Real Estate JV Waterfall Model
Allocate whole-deal cash flow between LP and GP through preferred return and promote tiers.
- Editable formulas and assumptions
- Base and downside cases
- Model-specific reconciliation checks
- LP and GP returns and promote tiers
Updated 27 September 2026. The screenshots are generated from the actual workbook. Illustrative defaults must be replaced and independently reviewed for live decisions.
From assumptions to an auditable investment case.
A European-style whole-deal waterfall. It models LP and GP contributions, compounded preference, capital return and three promote tiers, then reconciles total distributable cash to partner distributions.
How to use it
- Read the ReadMe and Checks sheets before changing inputs.
- Enter LP and GP contributions, equity cash available after property-level debt, preferred return and promote assumptions.
- Review the whole-deal Waterfall: preference, return of capital, promote tiers and partner-level distributions.
- Compare the base and downside cases and review the Sensitivity sheet.
- Review each check against its stated expected result, then independently verify assumptions and formulas before using the dashboard.
Worksheets included
Built for the full deal team
Quality controls
The Checks sheet reconciles available cash to partner distributions, LP capital and accrued preference, and checks the dashboard IRR calculation. The included European-style waterfall has no catch-up or clawback.
Questions about the Real Estate JV Waterfall Model
What does the Real Estate JV Waterfall Model calculate?
A European-style whole-deal waterfall. It models LP and GP contributions, compounded preference, capital return and three promote tiers, then reconciles total distributable cash to partner distributions.
What is included in the download?
An editable .xlsx workbook with Dashboard, Assumptions, Waterfall, Sensitivity, Checks, ReadMe worksheets.
Does the price include professional use?
Yes. The workbook licence covers internal and client analysis for one organisation, without a subscription. Reselling or redistributing the template is excluded.
Does the workbook contain macros?
No. Calculations use visible spreadsheet formulas and the file contains no VBA.
How do I enter my assumptions?
Enter LP and GP contributions, equity cash available after property-level debt, preferred return and promote assumptions. Input cells are visually distinguished from formulas; follow the ReadMe instructions.
Can I test a downside case?
Yes. Use the base/downside case selector and review the workbook’s Sensitivity sheet. The available assumptions depend on the model.
Which quality controls are included?
The Checks sheet reconciles available cash to partner distributions, LP capital and accrued preference, and checks the dashboard IRR calculation. The included European-style waterfall has no catch-up or clawback.
Can I rely on the default assumptions?
Defaults are illustrative, not current market evidence. Replace and independently verify them for every live transaction.
Which Excel version is recommended?
Use a current desktop release of Microsoft Excel. LibreOffice may format or calculate some financial functions differently.
Which version will I receive?
Your order confirmation provides the purchased workbook, currently v1.3, updated 27 September 2026.