GP Catch-Up
The waterfall tier in which the sponsor receives all, or most, of the distributions until it has caught up to its promote share of the total profit distributed so far. It follows the preferred return and return of capital and precedes the ordinary split. The line first-time models omit, and the reason two waterfalls with the same headline terms can pay a sponsor very different amounts.
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Browse the full glossary — 293 finance recruiting and technical terms, in plain English.