Where to find it
Click GP / LP in the sidebar under the Underwriting section. This tab handles the entire equity waterfall — from LP-only mode to multi-tier promote structures.
LP-only vs. LP/GP mode
Toggle between two modes at the top of the tab:
- LP-only — all equity comes from and returns to a single LP. No promote or split calculations.
- LP/GP — separate LP and GP contributions with a configurable promote waterfall.
Configuring the waterfall
In LP/GP mode, set the promote tiers. Each tier has:
- IRR hurdle — the return threshold that triggers the next tier (e.g., 8%, 15%)
- LP / GP split — how distributions are divided at that tier (e.g., 90/10, 80/20, 65/35)
The waterfall computes distributions year by year, showing LP return multiple, GP promote dollar amount, and blended split percentages.
How it connects to exports
The waterfall data flows into the Excel export as a dedicated GP-LP Split sheet, and the memo includes LP return metrics in the returns section.
Still stuck?
Reply to [email protected] and we'll help you structure the waterfall.