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Thanks. I noticed that one, but I would still like to see other models if possible. I find that studying numerous models is more beneficial for learning as everyone includes different nuances/details.

 
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Waterfall templates can only go so far as to show you mechanically how that template works. You become really good when you can structurally build one based on JV models. I'm talking beyond just simple hurdles & promote sharing and understanding Holdbacks, Catch Up provisions, multiple tests, various ways of compounding and the differences between nominal and effective hurdle rates. You become an export when you know waterfalls in and out and therefore can use this knowledge structurally to your advantage, creating tons of value for your side of the partnership.

I've created millions of dollars in additional profits to my organization by knowing waterfalls so well. My 2 cents are to continue to challenge yourself beyond just a waterfall template, it will only benefit you down the road when you are negotiating on behalf of your organization (both initially during term sheet JV negotiations, as well as at liquidation of an investment and contesting waterfall calculations that are technically incorrect based on the 4 corners of the JV agreement).

 

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