SFoyil

I think you deduct management fees before you multiply by Nav(before dist).

My understanding, which is a bit weak, is that once the Nav(before dist) - mgmt fee) becomes greater than the committed capital, then you check the hurdle rate...something like:

if [Nav(before dist) - mgmt fee - committed capital] / committed capital > hurdle rate, you get paid, carried interest * [Nav(before dist) - mgmt fee)]

I could be wrong though.