Most – not all – funds with a “hot hand” push for 30% carry after 2+ good funds.

Most – not all- funds with a “super hot hand” push for 30% carry plus 1–99 economics on the fees, which can work out to close to 40% effective carry depending on returns.

Not all funds push the edge here, but the reality is, funds with Top Decline track records that are truly oversubscribed can push economics here well beyond 2/20. Sometimes as far as 2x beyond it.

Not all choose to do it. LPs don’t like it, and they remember. But if they still see outsized returns, many — certainly not all — will sign up.

Accelerators are different. Many will effectively have even higher carry.

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