Catchups (100%) are almost always included in the waterfall. The exception is when the carried interest is set significantly above-market, where the absence of a catchup mitigates the expensive promote.
Catchups are usually included in the waterfall
Catchups (100%) are almost always included in the waterfall. The exception is when the carried interest is set significantly above-market, where the absence of a catchup mitigates the expensive promote.
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