🇧🇷Brazil
Clawbacks Não Executados em Waterfalls Americanos
2 verified sources
Definition
GP receives early carry per exit, but must clawback if fund-level hurdles fail. Manual tracking often results in non-enforcement.
Key Findings
- Financial Impact: 20% carry overpayment (e.g., R$1M on R$5M fund); escrow locks 20-30% interim carry
- Frequency: End-of-fund term
- Root Cause: Lack of automated fund-level aggregation
Why This Matters
The Pitch: Brasil PE/VC LPs lose 10-20% of carry (R$1M+ per fund) to unenforced clawbacks. Automated tracking enforces true-ups.
Affected Stakeholders
LP Investors, GP Principals
Deep Analysis (Premium)
Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Related Business Risks
Erros de Cálculo no Waterfall de Distribuições
R$200k - R$1M per fund in clawback escrow and legal fees; 20-30% of interim carry locked (e.g., R$500k on R$2M carry)
Multas por Erros Fiscais em Capital Calls
R$1.000 minimum fine per rejected NF-e (SEFAZ); R$10k-R$50k per SPED error; 2-3 technical notes/quarter increase risk
Multas por Gun-Jumping no CADE em Co-investimentos
R$5-12% of transaction value per violation (typical CADE gun-jumping fines); 20-50 hours/month manual compliance per deal
Conflitos em Alocação de Co-investimentos sem Regras Claras
1-3% reduced fund returns from allocation disputes; 10-30 hours/deal in LP meetings
Erro na classificação e tributação do carried interest em FIPs e FIEEs
Quantified (logic-based): risco típico de R$1–10 milhões por fundo em autuações potenciais ao longo da vida (IR, INSS, PIS/COFINS + multa de até 75% sobre tributo devido, conforme Lei 9.430/96) quando 10–20% do carried interest (R$10–50 milhões) é requalificado como serviço.
Perda de taxa de gestão e performance por erros de cálculo em fundos fechados
Quantified (logic-based): perda de R$300 mil a R$2 milhões por fundo em receita de taxa de gestão e performance ao longo do ciclo, derivada de erros de 0,1–0,5 p.p. na base ou alíquota aplicadas em 5–10% dos períodos de cálculo.
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