American or European Waterfall?

[Parker Stone]

For deal sponsors, what kind of waterfall do you typically underwrite your deals with - American or European? 

For LPs, which waterfall do you prefer to see in a deal? I'm assuming an LP would prefer a European waterfall because all LP money is returned and their pref is achieved before the promote kicks in, but curious to see if there's a different take on this.

[Evan Polaski]

@Parker Stone on both the sponsor side and the investor side, I believe every offering I have seen had an American waterfall.  Granted some of this goes back 14 years, so I am only 80% confident about some of the offerings in the 07/08 era, and includes offerings marketed to accredited investors and institutional investors.