I am currently looking at a PE deal for multi family to see how it had been performing. With limited access to information, I only have initial capital contribution of GP and LPs (2% and 98% respectively) and actual cash distributed to each partner for 6 periods. And I found an interesting trend. Despite of GP's sharing ratio of 2%, it received 7% and 6% of total operating income in 2nd quarters for 2 years.
I have a distribution history for 2013 and 2014, and it shows that it received 2% every quarter only except for the 2nd quarters of the two years. Could this be associated with any tax benefit? I thought about tax refund from(cannot confirm since I don't have information about prior to those periods). Could that be it? Would there be any other possibility? Could it be any form of promote/catch up/incentive even though the property was not sold yet? I really appreciate for your insight in advance!