To be in a carry position means that a fund is in a profit position, & because of this position, the profit can be allocated to the GP in excess of the amount/percentage that the GP had originally contribute.
The amount to be allocated will be based on a carried interest percentage,which is different from the partnership percentage for the partners of the fund (typically 20% to the GP and 80% to the LP as opposed to partnership percentage of 1% and 99%, respectively).
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