distribution waterfall
C2CEFR level
96/100Rarity: very rare
TechnicalRegister
The tiered order in which fund proceeds flow between investors and managers.
Under the distribution waterfall, the LPs get their capital back plus the preferred return before we see a cent of carry.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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