About this reference
Who publishes it, how it is put together, what it deliberately does not do.
Who
This site is published by Wall Street Wiki. A reference published by the wallstreet.wiki network. Every figure is stated as a formula and recomputed from it, every convention names the authority that sets it, and corrections are versioned and dated.
Why it exists
Private equity fund economics are documented qualitatively almost everywhere and quantitatively almost nowhere, which is where the confusion starts: the terms that decide how much the GP keeps and how much the LP receives are arithmetic, and the arithmetic is short. This reference states it. Every entry that changes a payment, a metric or a fee carries an explicit formula and a worked example whose numbers compute. ONE FUND runs through the whole corpus. The reference fund has 500.0 of LP commitments (all figures are millions), a GP commitment of 10.0 being 2.00 percent of LP commitments, a five-year investment period and a ten-year term. The management fee is 2.00 percent of commitments in years 1 to 5 and 1.50 percent of the cost basis of unrealised investments in years 6 to 10, totalling 66.2. Partnership expenses total 8.8. Six investments cost 425.0 and realise 935.0, a gross MOIC of 2.2000x. Total capital called is therefore 425.0 + 66.2 + 8.8 = 500.0, exactly the commitments. All calls and distributions occur at year end. The waterfall pays a return of all contributed capital, then an 8.00 percent preferred return compounded annually on unreturned contributed capital, then a 100 percent GP catch-up, then 80/20. Under that whole-fund waterfall the LPs receive 848.0 and the GP 87.0, a net DPI and TVPI of 1.6960x and a net IRR of 11.9825 percent against a 17.2915 percent gross IRR. The full call, distribution and NAV schedule is published as a table so every figure on the site can be reproduced from it. Notation is uniform throughout. C is LP commitments; PIC is paid-in or contributed capital; I is invested capital at cost; F is management fees called; X is partnership expenses called; D is cumulative distributions to LPs; NAV is the fair value of unrealised investments. UC is unreturned contributed capital and PA the accrued unpaid preferred return. h is the preferred return rate, k the carried interest rate and c the GP's share of distributions inside the catch-up band. P is cumulative profit distributed and Pref the cumulative preferred return paid. A_j is the capital attributable to investment j and R_j its realisation proceeds. t is time in years and n a holding period. I_t is the level of a public index at time t and lambda the PME+ scaling factor. x is an EV/EBITDA multiple, EV enterprise value and ND net debt. LTV is loan to value and L a leverage ratio. Symbols used in a single entry are defined where they appear. Nothing here is a market-terms survey. No fee level, hurdle, carry rate, waterfall type, index return or fund return is presented as a measured or typical figure. Every number is either derived from the reference fund or an input labelled as assumed and chosen for legibility. Where a real artefact governs a point - the ILPA Reporting Template, the ILPA Private Equity Principles, FASB ASC 820, or a section of the Internal Revenue Code - it is named in the entry's source field and nowhere else.
How it is built
Every page here is generated from a single reviewed data file. That has consequences worth stating: the content is a data edit rather than a code change, every page has a JSON twin carrying the same facts without markup, and the review date attached to a page comes from the data file rather than from the build clock - so rebuilding without changing anything does not make the content look fresher than it is.
| Property | This site |
|---|---|
| Licence | CC BY 4.0 - https://creativecommons.org/licenses/by/4.0/ |
| Content reviewed | 2026-08-27 |
| Machine-readable corpus | /index.json and /llms-full.txt |
| Change feed | /changes.json - poll this instead of re-crawling |
| Network | 9 sibling references, indexed at wallstreet.wiki |
| Third-party requests | None. No fonts, no CDN, no analytics, no trackers on any page. |
| Contact | [email protected], or the form. Corrections get answered first. |
What is deliberately not here
No investment performance figures. Not because there are none, but because an unaudited return published on a commercial site is the specific thing securities counsel warns about, and the antifraud rules reach a publisher whether or not they are a registered adviser. If figures ever appear here they will have been reviewed first.
No recommendations. Nothing on this site says what to buy, when, or in what size. It states how the arithmetic works. That line is deliberate: impersonal, generally circulated financial writing is publishing, and personalised advice is something else with a different regulatory regime attached.
No market levels presented as fact. Every number in a worked example is an input chosen so the arithmetic can be checked, not an observation of where anything trades. Structures and formulas are durable; levels are not, and a stale level stated confidently is worse than no level at all.
Corrections
If a formula or a worked figure here is wrong, that is worth more to fix than anything else on the site, and the fastest route is the contact form. Corrections are recorded in the change feed with a date, so what changed and when is auditable rather than silently overwritten.