🎙️ This one is nothing short of full A Master Class in Distribution Waterfalls

In the latest episode of Venture Wisdom, I had the pleasure of being joined once again by the ever-insightful Yoni Tuchman, Partner at DLA Piper and a seasoned expert in fund structuring and venture law.
We unpack one of the most critical — and often less understood — concepts in venture capital and private equity: Distribution Waterfalls.

This episode is no less than a master class on how the flow of returns works between LPs and GPs, covering:
🔹 The 3 key waterfall structures: European, Classic American, and Modified American
🔹 The nuances of preferred return, catch-up, and clawbacks
🔹 Why these frameworks matter — and how they shape incentives and risk
🔹 Real-world examples and clear explanations (with some storytelling along the way!)

If you’re in the VC or PE world — or aspiring to be — this one is essential listening.

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