Your modeled LP outcome
Dollar amounts are estimates of value at the end. The yearly return shown is not IRR. This model has no dates for capital calls or cash returned.
Gross-to-net waterfall
Start with investment value before costs. Subtract management fees, expenses and carry to see the value left for the LP at the end.
Gross MOIC versus net LP MOIC
Hold the terms constant and see how much of each gross outcome reaches the LP. This is a terminal-value comparison, not an IRR curve.
Fee & carry sensitivity
Each cell shows net LP MOIC for the same gross result. Only the fee charged during the investment period and the carry rate change.