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 "text": "Pressure on the incentive fee side operates through blackened carried interest, under which a manager cannot collect carry until all limited partners have had their capital returned within the lifetime of the private equity model.",
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
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 "abstract": "Some industry observers are now talking about a movement towards blackened carried interest, meaning a private investment fund manager cannot collect carry until all limited partner investors have had their capital returned within the lifetime of the private equity model.",
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