Equity Waterfall
Demo #5 — Sava Logistics Park JV: European sequential tiers (return of capital, LP pref, GP catch-up, promote split), capital calls, and LP/GP IRR/MOIC (USD $M).
Training scope — JV equity only
Fictional logistics JV aligned with Excel Demo #5. Project-level cash is exogenous; not consolidated into Sava Industrial 3-statement simulators. No live fund terms — educational use only.
Capital & returns
$100M equity commit (80/20 LP/GP); European waterfall through Year-5 exit.
Total equity ($M)
100.0
LP MOIC
1.38×
GP MOIC
1.38×
LP net IRR
8.7%
Tier distributions
Sequential tier pass each period (Tier 1 LP capital through Tier 5 promote).
| Period | Cash in ($M) | Tier 1 LP ($M) | Tier 3 pref ($M) | Tier 5 LP ($M) | Tier 5 GP ($M) |
|---|---|---|---|---|---|
| Year 0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Year 1 | 8.0 | 8.0 | 0.0 | 0.0 | 0.0 |
| Year 2 | 12.0 | 12.0 | 0.0 | 0.0 | 0.0 |
| Year 3 | 15.0 | 15.0 | 0.0 | 0.0 | 0.0 |
| Year 4 | 18.0 | 18.0 | 0.0 | 0.0 | 0.0 |
| Year 5 | 85.0 | 27.0 | 22.7 | 7.7 | 1.9 |
Pair JV promote mechanics here with greenfield SPV project finance (#10) and sponsor returns in LBO (#9).