LPs own a percentage of each quarterly fund based on how much they have invested over the total amount invested in that quarterly fund. We calculate ownership of each LP to a particular quarterly fund pro-rata to capital contributions, including any rollover contributions and notional increases in capital contributions for management fee waivers.
Whenever a liquidity event happens at a portfolio company that the fund has invested in (i.e. an exit or IPO) and the company makes a distribution to the fund, LPs would then get the percentage of that distribution that equals their ownership percentage, minus any carry.