Fund as a whole' model Definition

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GLOSSARY

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What does Fund as a whole' model mean?

A carried interest economic model that looks at the fund as a whole and references the fund's profits over its lifetime. Where this approach is taken, the waterfall is applied by reference to the whole fund so the fund is likely to include a catch-up mechanism. The waterfall moves on to the catch-up (if any) and carried interest only after the investors have received back all of their drawn-down capital and the necessary preferred return. The 'fund as a whole' type of economic model is more common in the UK and Europe and is in contrast to the ‘deal-by-deal‘model.

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