Glossary
J-curve
The typical pattern of a private fund's returns: negative in early years as fees and costs precede gains, then rising as investments mature and are realised.
In practice
The depth and length of the J-curve depend on fees, pacing and use of credit facilities; subscription lines can flatten it.
In FUN/D
FUN/D plots cumulative net cash flows and IRR over time per fund and investor.
Related: IRR · Subscription line of credit · Vintage year · full glossary
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