What does a Private Equity balance sheet look like? What about their P&L?

I was doing some prep for an FoF interview, and while I was doing the technical prep I came across a question that was phrased like this, I tried to answer it myself aside from understanding they would have obligations to debt and equity holders I was having trouble coming up and finding an answer, so I was hoping someone could push me in the right direction or help me out thanks.

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You probably want to distinguish between the different entities involved: GP, the fund, the management company.

The fund will have assets that it has acquired, liabilities might include a subscription / fund facility, accrued carry that is payable to the GP.

The GP and management company I think are both asset light. The financial services license probably sits in the management company and the equity value (for future monetization) is valuable in the management company.

 

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