Carried interest

The manager's share of a fund's profit, usually paid only after investors have received their capital back and a hurdle return. Whether it is calculated deal by deal or across the whole fund decides who is exposed to the failures.

Where Carried interest is explained in depth

The definition above is the short version. These pages put it to work, in the order they use it most:

• Continuation vehicle
• Private Equity Fund
• Alternatives & Private Markets

The whole glossary