Exit Waterfall Simulator

Model the distribution of exit proceeds through a standard European waterfall structure.

Recipient Proceeds ($M) Effective MOIC
LP (Investor)
GP (Sponsor Carry) -

European vs American Waterfall

This tool models a standard "European-style" whole-fund waterfall, where the LP receives 100% of their invested capital back, plus the preferred return hurdle, before the GP takes any carried interest.

For direct co-investments, MEUS Capital often negotiates "no-carry" or "reduced-carry" (e.g., 10%) structures, significantly improving the net MOIC for the LP compared to standard fund terms.