Penaki

LP and GP cash flows split across four IRR hurdles.

Model investor and sponsor distributions through a four-tier IRR promote with monthly compounding, sponsor fees and annual or monthly schedules.

Equity waterfall

4 tiers

Investor

14.0% IRR

1.8x multiple · $9.5M in

Sponsor

22.0% IRR

2.5x multiple · $1.1M in

Tier 1Up to 8%
90/10
Tier 28% to 10%
80/20
Tier 310% to 12%
70/30
Tier 4Above 12%
50/50
Investor / sponsor split by hurdle

Custom LP/GP splits and four promote tiers.

Set how equity is funded between investors and sponsors, then configure the IRR hurdle range and profit split for each tier.

  • Custom LP and GP equity contribution split
  • Four promote tiers with editable IRR hurdles
  • Return of capital and preferred return per tier
  • Investor, Sponsor and Project return summary cards

Promote structure

Investor / sponsor

TierFrom IRRTo IRRSplit
Tier 10%8%90 / 10
Tier 28%10%80 / 20
Tier 310%12%70 / 30
Tier 412%Thereafter50 / 50
Hurdles and splits fully editable

Compounded monthly, viewed annually or monthly.

Preferred returns compound monthly from close to exit, and partner IRRs are calculated via XIRR on actual calendar dates.

  • Monthly capital account tracking
  • Partner IRRs calculated via XIRR on monthly dates
  • One-click toggle between annual and monthly tables
  • Consolidated project, fee and partner cash flow view

Distributions by year

7-year hold

Y1
Y2
Y3
Y4
Y5
Y6
Sale
InvestorSponsorMonthly accrual

Acquisition, asset management and exit fees.

Include upfront acquisition fees, annual asset management fees and disposition fees so LP and GP returns reflect the full partnership structure.

  • Acquisition fee as a percentage of purchase price
  • Upfront closing fees to sponsor
  • Annual asset management fee on equity
  • Disposition fee as a percentage of net sale price

Partnership fees

Paid to sponsor

Acquisition fee1.0% of price$250K
Asset management fee1.5% of equity a year$159K / yr
Disposition fee1.0% of net sale price$312K
Taken before the waterfall splits cash flow

Included with every deal

  1. Partner return cards

    See equity, distributions, profit, multiple and IRR for LP and GP.

  2. Instant adjustments

    Change a hurdle rate or split and see returns update immediately.

  3. Project cash flow tab

    View unlevered cash flow, debt, fees and partner splits together.

  4. Excel export

    Export both the waterfall and project cash flow tables with live formulas.