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PE manager Investors (General partner) (Limited partners) Carried interest Fee Capital Commitment Interest 8 2 7
PE manager
Investors
(General partner)
(Limited partners)
Carried interest
Fee
Capital
Commitment
Interest
8
2
7
1
5
Co-investment
4
Capital
6
PE fund
(Limited liability partnership)
Investments
Interest
Capital
3
5
6
Investee companies
Source: Deloitte
FT montage

Private equity manager sets up fund

  • Commitment for funds from
    investors (eg. pension funds) to PE Fund

  • Annual management fees from fund to manager

  • Investment made by fund into ‘Newco’ buying target company (management also invests)

  • May include direct company investment by limited partners

  • Interest paid on loanstock
    element of investment either six

monthly or annually. may be

rolled-up and repaid as capital

on exit

  • Capital repaid on exit

  • Fund capital distributed as released from exited investments

  • Carried interest (bonus) paid to general partner when fund achieves hurdle rate of return For a ten-year fund, new investments would typically be made up to years three and four, with follow-on investments in years five to six. The fund would be wound up sometime between six and ten years