An LP's interest in a particular quarterly fund is calculated based on the relative investments of all LPs in that quarterly fund, rather than based on an LP's relative investment amount over that LP’s entire Minimum Subscription Period, provided that Minimum Subscription Period is greater than one (1) quarterly fund.
For LPs with the same investment amount per quarterly fund, but with different Minimum Subscription Periods, this may result in an LP with a shorter Minimum Subscription period receiving a full return of their capital at a faster rate than an LP with a longer Minimum Subscription Period. As a result, the LP with a shorter Minimum Subscription Period may begin paying carried interest at an earlier point in time.