As a buyside analyst I normally see JV deals from the LP investor angle, but now as a favor for a developer friend I'm trying to model a deal in which the GP sponsor's 10% equity will be comprised of a bunch of smaller investors. This will be a JV deal with a promote, so what's the most straightforward way to model those smaller GP investor returns? I'll do a 10% preferred return for the GP investors, but how do I handle the promote? Should the developer get the whole thing, or will GP investors expect a piece of it in which case I should maybe just do a second waterfall for the GP investors? Thank you guys!