Fund Waterfalls and Carry

Carry is not twenty percent of the profits. It is the output of a queue. This course runs one distribution through all four tiers, including the catch-up that flows the other way and the clawback that can reverse it.

₹499/- ₹0

Offer ends in 21 days

1,000 seats total 217 left

783 already enrolled

Six things you will be able to do

Go past two and twenty. Learn the order of payment that decides when a manager actually earns anything.

01 Return capital firstWhy every rupee investors put in comes back before anything else moves.
02 Calculate the preferred returnThe hurdle, how it compounds on drawn capital, and why carry takes years.
03 Work the catch-up tierThe stretch that runs the other way, and what it is catching up to.
04 Split the carryEverything above the hurdle, divided on the agreed split, tier by tier.
05 Compare deal by deal and whole fundThe same fund paid two ways, and why investors care which one they signed.
06 Trigger a clawbackEarly carry paid, later losses arrive, and the manager writes a cheque back.
The outcome

What changes after this course

You stop repeating two and twenty and start following the money, tier by tier, to the exact point where a manager begins to earn.

A full distribution computed through all four tiers, rupee by rupee

The catch-up tier explained plainly: why it runs the other way and what it corrects

A clawback calculated, with the exact conditions that trigger it named

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