{
 "spec": "wiki-changes/1",
 "site": "pe-finance.wiki",
 "origin": "https://pe-finance.wiki",
 "reviewed": "2026-08-27",
 "generated": "2026-09-03",
 "note": "Dated content-change events, newest first. Poll this instead of re-crawling.",
 "entries": [
  {
   "date": "2026-08-27",
   "type": "created",
   "url": "https://pe-finance.wiki/",
   "note": "Initial publication. One reference fund - 500.0 of LP commitments, a 10.0 GP commitment, a five-year investment period, a 2.00 percent fee on commitments stepping to 1.50 percent of unrealised cost, an 8.00 percent preferred return, 20 percent carry and a full catch-up, six investments costing 425.0 and realising 935.0 - runs through all six sections so every figure reconciles to one published call and distribution schedule. Fund economics: committed against contributed capital, the fee base and five step-down variants, fee offsets, carried interest, the preferred return accrual, deal-by-deal and whole-fund waterfalls worked tier by tier on the same cash flows, the catch-up boundary algebra for any catch-up share, the demonstration that a full catch-up makes the hurdle a timing term above a 1.6597x gross MOIC, GP clawback, escrow sizing, the GP commitment and hard against soft hurdles. Performance: the metric definitions and identities, the J-curve year by year, the subscription-line effect worked with the waterfall re-run at 12 and 24 months, horizon against since-inception IRR, unrealised marks and TVPI sensitivity, and Kaplan-Schoar, Long-Nickels, PME+ and Direct Alpha computed against one stated index series. Structure: the LPA term map, governance and removal thresholds, commitment period, term and extensions, recycling, key-person, LPAC, MFN, transfers, defaulting-LP remedies, side letters, fund-of-one and SMA, continuation vehicles and fund-level NAV facilities. Cash-flow mechanics: capital calls, equalisation of a subsequent closer, recallable distributions and the two DPI conventions, in-specie distributions, unfunded commitment, over-commitment and a pacing model in two constants. Valuation and reporting: ASC 820 applied to a private equity position, the calibration approach, three approaches to one mark, ILPA reporting lines, accrued carried interest in NAV, fee and expense disclosure and the NAV timing lag. Tax: section 1061, UBTI and ECI blockers, fee waivers and the difference between a fee and a distribution. Added descriptors for a distribution waterfall calculator at /calc/ and a PME and subscription-line calculator at /calc/pme/."
  },
  {
   "date": "2026-08-27",
   "type": "corrected",
   "url": "https://pe-finance.wiki/economics/",
   "note": "Hurdle-sensitivity table now explains why total carry is constant and LP net IRR moves in steps, both of which read as transcription errors. Gross proceeds in the hurdle-boundary table published to four decimals so its carry columns reconcile from the printed figure."
  }
 ]
}