in both funds
. He would be much less unhappy if she were a shadow carry partner in one only. I will therefore relocate the wife’s share of the husband’s carry in Fund 2 in the husband’s carry in Fund 1.22.Fund 2 is projected to yield more carry-value than Fund 1. I have calculated (using Mr Webster’s excellent Excel workbook) that on the basis of a 2.5 multiplication of investment value, and a 9-year term, the husband’s share of the Fund 1 carry, net of tax, will be €11,438,419. For Fund 2 it will be €15,768,430, which is 38% more than Fund 1.23.It would be wrong, therefore, simply to add the 36 marital months in Fund 2 to the 60 marital months in Fund 1. To reflect the 38% difference in the value of the husband’s share of the carry in the two funds I consider I should add 50 marital months (1.38 x 36 = 49.68, to be exact) to those in Fund 1 giving 110 months or a mathematical percentage of 97.06% (109.68 ÷ 113 = 0.9706). Half of this, or 48.53%, is the wife’s share. I am satisfied that 48.53% of the husband’s share of carry in Fund 1 fairly reflects the wife’s marital-partnership sharing claim to the husband’s carry in both funds.24.My decision is, therefore, that the husband’s net-of-tax share of the carry in Fund 1 shall be divided 48.53% to the wife and 51.47% to the husband. The wife shall have no share of the husband’s entitlement to carry in Fund 2.25.The wife’s 48.53% share of the Fund 1 carry is calculated at €11,438,419 x 48.53% = €5,551,176. This is of course an estimate and will not in any event be receivable for 4½ years (assuming, as stated, a one-year extension to the closure of the fund).26.I allocate the co-investments in both funds in much the same way. The present value of the husband’s co-investment in Fund 1 is £2,126,700; in Fund 2 it is £1,229,774. In my judgment, these should be shared equally. The aggregate is £3,356,474; the wife’s half share is £1,678,237. Again, I place her sharing entitlement exclusively in Fund 1. This is calculated as £1,678,237 ÷ £2,126,700 = 78.91%. 27.Therefore my decision is that the wife shall receive 78.91% of the husband’s net-of-tax receipt from the co-investment in Fund 1 with credit being given for the future extra commitment of €211,311 that will be paid by the husband alone. The estimated net receipt by the husband, after making that payment is €2,496,209, and the wife’s 78.91% share of it computes at €1,969,826. She shall receive no share of the husband’s co-investment in Fund 2.28.Thus, in 4½ years’ time the wife should receive (if the 2.5 forecast holds good) €5,551,176 + €1,969,826 = €7,521,003 or £6,483,623. For a 58 year old woman this would generate a Duxbury income of £325,000 annually. It goes without saying that receipt of this amount would abundantly meet the wife’s needs, with much to spare.29.The wife will receive her share of the carry and co-investment by means of contingent lump sum orders against the husband. It is unreasonable and unrealistic for her to seek to be granted a formal transfer of part of the husband’s proprietary interests in the funds. 30.On the above calculations the husband will receive, net of tax:i)in 4½ years’ time from Fund 1, €5,887,243 as carry and €526,382 co-investment, a total of €6,413,625 or £5,528,987, and ii)from Fund 2 in 6½ years’ time, carry calculated at €15,768,430 and co-investment, after credit is given for future commitments paid by him of €1,251,337, calculated at €3,649,380, a total of €19,417,810 or £16,739,491. 31.Thus the estimated net total from both funds receivable by the husband is