AI Prompts for Reading Fund Documents: LPAs, Side Letters & Fee Waterfalls
A distribution waterfall is arithmetic written as prose. The prose is where the ambiguity hides — and where most LPs stop reading. By Narracomm ~17 min read Reviewed by [[REVIEWER NAME & CREDENTIAL]] Six terms determine almost everything you receive: waterfall type, preferred return, catch-up, carry, management fee base, and fee offset. Everything else in…