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 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.