carried interest
description: share of profits in an investment fund paid to the fund manager
89 results
Who Is Rich?
by Matthew Klam · 3 Jul 2017 · 291pp · 92,688 words
, growling at breakfast, forgetting birthdays, spending Christmas alone in a hotel in Lisbon, falling asleep at dinner. I couldn’t fully assess the debate on carried interest, or whether the companies he’d succeeded in turning around justified the ones he’d accidentally leveraged into bankruptcy, or, more generally, whether bankers should
…
late-capitalist nightmare in the midst of an environmental meltdown. Arcane legislation written in secret by industry cronies on obscure financial practices and windfalls for carried interest had made her rich. She’d been formed by her parents’ immigrant struggle, a smoldering blue-collar rage, and the last two bull markets. Socially
Engines of War: How Wars Were Won & Lost on the Railways
by Christian Wolmar · 1 Nov 2011 · 410pp · 122,537 words
that it had previously never been possible to transport it over any great distance because the animals would need to eat more than they could carry. Interestingly the arrival of the railways gave a new lease of life to the cavalry as large numbers of horses could be maintained by rail supply
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
by Antti Ilmanen · 24 Feb 2022
trend. 9 It is not straightforward to translate into one all-in fee the typical diverse PE fund fees: 2% management fee, 20% performance fee (“carried interest”), a hurdle rate with waterfall provisions, and additional portfolio company fees. Phalippou-Gottschalg (2009) estimated all fees to amount to 6% per year. More recently
…
, CEM Benchmarking surveyed large institutional investors, and found total fees to be 5.7% p.a. comprising 2.7% in management fees, 1.9% in carried interest (performance fee), and 1.2% for other fees, including net portfolio company fees (see Doskeland-Stromberg (2018)). Coinvestments and direct investments can have clearly lower
Private Equity: A Memoir
by Carrie Sun · 13 Feb 2024 · 267pp · 90,353 words
individual private jets. I ignored how each of those private jets contributed to climate change and government revenue shortfalls via tax breaks. I ignored the carried interest loophole. I ignored the fact that many middle-class workers paid more in taxes, percentage-wise, than hedge fund managers or private equity execs. I
eBoys
by Randall E. Stross · 30 Oct 2008 · 381pp · 112,674 words
fee, usually 2 percent of all capital under management. The fee income, however, was pocket change. The real money came in the form of “the carried interest,” a quaint, confusing term that was shortened colloquially to “the carry,” which was 20 to 25 percent of the profits to be made investing Other
Corporate Finance: Theory and Practice
by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi · 16 Oct 2017 · 1,544pp · 391,691 words
gains made (often close to 20% of the capital gain) above a minimum rate of return of 6% to 8% (the hurdle rate), known as carried interest. Some funds decide to list their shares on the stock market, like Blackstone did in 2007,5 while others such as 3i and Wendel are
…
theory of parameters use perfect capital markets policy capitalisation discounting factors real estate acquisition shares capitalisation factor CAPM see capital asset pricing model captive insurance carried interest, LBO funds carrybacks carryforwards, tax loss carrying value, consolidated accounts carve-outs cascade structure cash balance sheet buying movements in as profitability indicator providing shareholders
Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy
by Cathy O'Neil · 5 Sep 2016 · 252pp · 72,473 words
discussed the political fallout. Barack Obama looked likely to win the election in November. Would he hammer the industry with new regulations? Raise taxes on carried interest? These people weren’t losing their houses or maxing out their credit cards just to stay afloat. But they found plenty to worry about, just
Debt: The First 5,000 Years
by David Graeber · 1 Jan 2010 · 725pp · 221,514 words
, this is what “capital” originally meant. The term itself goes back to Latin capitale, which meant “funds, stock of merchandise, sum of money, or money carrying interest” (Braudel 1992:232). It appears in English in the mid–sixteenth century largely as a term borrowed from Italian bookkeeping techniques (Cannan 1921, Richard 1926
Crisis and Dollarization in Ecuador: Stability, Growth, and Social Equity
by Paul Ely Beckerman and Andrés Solimano · 30 Apr 2002
authorities eliminated a ceiling on fees that banks could change borrowers in lieu of interest, and removed a requirement that banks make provisions on loans carrying interest rates higher than 18 percent. In December 2000 the government transferred US$137 million to the Deposit Insurance Agency to enable it to make payments
Secrets of Sand Hill Road: Venture Capital and How to Get It
by Scott Kupor · 3 Jun 2019 · 340pp · 100,151 words
is very unusual (other than post-IPO, where compensation is par for the course). Carried Interest The heart of compensation for GPs (at least for those who are successful investors) is carried interest. It’s rumored that the term “carried interest” derives from medieval traders who carried cargo on their ships that belonged to others. As
…
cargo. That sounds very civilized, if not rich. I’ve also heard—although my Google search is failing me now—that the carry portion of carried interest referred to the fact that the traders were allowed to keep as profit whatever portion of the cargo they could literally “carry” off the ship
…
of their own volition. I prefer that story. Regardless of its historical origins, carried interest in the VC context refers to the portion of the profits that the GP generates on her investments and that she is entitled to keep
…
. As with the management fee, the actual amount of carried interest varies among venture funds but often ranges between 20 and 30 percent of the profits. As it turns out, how we define “profits” and how
…
already! But how does the money get divvied up between the LPs and the GP? Let’s assume that the GP has a 20 percent carried interest; in simple terms that means that when the fund earns a profit, 20 percent of that goes to the GP. So, in our example, the
…
theoretical total profit. So, since the theoretical profit exists, our GP can now keep 20 percent of the $50 million in cash profit as her carried interest. So 80 percent ($40 million) goes to the LPs and 20 percent ($10 million) goes to the GP. Let’s now assume that the fund
…
$99 million will be contributed by the LPs, and between $1 million and $5 million will come from the GP. If we return to our carried interest problem from before, we need to add this to the equation. Let’s look again at the good scenario—the fund has returned $200 million
…
is a negotiated number, but often around 8 percent), the GP is not entitled to take her carried interest on the profits. If the fund exceeds the hurdle rate, then the GP can start collecting her carried interest as if the hurdle rate didn’t exist. So, as long as you clear the bar
…
going down a funding path with that firm. The equity partners agreement also spells out the economics of the partnership; that is, how does the carried interest pie get split? There are a ton of flavors here, but they range from fully equal partnerships (where everyone has the same share of carry
…
startups, 20, 270–271 capped/uncapped notes, 143 cardinal sins of venture capital, 44, 50–51, 179–180 care, duty of, 211–212, 215, 217 carried interest, 74–77, 82 Carsanaro v. Bloodhound Technologies, 236–239 Casado, Martin, 45, 131–132 cash as deflationary hedge, 59, 63 role of, 17–18 and
…
opinions, 205 fraud, accusations of, 218 Freenome, 128 full ratchet, 166 funds of funds, 56 general partners (GPs) and board seats, 179, 214–215 and carried interest, 74–77 and choosing a corporate structure, 93–94 and clawbacks, 80–81 co-investments of, 86–87 compensation of, 73–77 as dual fiduciaries
…
, 94 types of, 54–57 types of investments made by, 57–59 Yale University endowment, 54, 59–65 limited partnership agreement (LPA), 71–83 and carried interest, 74–77, 82 on expectations for GP, 87 and GP–LP relationship, 85–88 “hurdle rates” in, 83 on investment domain, 85–86 and J
The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite
by Daniel Markovits · 14 Sep 2019 · 976pp · 235,576 words
Fulfillment: Winning and Losing in One-Click America
by Alec MacGillis · 16 Mar 2021 · 426pp · 136,925 words
King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
by David Carey · 7 Feb 2012 · 421pp · 128,094 words
For the Love of Money: A Memoir
by Sam Polk · 18 Jul 2016 · 247pp · 74,612 words
The Finance Curse: How Global Finance Is Making Us All Poorer
by Nicholas Shaxson · 10 Oct 2018 · 482pp · 149,351 words
Tightrope: Americans Reaching for Hope
by Nicholas D. Kristof and Sheryl Wudunn · 14 Jan 2020 · 307pp · 96,543 words
Capitalism, Alone: The Future of the System That Rules the World
by Branko Milanovic · 23 Sep 2019
Two and Twenty: How the Masters of Private Equity Always Win
by Sachin Khajuria · 13 Jun 2022 · 229pp · 75,606 words
Investment: A History
by Norton Reamer and Jesse Downing · 19 Feb 2016
Paper Promises
by Philip Coggan · 1 Dec 2011 · 376pp · 109,092 words
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else
by Chrystia Freeland · 11 Oct 2012 · 481pp · 120,693 words
Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It
by Steven Brill · 28 May 2018 · 519pp · 155,332 words
The Retreat of Western Liberalism
by Edward Luce · 20 Apr 2017 · 223pp · 58,732 words
The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything
by Jason Kelly · 10 Sep 2012 · 274pp · 81,008 words
Principles of Corporate Finance
by Richard A. Brealey, Stewart C. Myers and Franklin Allen · 15 Feb 2014
Superclass: The Global Power Elite and the World They Are Making
by David Rothkopf · 18 Mar 2008 · 535pp · 158,863 words
Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
Bleeding Edge: A Novel
by Thomas Pynchon · 16 Sep 2013 · 532pp · 141,574 words
Bootstrapped: Liberating Ourselves From the American Dream
by Alissa Quart · 14 Mar 2023 · 304pp · 86,028 words
Portfolio Design: A Modern Approach to Asset Allocation
by R. Marston · 29 Mar 2011 · 363pp · 28,546 words
Straight Talk on Trade: Ideas for a Sane World Economy
by Dani Rodrik · 8 Oct 2017 · 322pp · 87,181 words
Bad Company
by Megan Greenwell · 18 Apr 2025 · 385pp · 103,818 words
Chokepoints: American Power in the Age of Economic Warfare
by Edward Fishman · 25 Feb 2025 · 884pp · 221,861 words
Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America
by David Callahan · 9 Aug 2010
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
by William J. Bernstein · 26 Apr 2002 · 407pp · 114,478 words
Mastering the VC Game: A Venture Capital Insider Reveals How to Get From Start-Up to IPO on Your Terms
by Jeffrey Bussgang · 31 Mar 2010 · 253pp · 65,834 words
Security Analysis
by Benjamin Graham and David Dodd · 1 Jan 1962 · 1,042pp · 266,547 words
Liars and Outliers: How Security Holds Society Together
by Bruce Schneier · 14 Feb 2012 · 503pp · 131,064 words
Twilight of the Elites: America After Meritocracy
by Chris Hayes · 11 Jun 2012 · 285pp · 86,174 words
Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right
by Jane Mayer · 19 Jan 2016 · 558pp · 168,179 words
The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse
by Mohamed A. El-Erian · 26 Jan 2016 · 318pp · 77,223 words
Mastering Private Equity
by Zeisberger, Claudia,Prahl, Michael,White, Bowen, Michael Prahl and Bowen White · 15 Jun 2017
People, Power, and Profits: Progressive Capitalism for an Age of Discontent
by Joseph E. Stiglitz · 22 Apr 2019 · 462pp · 129,022 words
Money for Nothing
by Thomas Levenson · 18 Aug 2020 · 495pp · 136,714 words
J.K. Lasser's Your Income Tax 2022: For Preparing Your 2021 Tax Return
by J. K. Lasser Institute · 21 Dec 2021
The Price of Time: The Real Story of Interest
by Edward Chancellor · 15 Aug 2022 · 829pp · 187,394 words
Our Lives in Their Portfolios: Why Asset Managers Own the World
by Brett Chistophers · 25 Apr 2023 · 404pp · 106,233 words
Gambling Man
by Lionel Barber · 3 Oct 2024 · 424pp · 123,730 words
For Profit: A History of Corporations
by William Magnuson · 8 Nov 2022 · 356pp · 116,083 words
How to Be the Startup Hero: A Guide and Textbook for Entrepreneurs and Aspiring Entrepreneurs
by Tim Draper · 18 Dec 2017 · 302pp · 95,965 words
Extreme Money: Masters of the Universe and the Cult of Risk
by Satyajit Das · 14 Oct 2011 · 741pp · 179,454 words
Empire of the Fund: The Way We Save Now
by William A. Birdthistle · 15 May 2016 · 375pp · 106,189 words
The Darwin Economy: Liberty, Competition, and the Common Good
by Robert H. Frank · 3 Sep 2011
A Fine Mess
by T. R. Reid · 13 Mar 2017 · 363pp · 92,422 words
The Money Machine: How the City Works
by Philip Coggan · 1 Jul 2009 · 253pp · 79,214 words
Mr Five Per Cent: The Many Lives of Calouste Gulbenkian, the World's Richest Man
by Jonathan Conlin · 3 Jan 2019 · 604pp · 165,488 words
Seven Crashes: The Economic Crises That Shaped Globalization
by Harold James · 15 Jan 2023 · 469pp · 137,880 words
Makers and Takers: The Rise of Finance and the Fall of American Business
by Rana Foroohar · 16 May 2016 · 515pp · 132,295 words
The Optimist: Sam Altman, OpenAI, and the Race to Invent the Future
by Keach Hagey · 19 May 2025 · 439pp · 125,379 words
Republic, Lost: How Money Corrupts Congress--And a Plan to Stop It
by Lawrence Lessig · 4 Oct 2011 · 538pp · 121,670 words
The Trouble With Billionaires
by Linda McQuaig · 1 May 2013 · 261pp · 81,802 words
A Man for All Markets
by Edward O. Thorp · 15 Nov 2016 · 505pp · 142,118 words
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
by Matt Taibbi · 15 Feb 2010 · 291pp · 91,783 words
The Last Tycoons: The Secret History of Lazard Frères & Co.
by William D. Cohan · 25 Dec 2015 · 1,009pp · 329,520 words
The Code: Silicon Valley and the Remaking of America
by Margaret O'Mara · 8 Jul 2019
Rich White Men: What It Takes to Uproot the Old Boys' Club and Transform America
by Garrett Neiman · 19 Jun 2023 · 386pp · 112,064 words
The People vs. Democracy: Why Our Freedom Is in Danger and How to Save It
by Yascha Mounk · 15 Feb 2018 · 497pp · 123,778 words
Winner-Take-All Politics: How Washington Made the Rich Richer-And Turned Its Back on the Middle Class
by Paul Pierson and Jacob S. Hacker · 14 Sep 2010 · 602pp · 120,848 words
Stocks for the Long Run 5/E: the Definitive Guide to Financial Market Returns & Long-Term Investment Strategies
by Jeremy Siegel · 7 Jan 2014 · 517pp · 139,477 words
Concentrated Investing
by Allen C. Benello · 7 Dec 2016
Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity
by Daron Acemoglu and Simon Johnson · 15 May 2023 · 619pp · 177,548 words
The History of Money
by David McWilliams · 330pp · 110,174 words
Winners Take All: The Elite Charade of Changing the World
by Anand Giridharadas · 27 Aug 2018 · 296pp · 98,018 words
The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It
by John Micklethwait and Adrian Wooldridge · 1 Sep 2020 · 134pp · 41,085 words
The Great Tax Robbery: How Britain Became a Tax Haven for Fat Cats and Big Business
by Richard Brooks · 2 Jan 2014 · 301pp · 88,082 words
Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream
by Arianna Huffington · 7 Sep 2010 · 300pp · 78,475 words
The Great Reversal: How America Gave Up on Free Markets
by Thomas Philippon · 29 Oct 2019 · 401pp · 109,892 words
Abolish Silicon Valley: How to Liberate Technology From Capitalism
by Wendy Liu · 22 Mar 2020 · 223pp · 71,414 words
Beyond Outrage: Expanded Edition: What Has Gone Wrong With Our Economy and Our Democracy, and How to Fix It
by Robert B. Reich · 3 Sep 2012 · 124pp · 39,011 words
The Great Divide: Unequal Societies and What We Can Do About Them
by Joseph E. Stiglitz · 15 Mar 2015 · 409pp · 125,611 words
What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right
by George R. Tyler · 15 Jul 2013 · 772pp · 203,182 words
Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover
by Katrina Vanden Heuvel and William Greider · 9 Jan 2009 · 278pp · 82,069 words
The Vanishing Middle Class: Prejudice and Power in a Dual Economy
by Peter Temin · 17 Mar 2017 · 273pp · 87,159 words
Retirementology: Rethinking the American Dream in a New Economy
by Gregory Brandon Salsbury · 15 Mar 2010 · 261pp · 70,584 words
Success and Luck: Good Fortune and the Myth of Meritocracy
by Robert H. Frank · 31 Mar 2016 · 190pp · 53,409 words
The Joy of Tax
by Richard Murphy · 30 Sep 2015 · 233pp · 71,775 words
The Wisdom of Finance: Discovering Humanity in the World of Risk and Return
by Mihir Desai · 22 May 2017 · 239pp · 69,496 words
The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay
by Guy Standing · 13 Jul 2016 · 443pp · 98,113 words
The Little Book of Hedge Funds
by Anthony Scaramucci · 30 Apr 2012 · 162pp · 50,108 words