Multiple on Invested Capital — total value returned and held divided by capital invested. It answers <em>how many times your money came back</em>, ignoring time.
The waterfall tier where, after the preferred return, the GP takes a heavy share of profit until it has <em>caught up</em> to its full carry percentage.
A structure where the GP earns no carry until LPs recover <em>all</em> drawn capital plus the preferred return across the whole fund. The European waterfall.
Distributions to Paid-In — cash actually returned to LPs divided by capital they paid in. The <em>realized</em> multiple, owing nothing to marks.
A provision requiring the GP to return carried interest it was paid early if, over the fund's life, it ended up taking <em>more carry than it earned</em>.
A revolving line secured by LPs' uncalled commitments, used to fund deals upfront so the GP can defer capital calls. It can <em>flatter a fund's IRR</em>.