{"id":6174,"date":"2025-08-07T14:54:37","date_gmt":"2025-08-07T13:54:37","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=6174"},"modified":"2025-08-07T15:01:38","modified_gmt":"2025-08-07T14:01:38","slug":"private-equity-waterfall","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/private-equity-waterfall\/","title":{"rendered":"How Private Equity Waterfalls Work"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Analysis<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">How Private Equity Waterfalls Work<\/h1>\n\n\n<p>Unlock the mechanics behind how private equity profits are distributed among investors. This guide breaks down complex waterfall structures into clear, actionable insights for professionals at all levels. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2025-08-07T14:54:37+01:00\">7 August 2025<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"man at event\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/event-man-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>Private equity investing is a long game: capital is typically locked for ten years or more, and returns arrive in irregular bursts. The distribution waterfall is the gearbox that converts those episodic realizations into cash flows for Limited Partners (LPs) and General Partners (GPs), spelling out who gets paid, when, and how much.&nbsp;<\/p>\n\n\n\n<p>Draft it well, and incentives line up beautifully. LPs recoup their outlay plus a minimum return before the GP earns its carried interest. Draft it poorly and the partnership risks clawback disputes, over\u2011distribution, and reputational damage. Yet despite its importance, waterfall mechanics often remain opaque to new investors and even junior professionals.<\/p>\n\n\n\n<p style=\"padding-bottom:var(--wp--preset--spacing--s)\">This guide demystifies the subject from first principles, walking through the core components, contrasting European and American structures, and analyzing real\u2011world variations such as tiered carry and hybrid designs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-the-role-of-distribution-waterfalls\" style=\"font-size:clamp(1.403rem, 1.403rem + ((1vw - 0.2rem) * 1.38), 2.3rem);\">Understanding the Role of Distribution Waterfalls<\/h2>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-why-waterfall-structures-matter-to-lps-and-gps\" style=\"padding-top:var(--wp--preset--spacing--m)\">Why waterfall structures matter to LPs and GPs<\/h2>\n\n\n\n<p>Distribution waterfalls are the contractual roadmap that converts book gains into cash in investors\u2019 pockets. Written into the Limited Partnership Agreement (LPA), they dictate the order, timing, and magnitude of every dollar that flows out of the fund.&nbsp;<\/p>\n\n\n\n<p>For LPs, a clearly drafted private equity waterfall model guarantees that their contributed capital and a minimum return are paid first, lowering downside risk and making funds comparable. For GPs, the same provisions establish a transparent \u201cscorecard\u201d: only by clearing the hurdle do they share in profits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-where-waterfalls-fit-within-the-fund-lifecycle\">Where waterfalls fit within the fund lifecycle<\/h2>\n\n\n\n<p>Private equity waterfalls remain dormant during the commitment and investment phase when capital is called and deployed. They become operational once realizations begin in the harvest phase.&nbsp;<\/p>\n\n\n\n<p>In a European (whole\u2011of\u2011fund) waterfall, GP carry cannot crystallize until aggregate distributions have returned all contributed capital plus the preferred return.&nbsp;<\/p>\n\n\n\n<p>In an American (deal\u2011by\u2011deal) waterfall, the test applies to each realized investment, so carry can start flowing as early as the first exit. Consequently, waterfalls shape cash\u2011flow timing throughout the later years of the fund and materially affect Distributions to Paid\u2011In (DPI) metrics reported to LPs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-core-components-of-a-waterfall\">Core Components of a Waterfall<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-preferred-return-hurdle-rate\">Preferred return (hurdle rate)<\/h3>\n\n\n\n<p>A preferred return\u2014most commonly an 8\u202f% compound IRR\u2014acts like a risk\u2011free floor for LPs. Only once cumulative distributions exceed the hurdle does any carried interest accrue. Some emerging managers layer tiered hurdles (e.g., 8% then 10\u202f%) to attract commitments or to <a href=\"https:\/\/ilpa.org\/wp-content\/uploads\/2021\/10\/2021-ILPA-Industry-Intelligence-Report-What-is-Market-in-Fund-Terms.pdf\">reward top\u2011quartile performance<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-return-of-capital-to-lps\">Return of capital to LPs<\/h3>\n\n\n\n<p>Before performance payments are considered, LPs receive a dollar\u2011for\u2011dollar return of their contributed capital, including fees and expenses that were drawn down. This step ensures GPs focus on absolute value creation rather than maintaining NAV, and aligns with the principle that investors should recover their money before sharing profits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-gp-catch-up-provisions\">GP catch-up provisions<\/h3>\n\n\n\n<p>Once the LPs have received their capital back and the preferred return, most waterfalls include a catch\u2011up tranche. Here, the GP receives all or a majority of incremental proceeds until its share of total profits equals the agreed carry percentage (typically 20\u202f%). The catch\u2011up accelerates the GP\u2019s economics without disturbing the final 80\u202f\/\u202f20 split.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-carried-interest-allocations\">Carried interest allocations<\/h3>\n\n\n\n<p>After the catch\u2011up, any remaining profits are split according to the carried\u2011interest ratio\u2014classically 80% to LPs and 20% to the GP. Some LPAs introduce tiered carry that escalates to 25% if performance exceeds, say, a 3\u00d7 multiple.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-comparing-common-waterfall-structures\">Comparing Common Waterfall Structures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-european-style-whole-of-fund-distributions\">European-style (whole-of-fund) distributions<\/h3>\n\n\n\n<p>Under a European or <em>whole\u2011of\u2011fund<\/em> waterfall, all cash first repays LP capital and the portfolio\u2011level preferred return before any carry can flow to the GP. The structure is now standard for large buyouts, infrastructure, and secondary funds because early winners subsidize later laggards, ensuring the GP never earns carry while the overall fund is underwater. The trade\u2011off is slower GP liquidity, which firms often balance with fee step\u2011downs, co\u2011invest commitments, or faster drawdown schedules.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-american-style-deal-by-deal-distributions\">American-style (deal-by-deal) distributions<\/h3>\n\n\n\n<p>An American, or deal\u2011by\u2011deal, private equity waterfall model allows the GP to collect and carry on each exit once that single investment clears its hurdle. While this accelerates GP economics\u2014vital for emerging managers\u2014it introduces three pain\u2011points for LPs: (1) clawback exposure if later exits underperform, (2) escrow locks on 20\u201330% of interim carry, and (3) tax\u2011timing complexity for the GP. Because of these risks, most large institutions demand a European or hybrid waterfall.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-incentive-alignment-and-risk-considerations\">incentive alignment and risk considerations <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Timing of carry<\/strong>: Deal\u2011by\u2011deal waterfalls pay the GP early, potentially skewing incentives\u2014winners may coast, laggards may gamble.<\/li>\n\n\n\n<li><strong>Over\u2011distribution risk<\/strong>: Clawbacks exist but are challenging to enforce once cash is distributed; ILPA stresses no carry should flow from a continuation fund still below its fund\u2011level hurdle.<\/li>\n\n\n\n<li><strong>Capital efficiency<\/strong>: Because European waterfalls recycle early proceeds back to LPs before paying the GP, they are often paired with recycling provisions that allow the GP to reinvest a portion of early distributions. This can smooth DPI profiles while keeping incentives intact.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-applying-a-waterfall-to-a-hypothetical-exit\">Applying a Waterfall to a Hypothetical Exit<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-how-proceeds-flow-through-the-waterfall\">How Proceeds flow through the waterfall<\/h3>\n\n\n\n<p>To understand how private equity distributions work in practice, consider a hypothetical exit scenario. A portfolio company is sold, and the fund receives $100 million in proceeds. This example walks through how those funds are distributed under a standard private equity waterfall structure, highlighting how different mechanics impact outcomes for both LP and GP.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-part-1-illustrative-example-fund-economics\">Part 1: Illustrative Example &#8211; Fund Economics <\/h3>\n\n\n\n<p>Assumptions: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total exit proceeds: <\/strong>$100 million <\/li>\n\n\n\n<li><strong>LP capital contributed: <\/strong>$80 million <\/li>\n\n\n\n<li><strong>Preferred return (hurdle): <\/strong>8% annual (simplified to 1 year) <\/li>\n\n\n\n<li><strong>Carried interest: <\/strong>20% to GP <\/li>\n\n\n\n<li><strong>Catch-up<\/strong>: 100% after preferred return <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-distribution-breakdown-european-style-waterfall\">Distribution Breakdown (European-Style Waterfall) <\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Step<\/strong><\/th><th><strong>Amount<\/strong><\/th><th><strong>Description<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Return of capital to LPs<\/td><td>$80 million<\/td><td>LPs recover their contributed capital first<\/td><\/tr><tr><td>Preferred return to LPs<\/td><td>$6.4 million<\/td><td>LPs receive an 8% preferred return on capital (simplified)<\/td><\/tr><tr><td>GP catch-up (100%)<\/td><td>GP catch-up (100%)<br>$1.6 million<\/td><td>GP receives 100% of proceeds until 20% of total profits is caught up<\/td><\/tr><tr><td>Remaining profit split (80\/20)<\/td><td>$12 million<\/td><td>Split: $9.6M to LPs, $2.4M to GP<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-total-distributions\">Total Distributions:<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Recipient<\/strong><\/th><th><strong>Total Received<\/strong><\/th><\/tr><\/thead><tbody><tr><td>LPs<\/td><td>$96 million<\/td><\/tr><tr><td>GP<\/td><td>$4 million<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-part-2-comparing-structural-variations-and-their-impacts\">Part 2: Comparing Structural Variations and their Impacts<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Structure <\/strong><\/th><th><strong>Description<\/strong><\/th><th><strong>LP Outcome<\/strong><\/th><th><strong>GP Outcome<\/strong><\/th><\/tr><\/thead><tbody><tr><td>European Waterfall<\/td><td>Carry only paid after full capital + preferred return<\/td><td>Lower risk, predictable returns<\/td><td>Delayed but aligned with fund success<\/td><\/tr><tr><td>American Waterfall<\/td><td>Carry paid deal-by-deal after each profitable exit<\/td><td>Higher risk, clawback exposure<\/td><td>Faster liquidity, but clawback risk<\/td><\/tr><tr><td>With Preferred Return + Catch-up<br><\/td><td>LPs receive fixed return first; GP catches up to 20% of profits<\/td><td>Protects LP downside<\/td><td>Potential for large lump-sum carry<\/td><\/tr><tr><td>No Preferred Return<\/td><td>Profits shared immediately without a hurdle<\/td><td>Lower downside protection<\/td><td>Quicker upside participation<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-key-insights\" style=\"padding-top:var(--wp--preset--spacing--m)\">Key Insights<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Timing of GP Carry:<\/strong> Deal-by-deal structures benefit GPs early but may create clawback obligations later.<\/li>\n\n\n\n<li><strong>Alignment:<\/strong> Whole-of-fund structures delay GP payouts but ensure the fund is profitable overall before carry is distributed.<\/li>\n\n\n\n<li><strong>Preferred Return &amp; Catch-up:<\/strong> These features enhance fairness and protect LP capital, while still rewarding GP performance.<\/li>\n\n\n\n<li><strong>Risk Allocation: <\/strong>Waterfall mechanics are a powerful tool to balance liquidity timing, performance incentives, and downside protection<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-clawbacks-and-safeguards-for-lps\" style=\"padding-top:var(--wp--preset--spacing--m)\">Clawbacks and Safeguards for LPs<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-how-over-distribution-is-handled\">How over-distribution is handled <\/h3>\n\n\n\n<p>If the GP receives more carry than final returns justify, the LPA activates a clawback: the GP (often jointly with its partners) must repay the excess\u2014net of taxes\u2014after liquidation or at pre\u2011agreed checkpoints.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-escrow-accounts-and-clawback-mechanics\">Escrow accounts and clawback mechanics <\/h3>\n\n\n\n<p>Escrow practice is all over the map: 42% of funds escrow nothing, 25% escrow the full 100%, and, where used, escrow levels range from 10% to 100%, according to <a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.proskauer.com\/uploads\/buyout-fundraising-europe-2024&amp;sa=D&amp;source=docs&amp;ust=1754484680997385&amp;usg=AOvVaw3SStNJjELkgDmmFwMaZ0Q5\">Proskauer Europe Market Report<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-typical-terms-found-in-lpas\">Typical terms found in LPAs<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Testing cadence<\/strong>: clawback assessed at each recycling period and finally on the latter of fund termination or the last portfolio realization.<\/li>\n\n\n\n<li><strong>Cap\/collar<\/strong>: repayments limited to the lesser of excess carry or 100% of cumulative carry received.<\/li>\n\n\n\n<li><strong>Tax gross\u2011up<\/strong>: GP repays on an after\u2011tax basis to avoid double taxation.<\/li>\n\n\n\n<li><strong>Security<\/strong>: minimum 25% escrow or an unfunded letter of credit from a GP affiliate.<\/li>\n\n\n\n<li><strong>Auditor certification<\/strong>: independent sign\u2011off on the clawback calculation before any further GP distributions.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-evolving-waterfall-practices-in-modern-pe\" style=\"padding-top:var(--wp--preset--spacing--m)\">Evolving Waterfall Practices in Modern PE<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-tiered-carry-structures-and-performance-hurdles\">Tiered carry structures and performance hurdles <\/h3>\n\n\n\n<p>Some LPAs move beyond a flat 20% carry by implementing performance-based tiers. For instance, carry may increase to 25% or even 30% once certain return thresholds are crossed, such as a 2.5\u00d7 or 3\u00d7 multiple. These tiers reward GPs for outsized performance while keeping base expectations in line with market norms.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-hybrid-or-deferred-waterfall-designs\"><strong>Hybrid or deferred waterfall designs<\/strong><\/h3>\n\n\n\n<p>Hybrid waterfalls release deal-by-deal basis only after 75% of capital is back, and the fund is in the black. Or park interim carry in a priority account released once several exits clear the hurdle, balancing early GP liquidity with LP protection.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-waterfall-in-continuation-funds-and-secondaries\"><strong>Waterfall in continuation funds and secondaries<\/strong><\/h3>\n\n\n\n<p>When assets roll into a continuation vehicle, the original equity waterfall freezes, and any prior carry is offset against the new one. Secondary buyers typically insist on a fund\u2011level waterfall\u2014even for single\u2011asset deals\u2014to keep incentives aligned over the extended hold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-large-font-size\" id=\"h-what-lps-should-look-for-in-fund-agreements\" style=\"padding-top:var(--wp--preset--spacing--m)\">What LPs should look for in fund agreements <\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-questions-to-ask-about-waterfall-mechanics\"><strong>Questions to ask about waterfall mechanics<\/strong><\/h3>\n\n\n\n<p>Key questions for LPs: How is the hurdle compounded? What share of interim carry is escrowed, and for how long? Are deal fees included in clawback? Does the catch\u2011up run at 50% or 100%? Is recycled capital treated as fresh for hurdle purposes?<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-red-flags-and-vague-language-in-lpas\"><strong>Red flags and vague language in LPAs <\/strong><\/h3>\n\n\n\n<p>Beware definitions that exclude broken\u2011deal costs, missing clawback deadlines, an \u201cannual\u201d hurdle with no compounding method, a catch\u2011up set at the GP\u2019s discretion, or blank escrow terms.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\" id=\"h-ensuring-long-term-alignment-and-transparency\"><strong>Ensuring long-term alignment and transparency<\/strong><\/h3>\n\n\n\n<p>LPs can lock in alignment by securing quarterly private equity waterfall model reports, audit rights, key\u2011person carry stops, successor\u2011fund offsets for over\u2011distributions, and full disclosure of parallel vehicles. Now that you understand how private equity distribution waterfalls work, take the next step with confidence. Explore Alter Domus\u2019 integrated <a href=\"https:\/\/alterdomus.com\/services\/private-equity-solutions\/\">private equity fund solutions<\/a>\u2014from waterfall modelling and carry tracking to full-service fund administration and reporting.<\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-fff5a98a wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--s)\"><li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-linkedin has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a 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2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg>\t\t<span class=\"wp-block-outermost-social-sharing-link-label screen-reader-text\">\n\t\t\tShare on Facebook\t\t<\/span>\n\t<\/a>\n<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>Disclaimer: THIS MATERIAL IS PROVIDED FOR GENERAL INFORMATION ONLY, DOES NOT CONSTITUTE INVESTMENT ADVICE, AND PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-more-insights-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 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article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div 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class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1553,"template":"","cat-insight-type":[142],"cat-sectors":[],"cat-services":[],"class_list":["post-6174","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Private Equity Waterfalls Work - Alter Domus<\/title>\n<meta name=\"description\" content=\"Understand how private equity distribution waterfalls work, from hurdle rates to GP catch-up and carry. 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