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.
A bilateral agreement between the fund and one LP that modifies the fund terms for that investor alone — often <em>fee breaks</em>, MFN, or co-invest rights.
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.