Rolling Funds® Fees
& Distributions Breakdown

Rolling Fund carried interest is calculated based on an LP's minimum subscription period. The minimum subscription period is the number of quarters to which an LP subscribes in advance.

This model was created to illustrate the mechanics of Rolling Fund carried interest from the perspective of a single LP. The model makes a handful of simplifying assumptions that are used to provide approximate estimates of performance. Actual performance may vary significantly depending on the specific terms of the Rolling Fund.

An LP's interest in a particular quarterly fund is calculated based on the relative investments of all LPs in that quarterly fund, rather than based on an LP's relative investment amount over that LP’s entire Minimum Subscription Period, provided that Minimum Subscription Period is greater than one (1) quarterly fund.

For LPs with the same investment amount per quarterly fund, but with different Minimum Subscription Periods, this may result in an LP with a shorter Minimum Subscription period receiving a full return of their capital at a faster rate than an LP with a longer Minimum Subscription Period. As a result, the LP with a shorter Minimum Subscription Period may begin paying carried interest at an earlier point in time.

Subscribing LPs participate only in distributions from the quarterly funds to which they contributed. An LP has no interest in portfolio investments of funds formed before their subscription was accepted or after it is canceled or rejected.

As a fund exits the investments made with your contributions, you will receive any returns (after payment of any applicable carry). Funds that have not exited all investments by the end of their lifespan will ordinarily be liquidated, subject to the terms of the applicable fund documents.

Distributions are paid by a fund that realizes a return to LPs who subscribed to that particular quarterly fund. This means that an LP does not participate in distributions from quarterly funds formed before its subscription was accepted or after the subscription is canceled or rejected.

Carried interest is calculated based on an LPs minimum subscription period (the number of quarterly funds subscribed to in advance). LPs will pay carried interest only after receiving a 100% return of their capital contributions to funds over their minimum subscription period.