Average IRR The arithmetic mean of all IRR figures in a given sample of results. Called-up % The proportion of LPs' commitment to a fund that has already been contributed, including any management fees called. Carried Interest The share of fund's net investment gains earned by the GP, usually on a whole fund basis, in the case of private equity, after the fund has returned the cost of investment to the LPs. The industry norm is 20%. Distributed (Distributed to Paid-in or DPI) % The proportion of called-up% that has been returned or distributed to the LPs, after the management fees and carry. Dry Powder The amount of uncalled capital commitments which are available to the managers to in