The year that a private equity fund begins to make investments on behalf of those investors.

All assets and liabilities not included in net debt or net cash, which is the same as the Balance Sheet total, less asset items included in net debt or net cash and less non-interest-bearing liabilities.

The fair value of total assets less net debt (corresponds to equity).

Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables less interest-bearing current and long-term liabilities.

The  (maximum) amount that a limited partner agrees to invest in a fund.

The minimum return per annum that must be generated for limited partners of a private equity fund before the general partner can begin receiving a percentage of profits from investments.

A concept that during the first few years of a private equity fund, cash flow or returns are negative due to investments, losses, and expenses, but as investments produce results the cash flow or returns trend upward.  A graph of cash flow or returns versus time would then resemble the letter “J”.