Glossary
Distribution in kind
A distribution of securities — typically shares of a portfolio company after an IPO — to LPs instead of cash.
In practice
In-kind distributions require a valuation at the distribution date, which feeds the waterfall and performance calculations, and LPs must be able to receive the securities.
In FUN/D
FUN/D records in-kind distributions at their distribution value and runs them through the waterfall like cash.
Related: Distribution waterfall · DPI · NAV · full glossary
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