Without going into too much minutiae, in a cash flow model in which the Deal Level IRR exceeds the final split in the waterfall, is it possible for a GP to make more of a Levered Profit than an Unlevered profit?
Tier 1 - 90 LP /10 GP to an 8%
Tier 2 - 70 LP / 30 GP to a 15%
Tier 3 - 50 LP / 50 GP thereafter
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