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Fund Economics

Will Progress Partner Receive Carry in Follow-On Funds as Well?

Progress Partner - "will entitle Progress Partner with the Venture Carry in such subsequent pooled investment vehicles" To my understanding of the clause below, you will get carry in follow-on funds as well?
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Yes. The goal is to establish a multi-fund relationship, where the carry declines from 5%, 4% and then 3% for each subsequent fund.

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