Carry
Also: Carried interest
The share of a fund's profits the GPs keep — classically 20% — after returning capital to LPs.
Carry, not fees, is where VCs are meant to get rich; it aligns them with the returns they generate for LPs.
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Management fee
The annual fee (often ~2%) LPs pay GPs to operate the fund and pay salaries.
General partner (GP)
The partners who run a VC fund — they source deals, make investment decisions and sit on boards.
DPI / TVPI / IRR
Fund return measures — DPI is cash actually returned, TVPI includes paper value, IRR is the annualised rate.
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