Right, Couple of ways to calc this: Hurdle rate: Using PV calcuations if I/Y is greater than hurdle rate then the GP gets paid Carried interest. However what do you use as the PV and FV? Say you have a NAV distribution table and the hurdle rate is 8% and the question says in which year will the GP get paid carried interest. How exactly do you calc it? Case by Case: Does this just mean GP gets Nav(before dist) x carried int all years? Total Return 1: Commited Capital: This is simple enough, when Nav (before dist) > commited capital. Invested Capital: How exactly does this work? Is this just when NAV(before dist) > cumulative invested capital? Thanks for any/all help