What exactly is meant by "the promote"?

[Adam M.]

Howdy BP,

Was speaking with a fellow sponsor who operates all over Texas' primary markets.

There is a deal we were looking at collaborating on and he mentioned we could receive a portion of the "promote". I have done a fair bit of research/sniffing around but it seems this term varies market to market.

I took it to understand the equity split on the sponsor side let's say 80/20... the 20 being "the promote" for the sponsor? .. not sure if that's right? Any clarity anyone could kindly please provide on this term, would be much obliged! 

Many thanks in advance,

A