Alignment

01

02

03

The waterfall.

Every euro that comes back from a sold operation is paid in this order. There is no other order. My promote sits at the bottom of the stack — on purpose.

Capital returned

Every euro that comes back from a sold operation is paid in this order. There is no other order. My promote sits at the bottom of the stack — on purpose.

Preferred return.

A preferred return of 8% per annum is paid on top of contributed capital, before any promote. This is guaranteed by structure — not by me — and it accrues from day one of your commitment.

My promote.

Only what remains after capital and preferred return is split. My promote is 25% of the surplus above the preferred return, with full catch-up. If a deal underperforms, you are paid and I am not. If it performs, we win together — and I win more the more you win.