Private markets, explained from both sides of the tableEducation only. Not investment advice.

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Free explainers, glossary and worksheets

Short, sourced explanations of how private funds really work, from both sides of the table. No sign-up needed to read them.

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Explainers

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GP economics

Carried interest explained

Two and twenty, the hurdle, the catch-up and a worked waterfall.

Reading performance

DPI vs TVPI

Cash returned versus value on paper, and why IRR tells a different story.

Fund lifecycle

The J-curve explained

Why private funds dip before they rise, and how long the climb takes.

Liquidity

Evergreen funds explained

What “semi-liquid” means: interval funds, tender offers, ELTIFs, LTAFs and gates.

Asset allocation

Commitment pacing

How investors plan calls and distributions to keep an allocation on target.

GP economics

Who pays the GP commitment?

Our first briefing: how much managers commit and where the money comes from.

Print and use

Free worksheets

Printable, with answer keys. All examples are hypothetical.

Worksheet

GP commitment checklist

Due-diligence questions plus a worked example: headline, cash and own money.

Checklist

Fund one-pager checklist

Five highlighters for reading any fund factsheet: strategy, metrics, leverage, track record, terms.

Worksheet

Commitment pacing starter

Work out how much to commit each year to reach a target, with an answer key.

Reference

Glossary and videos

Reference

Private markets glossary

More than 40 terms in plain English, with the GP’s and the LP’s view.

YouTube

Free lessons on YouTube

Full lessons from Foundations, free to watch. Opens YouTube.

Courses

Go deeper with Foundations

Sixteen short lessons with worksheets and quizzes, from structure to reading a fund one-pager.

The LP desk

More like this, weekly on Tuesdays

One lesson, one chart and one take on private markets, free.