Any-occupationA disability definition that pays only if you cannot work in any job you are reasonably suited to. Cheaper than own-occupation, and much harder to claim on.Capital callA notice from a fund requiring you to wire part of your commitment. Calls arrive on the fund's schedule, not yours, and usually with ten business days' notice.Carried interestThe manager's share of profit above a hurdle, commonly 20%. Charged on gains, not on capital, and calculated per the waterfall in the partnership agreement.CommitmentThe amount you agree to fund over a private fund's investment period. A commitment is a legal obligation, not an investment already made.Distribution waterfallThe order in which fund cash is paid out: return of capital, preferred return, catch-up, then the profit split. The order matters more than the headline split.Elimination periodThe waiting period on a disability policy before benefits begin, typically 90 or 180 days. It is a deductible measured in months of cash flow.Guaranteed columnThe column of a life illustration showing what the carrier is contractually obliged to do. Every other column is a projection.Illiquidity premiumThe extra return an investor expects for giving up access to money. It is compensation for a real constraint, not a bonus.IRRInternal rate of return: a time-weighted return on capital actually drawn. Sensitive to timing, which is why it is not comparable to an index return.J-curveThe early dip in a private fund's reported value, caused by fees landing before value appears. Structural, not a warning sign.Own-occupationA disability definition that pays if you cannot perform your own occupation, even if you can do other work. The stronger definition, and the more expensive one.Sequence riskThe risk that poor returns arrive early in a withdrawal period. The order of returns can matter more than the average once you are spending the portfolio.Surrender chargeA declining fee for exiting an annuity or some permanent life contracts early. It is disclosed as a schedule of years, and it is the real cost of changing your mind.Undefined riskAn options position whose maximum loss is not fixed at entry. The distinction from defined-risk positions is the first thing to establish before anything else.Vintage yearThe year a fund begins investing. Comparisons across different vintages compare different markets, not different skill. 