To activate the Catch Up option, the Sponsor’s Distribution share in the first tier must be less than its Contribution percentage. To see this, set the Sponsor’s Equity Contribution (Cto say 1%, and then the Sponsor’s Distribution % (H11) to 0%. A ‘Include GP Catch Up?’ option will then appear in cells E4:E5. Toggle that to ‘Yes’ and the Sponsor will catch up to LP after the LP has received a full return of capital and hit its preferred return hurdle.