Infrastructure Funds with European Waterfall
Within the universe of funds that have a European carry waterfall (whole fund carry), do infrastructure funds have different terms vs. traditional PE funds? Given they have longer fund life terms, I could see a principal not receiving carry until year 10-11 of a 15 year infrastructure fund? That seems extremely backweighted vs. a traditional euro carry PE fund, i.e., still worse than American waterfall but at least you hopefully start seeing some carry in year 6-7?
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