Fees and economics
Clawback
A duty for the GP to return carry it was paid if LPs end up short.
If early carry was paid on winning deals but later losses mean LPs did not get their capital and preferred return, the clawback makes the GP repay the excess, usually after tax and capped by the carry received.
Why it matters when you raise
It protects LPs under a deal-by-deal waterfall, so expect to be asked how it is secured.