Claw-back provision_principal guaranteed?

CFA Level III
#1

Curriculum:

Private equity funds sometimes have a claw-back provision that specifies that money from the fund manager be returned to investors if at the end of a fund’s life investors have not received back their capital contributions and contractual share of profits.

Q: Does it mean principal guaranteed from investor point of view?

#2

Only 2 guarantees in life – and return of principal is not one of them.

#3

It is a provision to penalize the manager for bad performance in later years