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Explain clawback provisions in carried interest fees of VC and Private Equity companies?
• If the VC was to invest $30m during the initial life of the fund and make $20m profit on it, it will be allowed to take $4m from the fund (20% carry).
• However, if they invest the rest of the $20m which goes south and generate no profit at the end of the fund then the clawback provision will see them pay back the initial $4m earned.
• What if the partner who earned the carry has already moved on to another fund and has already paid taxes on his profit and splurged the funds?
• The LPs do not care one bit and it is the responsibility of the VC fund to pay back the money to the LPs.
• The VC fund will typically reach out to the partners of the fund and will try to recover their money from them – as you can imagine it get ugly pretty quickly.
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