Assumptions Whole Fund compensation The fund sells investments for $383 (cost basis $350) after two years Hurdle rate is 8% per year 100% GP catch-up 80/20 carried interest split Limited Partners General Partner Original contributions (Year 1) Sale of investments for $383 (Year 2) Return of Capital Preferred return (hurdle) for limited partners Catch-up for general partner 80/20% split of the residual amount Assumptions Whole Fund compensation The fund sells investments for $383 (cost basis $350) after two years Hurdle rate is 8% per year 100% GP catch-up 80/20 carried interest split Limited Partners General Partner Original contributions (Year 1) Sale of investments for $383 (Year 2) Return of Capital Preferred return (hurdle) for limited partners Catch-up for general partner 80/20% split of the residual amount