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.
The minimum annual return a fund must deliver to investors before the GP earns any carried interest — conventionally around 8%, compounding on contributed capital.
The total amount investors have legally pledged to a fund — its size and fee base — drawn down over time through <em>capital calls</em>, not paid up front.
A new fund a GP raises to buy assets out of one of its own older funds — holding winners longer while letting existing LPs <em>cash out</em> or roll over.
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.