The general partner's own capital invested into its fund alongside LPs — the <em>skin in the game</em> that aligns the manager with its investors.
Total Value to Paid-In — distributions plus residual value over paid-in capital. The <em>full</em> multiple: realized cash and unrealized marks together.
The year a fund makes its first investment (or first capital call) — the cohort label used to <em>benchmark</em> its returns against peers.
A committee of the fund's largest LPs that reviews conflicts and consents to key matters — the GP's <em>governance counterparty</em>, not a board.
The annualized, time-weighted discount rate at which a fund's cash flows net to zero — the headline <em>return</em> metric in private markets.
The cumulative capital an LP has actually wired into a fund in response to calls — the <em>denominator</em> behind DPI, RVPI, and TVPI.