A fund that invests in other funds rather than directly in companies — offering diversified access at the cost of a <em>second</em> layer of fees.
The shape of a fund's net returns over time — <em>negative early</em> as fees and markdowns bite, then rising as investments mature and distributions arrive.
A direct investment an LP makes alongside the fund in a single deal — usually with <em>reduced or zero</em> fees and carry, on top of its fund commitment.
The GP's share of a fund's profits — conventionally 20% — paid only after investors recover their capital and <em>preferred return</em>.
A formal demand from a fund to its investors to wire a portion of their committed capital, issued when the GP needs cash to fund an <em>investment</em> or expense.
The market for buying and selling existing private-fund interests, letting an LP exit a commitment early or a GP <em>restructure</em> a fund before its natural end.