HC Big Dogs Plead, page-70

That is the point, do they need to incur 20% of cost (which carry-interest means no they don't), they just get 20% of the profit so let let say cost is 100M and from that there is a 20M profit, AVQ pays 100M of the cost and the landowner get 4M of the profit instead of the landowner having to also pay the 20M of the cost (i.e. being 20% of the owner) so in the end they are own 16M....that is a big difference isn't it. And AVQ only needs to incur 80M of the cost.