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GLOSSARY All | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Platform Build-Ups Where a private equity investor acquires a “platform” company that grows through acquisition either of competitors or through forward (downstream) or backward (upstream) integration along the supply chain; may also be known as Leveraged Build-Ups (LBUs) if significant leverage is used. Pooled IRR In vintage year benchmarking for private equity, the pooled IRR aggregates all funds’ monthly cash flows in a particular vintage year into one cash flow series, which is then used to calculate a vintage year return. Preference Rate Minimum rate of return a fund or a particular investment must achieve before the general partner can begin participating in the carried interest; for a performing fund, it merely pushes out the date at which the general partner participation begins. Private Equity Professionally managed equity investments in the unregistered securities of private companies. Private Equity Real Estate Privately owned equity real estate investments that may be held directly or owned through participation in a professionally managed real estate fund. |
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