? Provide an understanding of the basics terms of compensation for PE funds. ? Distinguish the tradeoffs between fees and carried interest. ? Outline the benefits and drawbacks of various fee structures. ? Develop an ability to model the cash flows to LPs and GPs of a PE fund. ? Construct commonly used performance metrics, such as the internal rate of return (IRR) and net present value (NPV) of LP and GP cash flows, to assess fund performance.