of EBITDA growth + exit multiple expansion.
%
Per Ch 26 deep dive: $7-30M typical on mid-market deals.
%
STAGE 4 OF 5
Exit Channel Mix
Per Ch 35 deep dive: each exit channel produces a different multiple uplift. Choose your expected mix.
%
%
%
%
Mix should sum to 100%. Currently: 100%
STAGE 5 OF 5
Your Fund Economics
Net to LP, GP take, fund-level returns. Updates if you change inputs.
FUND-LEVEL RETURN
Gross MOIC (multiple of capital)
2.4×
$1.2B back to LP+GP on $500M committed
FUND-LEVEL RETURN
Net IRR to LPs
17.5%
Top-quartile band: 18-25%
The carry waterfall — step-by-step
| Step | Amount | Detail |
|---|
Exit-channel weighted contribution
| Channel | Mix % | Avg uplift | Contribution to MOIC |
|---|
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The Liquidity Event Playbook covers the seller-side mechanics in 23 chapters. Try the LEP simulator →
YOUR PERSONALIZED FUND-RETURNS REPORT
Get your full 8-page fund-economics analysis by email
Includes the line-by-line waterfall, exit-channel sensitivity, comparable-fund benchmarks, and the GP-economics structure that aligns the partner team for your specific fund profile.
Disclaimer. Order-of-magnitude estimates for educational purposes. Fund performance depends on specific facts, market conditions, and execution.
Engage qualified professionals — fund counsel, fund administrators, valuation firms, and qualified tax counsel — for the actual structuring and operation.