Start Fund uses the European waterfall. The European waterfall, or whole fund waterfall, requires that all capital contributions from investors be returned, and sometimes a preferred return achieved, before the fund managers start receiving their carried interest. This is applied across the entire fund, not on a deal-by-deal basis.

Oh! When I used Decile Base and AI assistant approximately (specifically saying "Mine is a Start Fund") last year, I got the answer "American Waterfall". The European waterfall being more favorable to the LP than my answer, I don't expect that that LP would be upset but I have been giving examples with American waterfall in mind.