Glossary
Gross vs net returns
Gross returns measure investment performance before management fees, fund expenses and carried interest; net returns are what LPs actually earn after them.
In practice
The SEC Marketing Rule requires net performance alongside any gross performance in advertisements, with equal prominence.
In FUN/D
FUN/D calculates both from the same ledger cash flows.
Related: IRR · Management fee · Carried interest · full glossary
See how FUN/D handles this on your fund.
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