How do distributions work for Rolling Funds?

LPs will receive distributions from the quarterly funds to which they contributed if there is a liquidity event in the underlying portfolio company positions held by that fund. An LP has no interest in portfolio investments of the quarterly funds formed before their subscription was accepted or after it is canceled or rejected.
As a fund exits the investments made with your contributions, you will receive your initial investment first before the lead receives carry (if applicable) on any further distributions.

Funds that have not exited all investments by the end of their lifespan will ordinarily be liquidated, subject to the terms of the applicable fund documents.
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