Distribution waterfall calculator
Enter your fund's numbers to see how proceeds split between LPs and the GP across return of capital, preferred return, catch-up and carry.
How does this waterfall calculator work?
It runs a European (whole-fund) waterfall: proceeds first return LPs' contributed capital, then pay the preferred return (simple or compounding), then a GP catch-up at the rate you set until the GP has its carry share of profits, then split the remainder. It ignores fees, expenses and GP commitment, so treat results as illustrative.
Notes on the method
With a catch-up rate c above the carry rate k, the catch-up tier is sized so that after it the GP holds exactly k of profits distributed so far: tier = k × pref ÷ (c − k). A 100% catch-up therefore gives the GP exactly its carry share of total profit once proceeds are large enough. Set catch-up to 0 for a hard hurdle with no catch-up. Real LPAs vary — pref on invested rather than contributed capital, fees in the base, deal-by-deal carry — and FUN/D models those from your document. See how waterfalls work.
Want your actual waterfall modelled?
Send name and work email; we'll model it from your LPA and run it against your past distributions.
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