Distributions to Paid-In — cash actually returned to LPs divided by capital they paid in. The <em>realized</em> multiple, owing nothing to marks.
A provision requiring the GP to return carried interest it was paid early if, over the fund's life, it ended up taking <em>more carry than it earned</em>.
Residual Value to Paid-In — the marked value of a fund's <em>unrealized</em> holdings divided by capital paid in. The value still on paper.
The general partner's own capital invested into its fund alongside LPs — the <em>skin in the game</em> that aligns the manager with its investors.
A transaction where the GP moves one or more assets out of an old fund into a new vehicle, giving existing LPs the choice to <em>cash out or roll over</em>.
Total Value to Paid-In — distributions plus residual value over paid-in capital. The <em>full</em> multiple: realized cash and unrealized marks together.