# J-curve

> Early negative returns followed by positive returns in a closed-end fund.

**Canonical URL:** https://classa.info/glossary/j-curve
**Page type:** glossary
**Last updated:** 2026-04-01T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Early negative returns followed by positive returns in a closed-end fund.
- Caused by management fees and acquisition costs hitting before NOI ramps.

## Key facts
- **category**: Investment
- **regionScope**: Global

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Citation: Source: Class A Atlas (https://classa.info/glossary/j-curve), updated 2026-04-01T00:00:00.000Z.