The return LPs are entitled to receive first — conventionally about 8% compounding — before the GP earns any carried interest on the fund's <em>profits</em>.
The committed capital a fund has raised but not yet invested — the <em>uncalled</em> commitments it can deploy when the right opportunity appears.
A fund that invests across private and public markets — backing a company in its late <em>private</em> rounds and holding it through and after the IPO.
The contractual order in which a fund splits cash from exits between LPs and the GP — return of capital, preferred return, catch-up, then the <em>carry</em> split.
The recurring fee — conventionally about 2% a year — that funds the GP's operating costs, paid regardless of whether the fund's <em>investments</em> succeed.
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.