Structures, fees, waterfalls, performance metrics and the pacing of a whole alternatives program.
The cast of a private fund, and the one document that governs all of it.
Why you never wire the full commitment on day one, and how a fund breathes over ten years.
Who gets paid, in what order, and why the structure is worth real money.
The four numbers on every fund deck, what they hide, and how to compare honestly.
Why early returns look negative, and how to build a program that smooths it out.
Two tools that let allocators shape cost, timing and exposure beyond the primary fund.