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GLOSSARY

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Cap Rate
For real estate investments, any rate of return used to convert income into value.

Carried Interest
Profit sharing component of the general partners’ compensation in a private equity or real estate limited partnership where profits are typically split 80/20 between the limited and general partners, after return of capital.

Catch-Up
Common feature with many private equity and real estate funds where once the general partner has achieved its preference rate of return, the general partner takes all subsequent distributions until they have received their share of the designated carried interest to date.

Closed End Real Estate Fund
A private real estate fund with a fixed fund size and a limited term, typically 8-15 years.

CMBS
(Commercial Mortgage Backed Securities) Securitized form of commercial real estate debt in which multiple loans are placed in a pool, which typically secures multiple tranches of rated publicly traded bonds plus lower rated or unrated bonds with limited liquidity.

Co-investment
Investments alongside other partnerships in all types of private equity and private real estate, leveraging their due diligence, usually on a non-promoted basis; co-investment allocations lower the overall cost of private equity and real estate programs.

Commitment
Limited partner’s obligation to provide a certain amount of capital to a fund as the fund requests it.

Committed Capital
Total capital committed to a fund by both the limited and general partners.

Composite IRR
Aggregate IRR across several funds where all cash flows are pooled as if from one investment, after which an IRR is calculated.

Consolidations
Much like a Platform Build-up where a private equity investor would attempt to consolidate an industry through acquisition.

Core Real Estate Fund
A private real estate fund that targets investment in well leased and located institutional grade properties and utilizes modest levels of debt. Such funds have typically targeted 9-11% net internal rates of return with the objective of providing investors with stable, ongoing operating income plus modest appreciation.

Core Real Estate Funds
Private real estate funds that pursue a strategy of owning core real estate.

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