"Deal-by-Deal" or "Whole-of-Fund" in regards to biotech fund where exits can be much longer
The LPA lets the GP choose "Deal-by-Deal" or "Whole-of-Fund" carry distribution as alternative bracketed language. For a biotech fund where losers can surface late (after years of capital already deployed) and winners take even longer to exit (sometimes 10+ years), which structure better protects LPs from a GP getting paid carry early on one lucky deal before the rest of the portfolio's fate is known?