Proceeds vs Vesting
How do distributions work for fund-level Carry for exits prior to reaching full vesting in a US waterfall? If exits are made before Carry has fully vested would I receive only [vested %] of those proceeds or is there a catch-up upon full vesting (as Carry is calculated on total fund level)?
Assuming 1 year cliff and 4 year straight-line vesting afterwards, in case of an exit in Year 3 would I only see 50% of those proceeds or does this catch up in Year 5 once vesting is fully reached? What about distributions prior to the Year 1 cliff?
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