carried interest
as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June…, Article 4(1), point (d) (Definitions)
a share in the profits of the AIF accrued to the AIFM as compensation for the management of the AIF and excluding any share in the profits of the AIF accrued to the AIFM as a return on any investment by the AIFM into the AIF;