Most private fund partnership agreements providing for a disproportionate share of the fund’s profits to be distributed to the fund’s general partner as carried interest also provide for the possibility that all or some of those distributions may be clawed back in connection with the dissolution of the fund, and sometimes also on other dates. While the carry clawback would reverse carry distributions in excess of what were permitted under the distributions waterfall, this is not its real purpose. The purpose of the clawback can be difficult to describe, but it has to do with the ...
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