The language of the raise.

An investor who meets the SEC's wealth or professional tests to invest in private funds.

The European Union framework that regulates managers of alternative funds.

A large early LP whose commitment gives other investors the confidence to follow.

A request from the manager for LPs to send part of their commitment.

The manager's share of a fund's profits, paid after LPs get their money back plus a preferred return.

A feature that lets the GP receive most of the profits after the hurdle until it has its full share.

A duty for the GP to return carry it was paid if LPs end up short.

A chance for an LP to invest directly in a deal alongside the fund, usually at lower or no fees.

The total amount investors have promised to contribute to a fund.

A secure online space where a manager shares documents with investors.

The order in which a fund's proceeds are paid out to LPs and the GP.

Cash actually returned to LPs divided by the capital they have paid in.

Committed capital that has not yet been invested.

A standard list of questions investors send to a manager before committing.

A fund manager raising a first, second or third fund, or running a smaller pool of assets.

A pool of donated money, usually held by a university, that funds the institution over the long term.

The adjustment that puts later investors on the same footing as those who joined at the first close.

A private firm that manages the wealth of one or several wealthy families.

A reduction of the management fee by other fees the manager earns from portfolio companies.

A vehicle that pools investors and puts their money into a main fund.

The last date on which new investors can join, ending the fundraising period.

The first date on which a fund accepts commitments and can begin investing.

The notice a fund files with the SEC after its first sale under Regulation D.

A charitable organisation that invests its assets and gives away part of the returns each year.

A fund whose investors' money is spread across other funds instead of individual companies.

The manager who raises the fund, makes the investments and carries the legal responsibility.

The manager's own money invested in the fund alongside its LPs.

The maximum total commitments a fund will accept.

A wealthy person who invests their own money, often through a private fund.

The minimum annual return LPs must earn before the manager takes carry.

The annualised rate of return that reflects when cash goes in and comes out.

The early dip in a fund's reported returns, before investments mature.

A rule that pauses new investing if named leaders stop working on the fund.

The identity and source-of-funds checks a fund runs on every investor.

An investor who commits capital to a fund but does not run it.

The contract that sets out how the fund is run and how money flows between the GP and LPs.

A small group of LPs that advises the fund on conflicts and key decisions.

The entity that employs the team and receives the management fee.

The annual fee LPs pay the manager to run the fund.

A right for an LP to choose better terms that the manager gave to another LP.

Total value returned divided by the money invested.

A right for a supermajority of LPs to remove the GP or end the fund without proving wrongdoing.

A US rule that limits advisers from earning fees from a government client after certain political donations.

An institution that invests retirement savings on behalf of its members.

A short presentation that introduces the fund, team and strategy.

A firm paid to introduce a fund to potential investors.

The disclosure document given to prospective investors in a private fund.

A higher investor standard needed for funds that admit more than one hundred investors.

The US exemption most private funds use to raise money without registering the offering.

The value of what a fund still holds, divided by capital paid in.

The US rule governing how registered advisers advertise, including how they show performance.

The sale of an existing fund interest from one investor to another.

A separate agreement giving one LP terms beyond the standard fund documents.

A state-owned investment fund that manages a country's surplus wealth.

A credit line a fund borrows against, secured by its LPs' unfunded commitments.

A fund's total value, realised and unrealised, divided by capital LPs have paid in.

The documented results of a manager's past investments.

The year a fund made its first investment or first called capital.

An introduction to an investor from someone they already know and trust.