Qu'est-ce que « Seed investor, revenue-share agreement, capacity right » ?

A seed investor provides a new manager’s first large allocation, usually locked up for several years, in exchange for economics beyond the fund’s returns. A revenue-share agreement gives the seeder a share of the manager’s gross fee revenue, sometimes for the life of the business and sometimes until a buy-back. A capacity right entitles an investor to add to its allocation later, even when the fund is closed to others.