Carried Interest Calculator
From total fund profit and the carry rate, compute the general partner's (GP) performance fee (carried interest).
輸入資料
計算結果
重點速覽：Carried interest ('carry') is the GP's performance fee from a fund's profit: carried interest = total profit x carry rate. The norm is '2 and 20' (2% management fee + 20% carry). Unlike the management fee (charged on assets regardless of results), carry is earned only when the fund actually profits, aligning GP and LP interests. WARNING: This simplest model ignores the hurdle rate (LPs must first recover capital + a minimum return, e.g. 8%, before GP carry starts), catch-up, fees and tax. Hong Kong has tax concessions for qualifying carried interest, but the rules are strict — seek professional advice. For education, not advice.
計算公式
附帶權益 = 基金總利潤 × carry 比率。
$$基本模型：$Carry = Profit \times r_{carry}$$$$$其中 $Profit$ 為基金總利潤、$r_{carry}$ 為約定分潤比率 (慣例約 20%)。$$$$示例：$10{,}000{,}000 \times 20\% = 2{,}000{,}000$$$$$含門檻回報 (示意)：$Carry = \max(0,\ Profit - Pref) \times r_{carry}$$$使用說明
- Enter the fund's total profit for the period.
- Enter the agreed carry rate (~20% norm).
- View the GP's carried interest.
不同基金利潤與 carry 比率下的附帶權益 (基本模型)
| 基金總利潤 (HK$) | Carry 比率 | GP 附帶權益 (HK$) |
|---|---|---|
| 10,000,000 | 20% | 2,000,000 |
| 50,000,000 | 20% | 10,000,000 |
| 10,000,000 | 25% | 2,500,000 |
| 100,000,000 | 15% | 15,000,000 |
理財情境案例
案例一：典型『2 和 20』基金的 carry 估算
一隻私募基金採用市場最常見的『2 和 20』結構 (2% 管理費、20% carry)。基金在期內為投資者賺得總利潤 HK$50,000,000。
GP 可分得的附帶權益 = 50,000,000 × 20% = HK$10,000,000。
解讀：這 HK$10,000,000 是 GP 因為替 LP 創造了 HK$50,000,000 利潤而分得的績效獎勵，其餘 HK$40,000,000 (八成) 按出資比例分回給 LP。這說明 carry 是與績效高度掛鈎的收入——基金若沒賺錢，這部分收入就是零，與每年照收的 2% 管理費形成鮮明對比。
案例二：為何有『門檻回報』時，實際 carry 會更少
另一隻基金總利潤同為 HK$30,000,000，carry 比率 20%，承諾資本 (committed capital) 為 HK$100,000,000，並設有 8% 的優先回報 (門檻回報率)。
基本模型 carry = 30,000,000 × 20% = HK$6,000,000。但因設有 8% hurdle，LP 須先取得優先回報 = 100,000,000 × 8% = HK$8,000,000。可供 GP 分潤的基數只剩 30,000,000 − 8,000,000 = HK$22,000,000，GP carry ≈ 22,000,000 × 20% = HK$4,400,000 (示意，未計 catch-up)。
解讀：加入門檻後，GP 實際分得的 carry 由 HK$6,000,000 降至約 HK$4,400,000。這正是為什麼本計算器的『總利潤 × 比率』結果往往高於真實金額——實務上還要逐層扣除 hurdle、catch-up 等條款。本工具的數字適合快速掌握量級，精算須以基金合約 (LPA) 為準。
常見問題
What is carried interest?
It is the share of a fund's investment profit paid to the manager (GP) as a performance reward — slang 'carry'. Different from the management fee (charged on assets yearly, paid win or lose), carry is earned only when the fund profits. The classic '2 and 20' means 2% management fee plus 20% carry. It aligns the manager with investors: the more the fund earns, the more carry the manager gets.
Why is real carry usually less than this result?
Because most fund documents include a hurdle rate (preferred return): LPs must first get their capital back and a minimum annual return (often 8%) before the GP earns carry. So carry applies only to profit above the hurdle, not all profit. A catch-up clause may also adjust the split. This tool uses the basic 'total profit x rate' for a quick estimate; real carry per the LPA is usually lower.
How is carried interest taxed in Hong Kong?
Carried interest taxation is a specialised, jurisdiction-specific topic. Hong Kong offers tax concessions for qualifying carried interest (eligible funds and carried interest may enjoy a preferential profits-tax rate or exemption), but the eligibility, fund structure and where management activities take place are strictly defined. Whether you qualify and how to report involves complex tax and legal judgement. This tool estimates only the amount, not tax. For any fund setup, profit split or tax planning, consult a Hong Kong tax-aware accountant and solicitor and follow the IRD's latest guidance.
What are GP and LP, and how is carry split?
In the typical limited partnership: the GP (general partner) is the fund manager — raises capital, makes investment decisions, runs operations, with unlimited liability; the LP (limited partner) is the investor — provides most capital, no daily management, liability limited to contribution. Profit split: LPs get most profit by contribution (after any hurdle), and the GP gets the agreed carry (~20%) as performance reward. Example: HK$50m profit, 20% carry → GP HK$10m, LPs HK$40m.
Is the carry rate always 20%?
20% is the common norm, not a rule. The actual rate is set in the LPA and varies by fund type, size, strategy, manager track record and negotiation. Top managers may get 25-30%; competitive or institution-led funds may be below 20%. This tool lets you enter the contract rate to estimate the carried interest.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。