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The JV with property investor ShopOne, struck on the back of a secondaries recap, provides fresh capital to invest in shopping centres in metropolitan areas.
By making GP clawbacks gross of taxes, the new rules could lead to the resurgence of the archaic original American waterfall.
While the adoption of venture capital sponsor-driven transactions is in the early stages, the technology is already adapting to the nuances of the asset class.
While few established secondaries firms remain independent after a glut of M&A transactions last year, more groups than ever are seeking a seat at the table in the expanding marketplace.
Argosy Strategic Partners, the firm's secondaries unit, exceeded its fundraising target in just five months since its first close.
The hire comes 10 months after former secondaries co-head Matt Jones left the firm to co-head TPG's secondaries business.
The $500m deal centred on Micross Components, which has grown its revenue 10x over the last five years.
The London-based manager's fourth fund is the second big first close by a secondaries buyer this week.
The firm is expected to hold the final close on its latest programme before end-June.
The €21bn transaction is the second large recap the firm has done in five months that utilised little or no secondaries capital.