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Carried Interest Waterfall Calculator: Hurdle, Catch-up & GP/LP Split

Run a fund distribution waterfall in seconds. Enter contributed capital, distributable proceeds, hurdle, years, carry and catch-up type to see each tier and the final split between LPs and the GP.

QUICK ANSWERA European waterfall pays (1) LPs their contributed capital, (2) LPs a preferred return (hurdle, often 8% a year), (3) a GP catch-up until the GP has its carry share of profits, then (4) splits the rest, typically 80% to LPs and 20% to the GP.

Tier 1: Return of capital → LPs
Tier 2: Preferred return = Capital × ((1 + hurdle)^years − 1) → LPs
Tier 3: Catch-up → GP until GP = carry % of profits so far
Tier 4: Remainder split (1 − carry) / carry

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⚠️ Illustration; your LPA governs distributions and clawback.

What the Carry Waterfall Calculator does

✅ Four-tier European waterfall
✅ 100%, 80%, 50% or no catch-up
✅ Compounded preferred return
✅ LP and GP totals
✅ Effective carry % of profit

How to use the Carry Waterfall Calculator

STEP 1
Enter your numbers
Type the figures you know. Every field starts with a realistic example so you can see how it works.
STEP 2
Read the result instantly
Results, tables and the plain-English explanation update as you type. No submit button, no login.
STEP 3
Test scenarios
Change one assumption at a time (valuation, growth, dilution, exit) to see what really moves the outcome.
STEP 4
Share or save
Copy the summary, send it on WhatsApp or print to PDF for your co-founders, board or investment committee.

Catch-up and why it matters

Without a catch-up, carry applies only to profits above the hurdle, so the GP ends up with less than the headline carry. A full (100%) catch-up gives the GP all distributions after the hurdle until it has caught up to 20% of total profits.

European (whole-fund) waterfalls pay carry only after LPs get all contributions back plus the hurdle. American (deal-by-deal) waterfalls pay carry earlier, usually with a clawback.

Frequently asked questions

What is a GP catch-up?

A tier after the hurdle where the GP receives most or all distributions until its share equals the agreed carry percentage of total profits.

European vs American waterfall?

European pays carry after the whole fund returns capital plus hurdle; American pays carry deal by deal, so the GP is paid earlier but may owe clawbacks.

How is carry taxed in India?

Treatment depends on structure and is evolving; carry may be taxed as capital gains or business income. Take tax advice for your fund.

Is this tool free? Do I need to sign up?

Yes. It is completely free, needs no login and has no usage limit. FastFee builds payment collection software; these startup and investor tools are free resources for founders, angels and fund managers.

Is my data private?

Yes. Everything you type stays in your own browser on this device (local storage). Nothing is uploaded to FastFee. Export or print a copy if you need to keep it.

Use it together with

VC Fund Return Simulator →Model fund economics: investable capital, gross proceeds, carry, net TVPI and IRR.Syndicate Carry Calculator →Carry pool from an exit, platform cut, lead and co-lead split and investor net multiple.

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