Venture Capital
SPV Waterfalls and Carry, Explained: What to Check Before You Wire Money
On August 10, 2026, the SEC sued New York investment adviser Adit Ventures Management, its CEO Eric Munson, and three affiliated general partners, alleging the firm sold client funds pre-IPO shares it
Jeff Barnes, MBA··10 min read
Private Equity
Carried Interest Waterfall Explained: How GPs Actually Get Paid
Carried interest is the general partner's share of fund profits, typically 20%, and it flows through a four-tier waterfall that determines exactly when...
Jeff Barnes, MBA··11 min read
Private Equity
The GP Catch-Up Provision in Private Equity: What It Really Costs You
TL;DR: The GP catch-up provision is the single line item in a private equity limited partnership agreement most likely to be missing from the pitch deck you were shown. It sits between the preferred...
Jeff Barnes, MBA··10 min read