A fund's internal rate of return <em>before</em> management fees, carried interest, and fund expenses — a read on deal-level skill, not LP outcome.
An LPA clause letting a fund reinvest early proceeds rather than distribute them — effectively <em>deploying</em> more than the committed capital.
The internal rate of return an LP actually earns <em>after</em> management fees, carried interest, and fund expenses — the only return figure an investor can spend.
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.