How LPs Assess GP Alignment on Carry

In episode 152, Lucas and Luna dig into a question that rarely makes it into the headline LP-GP conversation: how limited partners evaluate a fund manager's carry structure. They unpack the mechanics of carried interest, from European-style carry waterfalls to the American-style alternative, and walk through a real example with a $300 million fund to show how the timing of distributions can change an LP's effective return by several percentage points. They also discuss why some LPs now push for 'carry true-up' clauses and how to read a GP's historical carry distributions for alignment signals. Along the way, they connect the topic to the importance of independent judgment in due diligence. If you're an LP or just a curious observer of the venture capital sausage-making, this episode gives you a practical framework for asking better questions in your next fund review. #CarriedInterest #GPAlignment #LPDueDiligence #VentureCapital #CarryWaterfall #EuropeanWaterfall #AmericanWaterfall #CarryTrueUp #FundEconomics #LimitedPartners #GeneralPartners #InvestmentReturns #Finance #Business #FexingoBusiness #BusinessPodcast #VCInvesting #FundManager Keep every episode free: buymeacoffee.com/fexingo