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Interested as well. From my limited research part of the gross carry goes to the company and therefore to the shareholders (I think Bridgepoint IPO docs shed some light on this), and part of it is kept for firm employees as you would in a private partnership. But on the whole it is opaque and varies from firm to firm. Interestingly investors in those company discount carry income heavily and reward much more handsomely boring ol' management fees.
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